Wells Goes to Equator, Navy Fed Dumps on Veterans and Short Sales Smooth Out

This month in Short Sales bring us some interesting news.

Wells Fargo moves to Equator.

For those that don’t know, Equator is a semi-automated system for banks to manage assets. Use primarily for foreclosed properties (REOs), and adapted for short sales. Equator become “famous” when Bank of America decided to use them for their short sales. Since then GMAC and now Wells Fargo use this “software” to manage the process. What we should see is a slowdown as employees get used to the quirkiness of the design (clearly Equator was not designed with User Interface in mind) followed by a much quicker process. Wells has always been ahead of the curve in regards to short sales.

Navy Federal Credit Union Sucks

Honestly I tried to find a different word to describe Navy Fed, but how they handle their business as it relates to our service people is just plain deplorable. If you are buying a home right now, do not use this company. It’s not that you get taken advantage of in the front end but if you get stationed elsewhere and are forced to short sale, expect to have the roughest time of it out of all the lenders we deal with.

No you can’t lease purchase this short sale.

It’s a common statement that we are having to make to potential renters.  (We will have a big announcement later this month, where we can say, ”
YES YOU CAN LEASE PURCHASE THIS HOME”, but until then…) The answer of why should be obvious.  You have a home owner who is short selling because they can’t afford the mortgage anymore and they are facing foreclosure.  So it doesn’t make sense for a buyer/tenant to put themselves in that a potentially dangerous situation like that where they could be foreclosed on shortly after moving in.

September has just ended and there’s always changes going on in short sales.  I’ll be doing at least monthly videos on Short Sales in case you are like many folks – “technically qualified for short sale” but able to afford your home or maybe you’re on the fence about whether to move forward.   You could just be an agent.  Your feedback is always welcome.

When talking with some people about Short Sales, sometimes they say, “I’ll just leave the keys on the table.”  Other times they may not know their options and just think that their only “choice” is a foreclosure.   We’ve talked about short sale vs foreclosure before and how short sales are almost always better than another option aside from selling it outright or keeping the home.