Paving the Way to a Technologically-Savvy Short Sale

Oh, the dreadful"Double S".The word commands respect in a sentence filled with other jargon, or standing alone, as the big, looming question mark it so often is as we flitter between those moments of wake and sleep. It is the cause for rejoices when a transaction finally closes, and the reason for four-letter exclamations in the weeks (okay, months) before it reaches that point. We can't live with them, but, as any agent currently sighs, we can't really avoid them to live without them either.

Most agents can agree that there are four key elements to any successful short sale: accessibility, responsiveness, communication, and fulfillment. Of the four, responsiveness and communication seem to be the largest issues in today's short sale market. The banks are simply inundated with short sale files, and the $9/hr negotiator to whom your file is assigned probably isn't overly troubled by your outbursts as your emails are deleted, voicemails erased, and paperwork lost in transition. It's all a very joyful process.

Wait! Stop! NEWSFLASH! NEWSFLASH!

IS ONE OF AMERICA'S LARGEST LENDERS STEPPING OUT AHEAD OF THE REST?

At the end of last month, California-based Equator (formerly known as REOTrans) reported that it had launched the real estate industry's very first short sale module for a large national lender (supposedly Bank of America, although this has yet to be confirmed). Short sales would be handled for the first time ever via an electronic platform, dramatically improving approval time and communication between all parties involved in a transaction.

Included in the platform is a fully accessible client portal where borrowers can receive updates on their short sale 24/7, in real-time (virtually unheard of in the current short sale market).

Of course, cutting out the middle-man may not facilitate all aspects of the transaction. Questions do arise such as how a computer can possibly evaluate seller's finances, or the information found in the BPO (broker's price opinion) or appraisal. I anticipate this may be an issue . . . but then again, I am not the most technologically-savvy agent I know.

Odds are, computers are more competent than many of the clowns negotiators currently sipping their mocha-lattes chai teas.

Regardless, Bank of America needs to do something to facilitate the short sale process.

I should know. I've currently been fighting with the company since spring over an offer dated April 9. And yes, we still have the buyers!