Has anyone done a short sale on the equator system? Have you had a buyer walk away and hit the reject button? Do you know what happens if they come back????
You start all over. Once you hit that reject button on Bank of America's equator system, you cannot submit any other offers on that property, re submit or anything until they reset the system.
We rejected an offer for a buyer around May 21. Today, June 9, I still cannot put another offer in on that property. I have tried, I have talked with Equator and Bank of America. We have submitted what they call an "Escalation" that was supposed to be responded to within 3 business days. Nothing, so they submitted a SUPER Escalation, now we may have to wait another 3 days.
And the funny thing is... its the same buyers that walked away. They came back and decided to respond to the negotiators email of another $4000. But they can't get the offer in, the negotiator can't get it back to him. This whole system is really holding up a contract for 3 weeks, and it is time critical, since the contract was written April 15th or so, if they can get it to close by June 30 they qualify for the $8000 tax credit, but with Bank of America bogged down in beauracracy, blaming Equator for the delay, but Bank of America won't accept fax or email being sent straight to the old negotiator. Has anyone else had this kind of experience with Bank of America/ Equator system?
Comments(3)