Your Agent Connection

Andrew Duncan
Keller Williams Realty
3502 Henderson Blvd
Tampa, FL 33609
Office: (888) 730-1861
Mobile: (888) 830-2556
Email: Andrew Duncan
My Website

Have a Real Estate Question for Andrew?

<< Andrew Duncan Real Estate Blog

Blog Archive

Tampa Real Estate - Bank of America going to new short sale platform - REOTrans Equator

Hello Tampa Bay -

I received this tidbit of news from REOTrans this week signaling a change in how B of A processes their short sales. REOTrans has long been a portal for bank owned agents to sell, advertise, negotiate and process bank owned sales and it looks like the company is moving forward with Bank of America with a partnership to help facilitate its short sales. I'm sure if successful, they will try to position other lenders similarly. The jury is out on what kind of an expedient impact it can have, but considering how long Bank of America is taking right now on short sales, it can't get much worse. Here's to hoping Equator's system helps Bank of America with its short sales! If you are looking for an experienced short sale agent to help you with your home, please contact me.

BofA Implements Equator (REOTrans) Platform, as Short Sales Gain Ground

10/22/2009 By: Carrie Bay, reporter for DS News

California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.

Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. "This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."

Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is "short" of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.

Kevin Kieffer, a Realtor with Keller Williams Realty in Danville, California, told the Chronicle, "A year ago I wouldn't touch a short sale. It would be random prices banks wouldn't agree to, you would be tied up six months hoping to get a property sold. But now we're seeing banks up front negotiating prices and giving us criteria. They're getting creative to make things move."

Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.

"Short sales can be a daunting, complicated, frustrating task for everyone involved," Saitta said. "This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved."

Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.

Interested in Our Guaranteed Sale Program? www.TampaBayHouseValue.com

Get a Free First Time Home Buyer Book at www.FreeYourFirstHomeBook.com

Search the MLS with Interactive Maps at www.SearchMLSTampa.com

View our Tampa Real Estate Videos at www.TampaRealEstateVideos.com

Visit our Tampa Real Estate Blog at www.TampaRealEstateTalk.com

Meet Tampa Bay's Most Innovative Realtors at www.TheDuncanDuo.com

Posted by Andrew Duncan on November 04, 2009 at 09:41 am

Comments (0)

View Tampa real estate, get Tampa home prices, search Tampa homes for sale, find Tampa Realtors and try the Home Sale Maximizer home improvement tool on HomeGain.

HomeGain on Social Media: Twitter | Facebook | LinkedIn | HomeGain Nation | YouTube

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®.
Copyright © 2009 HomeGain.com, Inc. is a Licensed Real Estate Broker

First Name (Required)	Last Name (Required)
Email Address (Required)	Phone (Optional)