Banks try to speed up the short sale process

Several banks are trying to speed up the short sale process. Many of them are finally learning that having thousands of agents faxing in hundred-page packages is not the best method to use. For awhile, they refused to use email, but they’ve finally come to terms that email is a very useful technology. This may sound laughable when reading, but sadly, it is the truth.
At the REO Expo in Dallas, Bank of America explained that they will now use nothing but Equator for their short sales. Those that have been in the business for awhile, may recognize it by its former name, reotrans. In Equator, agents can now upload purchase contracts, bank statements, 1040s, LSRs, and all other important documents. This saves a lot of time because agents no longer have to fax a package and pray that in 21 days, the bank may acknowledge its receipt. To find out more, check out www.equator.com.

About the author

Steve Trang wrote 13 articles on this blog.

As an REO listing agent and short sale specialist, Steve is a top producer
in Tempe, AZ. Steve has lived in Arizona for all but 3 years. If you have
questions about Tempe Real
Estate or Phoenix foreclosures and short sales, you can reach him at steve@occasiorealty.com or @stevetrang.

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