Wednesday, October 28, 2009

REOtrans now handling short sales

Bank of America and GMAC now using REOtrans to process electronically
their short sale offers. This is very beneficial because the paper
process of faxing short sales to banks had dragged out those deals for
months. I've heard over and over about agents (including me) talking to bank short sale departments to verify that they received faxed contracts - only to be told "it takes 5 business days for them to hit the system" or "we have no record of that submittal, please fax again". Now documents can be uploaded to transaction files with verification of receipt. This should speed up the short sale process immensely.

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