Short Sales and Equator

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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:

Bank of America, Equator, and the Short Sale Counter Offer

Equator Rolls Out New HAFA and Short Sale Modules

Bank of America’s Short Sale Department is Pro-Active

 

Comments

  1. Janis Bailey

    I have a property listed with JPMorganChase and am supposed to use eqator –I have done my login but am having NO luck in navigating your site I have one offer that has been there for over a month with no contact and have more offers on the same property with higher offers that I cannot get to upload –HELP!!!!! Please direct me to a step by step program so I can make use of this great tool –Thank You, Janis Bailey, Associate Broker

    • Melissa Zavala

      Janis: Chase is new to Equator and you may need to contact them in order to jump start the file. Ask them is they have any new guidelines for Chase’s use of Equator on their website. Good luck!

  2. Sandra S. Stone

    I received e-mail from BOA regarding Deed in Lieu Equator Action. I was told to reply to the message through BOA Short Sale System Message Center. To reply, log into the BOA Short Sale System and go to the Messages section. I have tried every way to do this and I cannot find the message section. PLEASE help. I typed in the address line the BOA Short Sale System Message Center and I get nothing. I have never gone into this(the agent that was working on the short sale with them always communicated with them thru the equater. I never knew how that was done. Now that the agent is not involved in this now, they send this message for me to start communicating with them by logging in to message center as directed above and i can’t get there with the little information they provide. CAN SOMEONE PLEASE advise in detail every step along the way that I have got to make to get into the message center to communicate with them. HELP, I have exhausted all efforts in getting this processed.

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