I want to spend some time right now talking about a recent short sale that I completed with GMAC. Back when I took the listing a few months ago I was relieved to find that GMAC used equator for the short sale process. If you’re not familiar with what equator is it’s an online system geared towards agents to process and manage a short sale transaction. Some of the banks that are currently using equator include, but not limited to:

• Bank of America
• Wells Fargo
• GMAC
• ASC
• BSI Financial Services
• Nationstar Mortgage

GMAC Short Sale and the BPO

The thing that really stood out to me with working with the GMAC Short Sale Department was the fact that once a initiated my short sale in equator, they immediately ordered a BPO… Even before I had an offer. Doing this is pretty rare in a short sle, most banks want to wait until we get an offer before they ordered a BPO.

Once a BPO is completed, this particular negotiator with GMAC was very awesome and very proactive in the way that she worked this particular file. She came back and told me what the BPO value came in at and told me where I needed to bring an offer.

I was able to procure a very solid offer right at the price that the BPO came in at. After I got the offer uploaded into equator it was within a couple weeks I got an email from the negotiator stating that everything looked fine on the file and that she was going to submit the file to the investor for approval… this coming roughly 30 days after I took a short sale offer and got the prop property listed.

Big Thumbs-up to the GMAC Short Sale Department

So to wrap this up… It’s very rare for me to sit here and talk good about particular bank with working with the short sales. In our past experience, most these banks are very slow and non-proactive in their approach. Big thank you to GMAC for realizing that a short sale is a much better route to go through than foreclosure.

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