If you are processing short sales regularly, then you are already familiar with the word ‘Equator.’ You saw the title of the post, Short Sales and Equator, and you were not thinking about any other hemisphere. That’s good; you are one step closer to short sale success.
Equator is an Internet-based software platform (a website) that Bank of America and GMAC use to process short sales. This website and platform were modeled after many REO/foreclosure platforms which facilitate communication via the Internet as opposed to the telephone. The benefit of such a site is that agents and employees can manage many more files at one time—since there is much less time spent on hold, sending faxes, etc.
Any real estate agent who is processing a short sale can create an account in Equator. (Other individuals can also create accounts, but the focus of this post is on short sales and Equator for real estate agents.) There is no charge to create an account. Equator does, however, have some ancillary products for which there are some fees. However, in order to process a short sale through the Equator system, you do not need to pay a dime. You do, however, need to have an Equator account which you can create on their website.
For those who are finding the program a little bit challenging to navigate, there are many tutorials and webinars where you can learn step-by-step how to use Equator. Once you create an account, you will be invited to all sorts of classes and receive all sorts of communication.
The most important thing for new Equator users to locate is the dashboard. Once you have established an account, login and locate the dashboard. Find the words ‘Initiate a short sale.’ Click on those words.
Bingo! You are in. You can now begin your venture into the wild and wacky world of short sales!
Liked this post? Here are a few additional (and most excellent) posts about Short Sales and Equator: