How to Handle Counter Offer from B of A, though Equator Program!

By
Real Estate Agent with Casta del Sol Real Estate / VesTip Realty 01439520

This is an email notice I got from Equator Program. I hope it helps you to understand how they handle "counter offers".

                  

Mortgage Servicing

Important Information Regarding Acceptance of Counter Offer Terms

     

To: Agents initiating a Bank of America Short Sale

From: Bank of America Short Sale Communications

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.

Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved

Acceptance 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 date

Please 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.

Why 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

 

     

Bank of America N.A. Member FDIC © 2010 Bank of America Corporation. All rights reserved.

Posted by

Valorie Stover , Specializing in YOU!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Location:
California Orange County Mission Viejo
Groups:
Active Rain Newbies
Realtors®
Almost Anything Goes
Orange County Real Estate
Young at Heart
Tags:
buyers
financial
bank of america
banks
short sales
sellers
short sale
equator program

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
125,978

Valorie Stover, Realtor for Casta del Sol

Mission Viejo,CA, Active Adult Community!
Ask me a question
*
*
*
*
Spam prevention