Sarasota foreclosures – Struggling homeowners facing foreclosure turn to distressed property technophobic real estate “experts” whose tech struggles push desperate homeowners into foreclosure.
Warning: If you are a real estate agent, put your anger back in its holster. All of us already know BANKS destroy short sale approvals, not (most) real estate agents. However, there’s enough blame to go around – and some agents have NO business mucking around in distressed property transactions .
Without doubt, some agents’ inability to grasp TECHNOLOGY apparently pushes some distressed property owners (into) foreclosure?
Are you kidding me?”
That’s all I could say when my contact inside the Assistant Vice President’s office shared a startling admission about some (dangerous) short sale “experts” (that is, real estate agents).
Short Sales Are Complicated Enough….
While running through the file, “Ms. S” (we’ll call her – a BOA manager whose name is withheld for privacy reasons) shared a startling admission about some short sale negotiators (agents in particular) pushing some property owners into foreclosure.
“Mike,” she said, “you would not believe just how many real estate people can’t figure out Equator. They’re not uploading all the docs…they can’t figure it out…and they’re blaming us,” Ms. S shared.
This got me thinking. Before I dismissed “Ms. S’s” claim, I quickly recalled just a few recent transactions and how I wanted to wring the necks of some agents who CLEARLY did not understand the short sale process…despite “CDPA” and other alphabet soup designations after their names. Sheesh!
They already “knew it all.”
They refused to ask for help.
Click Read More below now for the truth (as Ms. S and I see it) about TECH demons preventing some real estate agents from trying to keep struggling property owners out of foreclosure.
REAL ESTATE AGENTS CONTRIBUTE TO FORECLOSURES TOO!
Face it, Real Estate Agents (yes, I’m looking in the mirror), it is NOT just the banks to blame for foreclosures.You can attempt to convince yourselves otherwise, though chances are you’ve encountered “one of ‘those’ agents during a short sale…and you needed 2 bottles of Advil.
Over the years of working many Bank of America (formerly Countrywide) short sales, I have made a few contacts at the AVP level. Only when I face a dead-end do I call for help. Of course, the rotating doors and policies at these banks makes developing relationships with decision-makers nearly impossible.
I never abuse the relationship. Recently, I needed help, and I called one of my “911 contacts”.
Real Estate Agents Can’t Figure Out Equator…and do nothing about it?
Pushed into foreclosure BECAUSE of trouble figuring out Equator???
No, friggin’ way – that is NOT happening!
NOTE: Equator is a website (@ www.equator.com) that Bank of America & other “banks” (including servicers) use to request and manage the short sale workflow from start to finish.
When Bank of America and Nationstar Mortgage, two of the banks with whom I commonly work, pushed all operations to Equator, I celebrated.
Finally, I didn’t have to (try to) fax a 68-page short sale file to a bank.
Finally, I didn’t have to RE-FAX the same (lost, mis-placed or stolen) document to the same bank…again…and again. Many realtors specializing in short sales will admit regularly having to re-fax short packages to a lender (inc. servicer) many times.
Very frustrating indeed.
Certainly, Equator is not perfect (somehow docs uploaded still find a way to disappear).
However, Equator manages the work flow much better and makes it much easier to RE-upload lost, misplaced or vaporize short sale documents should BOA (or some other bank using Equator) not receive required documents.
Ms. S. shared as well that BOA has been forced to create more training just to (try to) educate real estate agents struggling to grasp technology.
Recently, BOA issued the following memo to all certified distressed property “experts” whose struggles include counter offers through Equator:
To: Agents initiating a Bank of America Short Sale
From: Bank of America Short Sale CommunicationsRealtors have told us the better they understand the counter offer process, the more successful they are in closing short sales.
The following facts related to the counter offer process are critical to closing short sales in Equator.
Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved
Acceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor. In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.
Fact #2: The terms of the accepted counter offer may be approved, declined or changed
Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it.
Fact #3: The counter offer may have an expiration date
Please reply to the counter offer before the expiration date. If you don’t reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents.
Fact #4: The counter offer must be accepted via the offers management tool in Equator
To accept the counter offer, go to the “Workflow” section of Equator and select the “Offers Needs Response” link. Select “Counter Offer” and press the “Accept” button in the Counter Offer screen. You cannot accept a counter offer via an Equator email to your negotiator.
By understanding these key facts, you will be in a position to better help the homeowner complete a successful short sale transaction.
These 4 “facts” seem to have nothing to do with TECH challenges – this is inability to comprehend written language.
Despite Ms. S’s myriad examples of agents “…not getting technology,” it hit me – this REALLY must be happening.
Recently, Federal Housing Administration (FHA) released a memo to all agents, demanding ALL OF US who want FHA REO listings to attend a mandatory webinar going over BASIC Equator and work flow.
For sure, none of us (most certainly I do NOT) know everything there is to know about distressed properties. In fact, illogical decisions dominate bank policy toward short sales.
Still, I’m not turning my own finger pointing from banks to agents. With ZERO help from state and national associations of REALTORS, (most) real estate agents throughout the country are saving confused, angry, apathetic, desperate homeowners from foreclosure. I see and hear it EVERY day. Still, even one foreclosure directly related to an agent’s TECH challenges is unacceptable and one too many….
If you or someone you know wants or needs to sell or buy a house in or around Sarasota (FL), please contact me. PLEASE scroll down and leave a comment, ask a question or share an experience. I want to hear from you. Of course, I find it difficult if not impossible to believe any realtor would not ask for help if he/she can’t figure out Equator. Forcing homeowners into foreclosure over tech challenges? Hmm, I’m struggling to buy that….
Sarasota foreclosure avoidance demands experienced, proven real estate agents! It’s not enough today to be the short sale “expert” without the necessary technology skills or ability to delegate Equator to a team member. Either way, real estate agents themselves helping struggling homeowners need to know when to ask for help as well in order to help homeowners avoid foreclosure.
{ 6 comments… read them below or add one }
I have negotiated about 400 short sales over the last 8 years and think that equator is a breath of fresh air. The only problem is that even if you send the negotiator a message, it is not garuntee they will respond. At least not for the first 3 weeks. One thing I really like is the fast track program. It makes the second time around on a short sale go a lot faster. If I can even use that word in a sentence with Bank of America.
400 short sales and you’re alive to prove it? Wow, I’m impressed. There’s not enough Advil to keep me going to 400. Indeed, I love Equator and wish ALL “banks” would migrate.
If only then we could wave our magic wand to create predictability with bank approvals. On one, borrower doesn’t need to be delinquent provided there’s documented hardship, etc.
On another with same bank & same situation, borrower MUST be delinquent. Arrrrrggggghhhh.
Thanks, Laura, for reminding me that that which doesn’t kill me (is supposed to) make me stronger. You da girl
Mike
The equator story is interesting however there is an auto email that is sent when you log on to equator for the very first time. That email offers a pdf of equators user manual. It isn’t that difficult to use the manual and equator isn’t that big of a mystery.my girlriends brother helped to create the program. He lives here in sunny so cal. the guy After talking to her she admitted that the program isn’t perfect either. Hard to believe that an agent wouldn’t ask for help?? Anyway ill be glad when this is all over out of all the banks that I’ve dealt w on short sales bofa has the worst reputation for foreclosing on people long before equator came to town.
Thank you, Gloria, for taking time to read and respond. I appreciate your comments. You’re right, Equator is not challenging – or at least not for you and me. Turns out, Equator is SO challenging for many that FHA required ALL of us to attend a mandatory webinar training. You probably attended it as well. Very basic but still we attended. If we want to receive FHA REOs, we must attend. And I definitely want to receive REO listings.
Whoa, I definitely agree with you – I too will be so glad when this is all over. Sadly, I don’t see an end for years. Some of my hardcore foreclosure defense attorney buddies claim this country will see lawsuits over MERS, etc many years to come. Alas…..
Mike
PS. Gloria, please check out my Facebook business page @ http://www.facebook.com/SarasotaRealEstatePros – where I encourage real estate agents to look over my shoulder as I connect and interact with people who want to buy and/or sell in the Sarasota area. I would love to help you if you’re interested in Facebook marketing.
The world is changing all around us and it’s no surprise that agents lacking technical skills could be holding up transactions.
Business is shifting to a more digital space where younger agents feel more comfortable and older agents feel out of place. I think a good solution would be to pair the older gen with newer gen so they can learn from one another to get through this time.
Enlightening post, I shared it with the folks in my community. Can’t wait to hear what they have to say about it.
What an unexpected pleasure, Jonathan. Thank you for noticing my post and taking time to comment. What you have done with Facebook marketing is beyond incredible: http://www.facebook.com/RealEstateReferralGroup.
Naturally, all of us want to believe we possess the skills to get the job done. Turns out, some real estate agents with LOTS of letters after their names appear to be hurting many distressed property transactions, if I’m to believe my contact inside executive relations at a big bank.
1. They don’t understand the short sale process.
2. They don’t understand valuation or the importance of the bpo.
3. They don’t understand leverage, i.e. qualified written requests, forensic audits, etc.
4. on and on….
By no means am I an “expert,” though I’ve been involved in over 100 short sales. I’ve seen and experienced A LOT regarding “distressed” property transactions.
You make a good point about partnering, though I wonder if it’s more about stubbornness than about inability to embrace/learn technology.
Thanks, Jonathan, for stopping by, commenting & mentioning my post on your INSANELY popular Facebook page.
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