Become an Approved Service Provider for Bank of America REO properties in your Area
Bank of America REO properties are listed for sale through their preferred REO agent network.
Real estate agents can sign-up to be Bank of America's REO agents to provide listing services and BPOs.
REO properties are properties repossessed by Bank of America after foreclosure proceedings caused due to payment default by the mortgagee. These predominantly residential single-family homes frequently are in need of maintenance and repair work. The lender who now owns the property must also bear the expense of local taxes incurred during their period of ownership. Lenders engage the services of reo agents to handle all such services till such time as they can no longer be considered as Real Estate Owned (REO) by Bank of America.
Once an agent fills out the application, they may not receive quick response. They may have to put up with delayed response from Bank of America's reo department due to their hectic volume. The approval of a Bank of America REO agent's application depends on the bank's current need for additional reo listing agents in a given area. Bank of America often chooses agents on "as-needed" basis. To be considered for future needs, a potential Bank of America REO agent must maintain a current and active profile on Equator.
What is Equator?
Equator is the name of the online reo property and agent management system used by Bank of America. They also require any new agents sign-up through this internal online reo management system. It is free to create a profile which allows the real estate agent to interact directly with Bank of America Home Loan Servicing LP. As a matter of fact, Bank of America suggests that maintaining a active profile of Equator is the only necessary step to be considered as their reo listing agent.
Questions regarding Equator and Bank of America's REO sign-up and application process for both real estate listing agents and brokers can be directed to the following contacts:
- E-Mail: Support@equator.com |
Bank Approved REO Vendors
A number of maintenance and upkeep services are needed on bank owned reo homes. The asset managers chosen by a Bank's REO department generally employ the services of several vendors who specialize in them. A service provider needs to sign-up to be an REO vendor in order to receive work orders related to properties that are part of Bank of America REO. Most of the asset management companies have their own internal procedures related to the sign-up of REO vendors needed for continually providing real estate maintenance services in a specific area.