In an effort to speed up the short sale process, some lenders are choosing to automate the way approvals are given. Bank of America is using a new system to automate the approvals of short sales, called Equator. It uses an Automatic Valuation Model (AVM) like Zillow.com to determine the value of the home, and ... [Read More]
In the last two years, agents have told their buyers “short sales are to be avoided like the plague”. Some of the reasons included: The servicing agents were overwhelmed; it took weeks or months for a response. The lender was not realistic about values, asking for more than it was worth. Second leinholders refused to ... [Read More]