Equator only for RE Agents?

Question

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 .

Matt Mathews · Answer

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.

Dave Grosse · Answer

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

Nick Reuter · Answer

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.

http://activerain.com/blogsview/1527839/equator-short-sale-platform

Dale T. · Answer

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.

Dale T. · Answer

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.

Anthony E Russell · Answer

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.

Richard Graham · Answer

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

Rod Marlow · Answer

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?

Matt ,I just found your blog..I got it now.

Ashley Nagy · Answer

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?!?!

Lafi S. · Answer

Yes your right Anna. That is actually what I ended up doing.

Equator only for RE Agents?

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