Below is an email from BOA explaining how Counter offers are to be handled and the fact that though BOA may accept an offer, the file still must be approved from the investor. Good info, Read Below:
Realtors have told us the better they understand the counter offer process, the more successful they are in closing short sales.
The following facts related to the counter offer process are critical to closing short sales in Equator.
act #1: Your acceptance of the counter offer terms does not mean the transaction is approvedAcceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor. In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.
Fact #2: The terms of the accepted counter offer may be approved, declined or changed Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it.
Fact #3: The counter offer may have an expiration datePlease reply to the counter offer before the expiration date. If you don't reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents.
Fact #4: The counter offer must be accepted via the offers management tool in Equator To accept the counter offer, go to the "Workflow" section of Equator and select the "Offers Needs Response" link. Select "Counter Offer" and press the "Accept" button in the Counter Offer screen. You cannot accept a counter offer via an Equator email to your negotiator.
By understanding these key facts, you will be in a position to better help the homeowner complete a successful short sale transaction. For other questions you have about the short sale process and Equator, refer to our informational guide at the following link: http://bankofamerica.reo.com/shortsaletraining
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