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?

 
This post has been included in Mississippi Real Estate News

3 Comments on Bank of America's Equator System

JUN
09
2010
109,880 Points

They've got some many properties and so many layers of customer service stacked one on top of the other, its amazing they get anything done. 

"Let the industry fail - We need a complete market reset"
12:23pm • #1
SEP
17
2010
165,595 Points 2 Featured Posts Called Shot Master

I'm just starting my first Equator deal now.  I did a search to find out other agents experiences and found yours.  I hope it all worked out.  I'm not feeling too optomistic about my deal....
10:52am • #2
MAR
09
2011
330,867 Points Outside Blog

Isnt that a shame. Sometime this systems can be so rigid. Hopefully it works out.
10:08am • #3


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Gerard Maher, CRS Ocean Springs, MS

Ocean Springs, MS

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Coldwell Banker Alfons Realty

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updating market trends, current events for the local real estate market in Mississippi's Gulf Coast area. Specifically for Biloxi, Ocean Springs, D'Iberville, Long Beach, Pass Christian. Locations of visitors to this page


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