It's not the Equator system, it's Bank of America. Yes - I know - we all know, however...does BOA care?
I have to give credit to Christopher L. Saitta, CEO of Equator - he reached out to me a few weeks ago b/c of another blog I wrote about the situation closing BOA deals. He was very cordial and offered any help that I needed with my deal. He helped me with additional support staff who offered other assistance as well.
BANK OF AMERICA - shame on you. You promise closing times of about 60 days. But you cannot live up to those dates.
I lost a deal last year that was executed with a buyer and seller in July...still not executed by BOA in November and the buyer walked...Don't blame him.
Now, I have an offer from January that still is not executed. This is a short sale...
IMAGINE THIS...[My seller is so totally broke - and it's verified], BOA wants my seller to come to the closing table with $1,000.00 in closing costs -they are fussing over $1,000.00 difference in the selling price ON A $65K short sale.
Just imagine the amount of time and the hourly wages they paid to personnel fighting over $1,000.00.
Then [this happened on another short sale with a different bank], they asked my seller (who is totally broke), to take out a promissory note for $8,000.00. Now, I know most of the promissory notes are interest free and for 30 years, but HELLO BOA! My customer doesn't even have enough money to move to another location.
While I am angry on some short sales and I think that some are done out of anger rather than actual debt, the government bailed out these banks and now they are going after customers that they lended mortgages to that should not have qualified. How is this fair???
What do you think?
Karen Monsour, 954-464-4194 cell
Yes, prior to Equator, it took me 13 months to close a short sale as well. Another took 7 months...then sometimes after 5 months, the buyer walked...so sad.