Home Buying in 20120>Question Details

Michelle, Home Seller in 20110

Is it normal for a agent (dual) to request ss# &dob from the borrower on a short sale for the bank?

Asked by Michelle, 20110 Thu Jun 14, 2012

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8
Yes if the seller's lender is BOA. Patience is the key!
0 votes Thank Flag Link Fri Jun 15, 2012
Yes. Its needed for some short sales. Be prepared to jump thru many hoops to get a short sale.
0 votes Thank Flag Link Thu Jun 14, 2012
While short sales do get approved in our area, there is little I would consider "normal" about the process. Some banks (noteably Bank of America) do request this information - or at least a partial ssn [as a required entry field] as part of their on-line submission [using the Equator system] of an offer. Since the bank is not under obligation to approve a short sale, they often will not consider offers that are "incomplete" to their standards. If you want your offer considered for approval by the bank, you will likely have to meet their requests for information. I would start by asking if your entire ssn number is required or just your first 5 digits. Hope this helps - and good luck on your purchase!
0 votes Thank Flag Link Thu Jun 14, 2012
If this is a short going through BOA and Equator you need to provide the first 5 digits of your SS, your DOB, if you are a US citizen, if the property is going to owner occupied,preapproval leter or proof of funds, Boa short sale addendum, BOA buyers notice before the listing agent can submit the offer. Equator has it locked down and all they can not send submit until they have all that information
0 votes Thank Flag Link Thu Jun 14, 2012
I agree with Jim, the agent does not need that information, but your lender will. Sometimes I get a request from the closing attorney or title company for that kind of information and I always refer them back to my buying client as I just do not want to keep that kind of private information in my files. I like to be protective of my clients private information as there is too much identity theft going on in the world now. Also, I feel that you should have gotten your own agent for representation as there is a fine line when and agent is representing both the seller and the buyer. Could cause some conflict there. Good luck!
0 votes Thank Flag Link Thu Jun 14, 2012
MIchelle,
Bank of America typically asks for the last 5 digits of the social and the DOB to process the short sale. It is entered directly into their Equator System. Haven't seen it with other banks but some may do it also.

-Micki
0 votes Thank Flag Link Thu Jun 14, 2012
The request came from Equator.com Nationwide Forclosed Home ListingService. BOA is the bank for the short sale.
Flag Thu Jun 14, 2012
It doesn’t matter if it is normal or not, unless the agent is lending you the money you may not want to give them your id info. You can send the info directly to the lender if it is required.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Jun 14, 2012
The bank usually sends a form for the Purchaser to fill out, after acceptance of the short sale offer. The agent has to provide all of the information for the short sale to be completed as the bank reports this information to the tax authorities.
0 votes Thank Flag Link Thu Jun 14, 2012
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