Real Estate Agent · North Jersey, NJ · Member since 2008 · 287 posts · 51 votes
Has anyone started a Short Sale using equator recently? I have a file that is in review and BofA is now asking me to upload the file into their new system equator. The only problem is that you have to be an RE agent to sign up! I tried explaining that a 3rd party mitigation company was handling the file, but they said it has to be a realtor otherwise they won't accept the file. So has this happened to anyone yet? I'll be exploring ways to get around this tomorrow but if someone knows anything and can save me the trouble I would appreciate .
Real Estate Consultant · yucaipa, CA · Member since 2008 · 233 posts · 109 votes
16y
Be aware! April 5th New Short Sale rules go into effect that will make it difficult for any Investor to transact without a RE. Agent. Now may be the time to get out of residential and into multi-family and commercial. Fewer headaches, easier to finance and much more lucrative.
Wholesaler · Belleville, IL · Member since 2009 · 206 posts · 44 votes
16y
scott i think it was you who suggeseted letting BOA choke on all their loans; I have opted for that route and just straight out decline anyone who has a loan with them
Real Estate Investor · Naperville (Chicago), IL · Member since 2010 · 60 posts · 11 votes
16y
So if Lafi wanted to proceed, he would need to bring an RE agent aboard and have them complete the negotiations or would he just be able to have them submit and he negotiate? Just curious... seems like BoA is doing all they can to not change with the current housing situation.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
You can get into the system if you are NOT an agent. But you must get approval and PAY $0.30 a day per file until the file is completely closed. Also, they can remove you if they fill you are no longer suited for this service.
Real Estate Agent · North Jersey, NJ · Member since 2008 · 287 posts · 51 votes
16y
Well my listings all go to a flat fee broker who charges $250-300 to get it on the MLS. So the property IS listed. But I like t show them that I am not charging them a commission on the HUD which helps to get my offers approved.
Now I think I am really stuck because I am against working with any agents on the A-B side anymore. They have been the biggest waste of my time.
Danielle- An agent would have to give me all of their license info to let me login with their name, which I don't think they would be comfortable doing.
Rehabber · Tucson, AZ · Member since 2008 · 1k+ posts · 802 votes
16y
Originally posted by Dave Grosse:
scott i think it was you who suggeseted letting BOA choke on all their loans; I have opted for that route and just straight out decline anyone who has a loan with them
LOL.... I stand by my statement, unfortunately I have some pre-existing deals I am trying to cycle through. I have not found Equator any better.
I no longer have any contacts I can ask to help me and the current system does not allow us to talk directly with the negotiator.
Interesting James! I was unaware of the non-agent option.
Real Estate Investor · Panama City Beach, FL · Member since 2009 · 75 posts · 4 votes
16y
Yes, there is a way to get into Equator without being an agent. When it prompts you for the agent lisence number, just enter 11111 or 22222 or whatever, until it excepts it. I did it and it works.
Real Estate Investor · Aurora, CO · Member since 2010 · 2 posts · 0 votes
16y
I am in the same boat as you both, But I am concerned that by setting up a fake lisence number can lead to serious trouble in the long run.. Any advice?!?!
Real Estate Consultant · yucaipa, CA · Member since 2008 · 233 posts · 109 votes
16y
Be aware! April 5th New Short Sale rules go into effect that will make it difficult for any Investor to transact without a RE. Agent. Now may be the time to get out of residential and into multi-family and commercial. Fewer headaches, easier to finance and much more lucrative.
Real Estate Investor · Sherman oaks, CA · Member since 2010 · 52 posts · 12 votes
16y
Oh Great!!! I was always told it takes forever for laws/rules/regulations to change but in the wacky world of REI,if you blink you miss them, and then they change again by the time you are aware of the new change...you gotta love it!...If you don't mind me asking,what are these new rules you're speaking of Matt? Is there a reference link by chance?
Real Estate Investor · Outer Banks, NC · Member since 2009 · 121 posts · 44 votes
16y
I agree the equator system is a PIA I have a file Have been working on for 3 months with B of A and all of sudden we have to resubmit everything because "it will speed up the process" MY A$$ still waiting on approval been in equator for 2 weeks now. B of A CAN EAT A BIG FAT .... i REFUSE TO TAKE ANOTHER ONE
Real Estate Investor · Novi, MI · Member since 2010 · 44 posts · 5 votes
16y
You Do not have to be an agent with Equator. You just put in a Bogus number. Also, If they tell you that the Homeowner has to set the file up or initiate it. You tell them that the Homeowner lives out of the country and that you are the contact for them. I have not had an issue with that. Keep in mind that They will kick out your file if you do NOT put in 92% of what THEY think the FMV is. They will not do a BPO, they do a drive by and or come up with there own value.
Realtors love this but investors hate it. No money to be made and now I hear CHASE is going to use Equator also. This whole thing is set up for the banks. They love it. At 92%, Its a WIN WIN for them! I know some investors using this and like it, but I do not. B OF A nd Chase both suck anyway. But its suppose to be faster but not cheaper for investors.
Real Estate Investor · Los Angeles, CA · Member since 2008 · 148 posts · 22 votes
16y
Originally posted by Matt Mathews:
Be aware! April 5th New Short Sale rules go into effect that will make it difficult for any Investor to transact without a RE. Agent. Now may be the time to get out of residential and into multi-family and commercial. Fewer headaches, easier to finance and much more lucrative.
Matt,
I couldn't agree with you more. I'm looking at a couple of different commercial areas and will put a business plan together, soon.
Real Estate Investor · Novi, MI · Member since 2010 · 44 posts · 5 votes
16y
I dont think it is. You as an investor do not have to do Short sales through that HAFA program. We are just going to continue to do them without the HAFA program.
The HAFA program has many rules and HOOPS to jump through, where the homeowners are not going to want to use that method. Also, Not all banks are signing up for that program.
It is nothing but a land grab. Homeowner has to sign a paper, that he signs over the home if it does not sell in thirty days. This way the banks do not have to take them to court. Also, how many homeowners are going to pay 32% of there Monthly income while going through this process? They want NO payment. Then if there is a second lien, the Homeowner has to deal with them on his own. This program is a joke. Those April 5th Rules are only for the HAFA program. nothing else. All this crap for 1500 bucks? I dont see the Benefit to anyone except the bank.
Real Estate Investor · Bradenton, FL · Member since 2009 · 99 posts · 42 votes
16y
Equator recently set up on ActiveRain and a lot of criticism is there about the system; however Equator has been deleting much of the criticism (mine included).
What I asked Equator was if they planned on implementing any 3rd party hooks / API's into their system so that users of 3rd party short sale management software tools could submit data directly into equator without having to re-key all the information into the Equator system. The answer I got unfortunately was a straight-up "not in our plans for the future". I found that somewhat disappointing, but we will see what the future brings.