HELP...short sale offer requires DOB and SS???? (agent, sales, banks)

[NEmommy]

Hi,
please help...submitted an offer on short sale, but they want us to give DOB's and first 5 of SS's...is this normal? Our agent says not really, he's not familiar with such practice...
If you can give me some feedback, I would appreciate it...

Thank you...

[berettaway]

Um..."they" who? The seller's lender?

[Silverfall]

Yes it is a required step in the Equator system. Names, address, phone numbers, DOB, and first 5 of ss. Totally normal.

[Bideshi]

Originally Posted by Silverfall

DOB, and first 5 of ss. Totally normal.

And totally intrusive.

[rjrcm]

Originally Posted by Bideshi

And totally intrusive.

Yes, and you're free to not place offers on those short sales requiring the information.

[Silverfall]

Originally Posted by Bideshi

And totally intrusive.

Welcome to the world of banks.

[Lacerta]

What Silverfall said.

Some Short sales ask for first 5 digits, others ask for last 4. But they pretty much all ask for personal information anymore.

I'm guessing this is done to cut down on fraud (people selling to their own family members), but I don't actually know for sure.

[NinaN]

It is an Equator requirement to have this info. In our training, we were told we could use 55555 as an input for first 5 of SS. Seems to work for us in the past, not sure if they will continue to allow.

[NEmommy]

Thanks everyone, I guess our agent is not too familiar with short sale procedures...it's good to know, we did go ahead, and so begins the waiting game

[kevinm]

Originally Posted by Lacerta

What Silverfall said.

Some Short sales ask for first 5 digits, others ask for last 4. But they pretty much all ask for personal information anymore.

I'm guessing this is done to cut down on fraud (people selling to their own family members), but I don't actually know for sure.

I guess it is also used to pre-qualify whether the buyer is legit and has the means of closing the sale before wasting the banks time.