New Rules For Equator

We have recently been informed by a manager in the Bank of America Escalations Department, that due to a high influx of new offers being submitted, and escalated, days before a pending foreclosure sale, they have initiated new policies to prevent this practice from occurring.

Previously, a new offer could be initiated for a short sale in Equator, and subsequently escalated, up to three days prior to a foreclosure sale date.

It appears Bank of America considers this practice to be an abuse of this policy, and the practice of submitting illegitimate offers just to postpone a foreclosure, so this policy has been changed.

Currently, if there is a pending foreclosure, the offer must be initiated in Equator more than fourteen (14) days prior the scheduled foreclosure date. Any offer submitted within that fourteen day time frame will be deemed ineligible for review, and the short sale will be denied. We will be working to get further guidance on this harsh policy

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

www.markandtim.com

949-874-2247

 
Posted by Tim Lorenz - 949 874-2247 on 09/15/2012 11:15 AM   Comments (10)   Short Sales in the Sales Strategies / Tactics Channel   bank of america  
Originally posted at: Tim's Blog: New Rules For Equator
Short URL: http://actvra.in/MDp
This post has been included in California Real Estate News Orange County, CA Real Estate News Mission Viejo, CA Real Estate News
Post is included in group: Outside Blogs
Post is included in group: Keller Williams 'Rainers
Post is included in group: Posts to Localism
Post is included in group: Orange County Real Estate
Post is included in group: Short Sale REALTORS®

10 Comments on New Rules For Equator

SEP
15
796,755 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Wow, what a huge pain. That has got to be illegal. The big problem is they don't want to make postponements any sooner than 5 days before a forclosure date.
11:24am • #1
657,561 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

It is interesting to say the least.
11:30am • #2
1,422,166 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

so, if this is right. .I need to cancel any of my listings 14 days prior to foreclosure. . because they will not be considered.
11:33am • #3
657,561 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Fernando what can I say.  Other than talk to they prior to 14 days and ask for the postponement.
11:38am • #4
481,012 Points 4 Featured Posts Outside Blog Called Shot Master

Hi Tim, illegitimate offer is a violation. However Bank of America is very slow in their approval. The seller and I have been waited for a short sale approval since the contract submitted on 4/8/2012 and 2 appraisals done by BOA , we are still waiting for the answer.
11:41am • #5
1,154,840 Points 86 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

That may be all well and good for the banks, however as already noted, the banks can also drag their feet with a response and that will often result in a buyer walking away and the deal was probably the best offer the bank was going to get.
12:06pm • #6
657,561 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

KweeI agree it is and always has been difficult to deal with B of A.

 
12:10pm • #7
657,561 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ed

It has happened to me on many occasions.
12:11pm • #8
SEP
16
254,811 Points 3 Featured Posts Called Shot Master

It's amazing what they can do when they get to make up all the rules. Equator is too much power in one place.
1:03pm • #9
657,561 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Drick

I agree totally.
6:09pm • #10


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
145c Rainmaker_large

Tim Lorenz - 949 874-2247

Mission Viejo, CA

More about me…

TIM LORENZ of Keller Williams Realty

Address: 27101 Puerta Real, Suite 150, Mission Viejo, CA, 92691

Office Phone: (949) 282-2521

Cell Phone: (949) 874-2247

Email Me

A real estate professional and investor for over 43 yrs look at the market, the laws, the trends and the condition of the market. A runing commentary of one persons professional's opinion.


Listings

Links

Archives

RSS 2.0 Feed for this blog