Equator: Short Sale Specialist Discussion
Who am I? I’m Richard Lockwood, real estate broker licensed in the State of Oregon and a Realtor in good standing. I work directly with Bruce Lockwood my business partner and have helped hundreds of people successfully complete short sales. Bruce and I are brokers with Oregon Realty Company, the largest independent brokerage in the state and our firm brings almost 7 decades of real estate excellence to every person we help. I am not an attorney, I am not a tax professional and I can’t give legal or tax advice… That said my experience as a broker in short sales speaks for itself.
Who Uses Equator?
Many major banks such as bank of America, wells fargo, nationstar and others use the Equator platform as a means of communication between the real estate broker (short sale specialist) and the bank’s negotiators and asset management team.
What is Equator?
Equator is an independent website used by many bank for asset management: e.g. short sales and REO (Real Estate Owned, Foreclosure). If you’re trying to find a Realtor, Broker to help you with a short sale they should be intimately familiar with Equator otherwise you might end up as someone’s Guinea Pig. But, as short sales have become more mainstream simply being aware of Equator just isn’t enough anymore. Make sure your Realtor negotiates their own short sales, as many Realtors claim to “do short sales all the time” when in reality they farm out the actual negotiations. And, while some people have had success with agents who opt-out of negotiating their own short sales: the added middleman fees, lack of hands-on Realtor experience, and the increased complexity that comes with separating listing the house and negotiating with the bank can greatly increase the risk of failure sometimes. In my experience, where I helped buyers I ended up dealing directly with the short sale negotiator and the listing agent became a cumbersome 5th wheel.
- RES.net (asset mgmt similar to equator)
- Iron-Gate secure online email portal for messaging and sending documents to bank officials
- Internal-only bank systems include Homebase, I-Portal, Homeview, LAMP (Loan Administration Mortgage Program)
- HubZu (used by Altisource and Ocwen for online auctions on short sales for price 2nd opinion). The retail end of HubZu includes auction.com.
Additional Short Sale Management Systems:
-Banks also have internal secure systems that you may come in contact such as:
-The internal-only systems you won’t really deal with directly but knowing that such systems exist can help you. A bank rep may tell you: “We’re denying your short sale file because we didn’t receive the documents we requested.” And, depending on which bank it is you may have to ask the phone rep to check various other systems within which documents are imaged, which does two things. 1: It shows the bank rep that they can’t bs you. 2: It’s not uncommon for the person to find the missing document and move it into the right system and get the process unstuck.
Equator will assign various “tasks” where the Realtor and at times the home owner needs to complete within certain time periods. Some banks also allow realtors to send documents as message attachments or upload documents into Equator without a task assigned. Generally, docs uploaded into Equator without a task are to be place in the Listing > Library > Property section and may include forms or other paperwork requested. Always call in and notify someone in the short sale dept that you’ve uploaded documents and have them send an internal message to the bank’s assigned person to notify them of the new documents.
In closing, this video only contains a tiny percentage of the nuances of short sales and the Equator system and there’s really no substitute for years of hands-on experience. If you need a short sale in Portland or surrounding areas call us at 503-473-8001 to learn more about how we can help you.
Thanks for watching and we look forward to earning your business.