Bank of America Is Using "EQUATOR" to initiate a shortsale package

By
Real Estate Agent with Keller William- Victor Valley Market Center

I have a few short sales through Bank Of America. Some of them with offers processed since June. On December 21st I called to just do a follow up. everything was fine. January I call and now I need to initiate offer throught equator which is or was reotrans. My client "homeowner" had to call a 1-800 number to answer a few questions. Now I need to submit the offer again through this site.

I hope this will help the already exhausted reps at Bank of America.

I wish Chase would do the same other time I call they cannot talk to me because they do not my authorization letter on file.

anyways the site is www.equator.com

I'm not sure if it's free or not. Since I was already a member with reotrans I didn't have to pay when I registered with equator.

I understand that more banks are looking into platform to do the shortsale. I feel that Bank of America has too many phases. 1st phase, 2nd phase then your package is forwarded to investor.

It's too bad they weren't this strict when they were handing out loans. Anyways it's neither here or there.

Banks just need to find a system to shorten the waiting period for the buyer who is submitting the offer. May have the listing agent forward a proposal offer. Banks initiate the shortsale from our proposal  offer "not a straw buyer either", bank submit BPO,check on homeowners; hardship etc... But once it's  propposed offer is approved, listing agent list the approved price. Real offer is submitted and bank accepts we open escrow, no more waiting on buyer's part.

Just an idea

Comments (14)

Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Hopefully the new short sale law in April will smooth this process faster to close deals

Jan 06, 2010 08:47 PM
Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove

I have a short sale in process with Bank of America, too.  Everything needed to be resubmitted along with updated bank statements (don't forget those).  The only problem is they were submitting the oldest to the most recent offers and you can not submit anything until the file goes into their new system....talk about trying to be patient.  It's like some files are on "hold" until they get caught up.

Good luck with you file!

Jan 06, 2010 09:10 PM
Marilyn Harrell
Better Homes and Acres - Beaverton, MI
Wixom Lake - Beaverton MI

A little off topic, but when lenders give out loans, they cannot predict what plant is going to close leaving thousands unemployed, or who will lose their health and ability to pay.  All the underwriting rules and scrutinization cannot change this.. as long as jobs are on the decline, this trend will continue.

We need jobs!!!! There are many people willing and able to work, but when there is one job opening and 300 applicants, there are still 299 people still looking! And this is often for a minimum wage job!

Jan 06, 2010 09:34 PM
Luke Constantino
Brooklyn/Manhattan Real Estate - Brooklyn, NY
Residential/Commercial Real Estate Brooklyn NY

I'm not a big fan of Bank of America and their practices.

Have a happy and prosperous New Year!

Jan 06, 2010 09:55 PM
Jane Nicastro-Disch Warren NJ
Weichert Realtors - Warren, NJ
NJ Estates Real Estate Group of Weichert Realtors

Nina, I'm with Luke! Regards,

Jan 06, 2010 10:05 PM
Randy Schulenburg
Schulenburg Realty, Inc. - Pingree Grove, IL
Schulenburg Realty, Inc.

I agree with Harry.  Hopefully the new law will make some positive steps towards streamlining and standardizing this process.

And . . . I couldn't agree with Marilyn more!  She's right on target.

Jan 06, 2010 10:28 PM
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

Nina, I have had a negotiation going on with BOA on a short sale since May. We just got, three weeks ago, someone assigned to us. I don't think anyone is listening to the agents when we complain about how poorly these things are being handled (or not handled, really). Maybe things will change this year. Both BOA and Chase need to figure this stuff out and JUST DO IT!
Toni

Jan 07, 2010 04:13 AM
Anonymous
Patti Weaver

Nina, I just submitted a short sale on Equator for B of A.  The site only asked me for a 3rd party auth., which I uploaded.  Didn't see any further instructions.  It seems that you first submit a request then what?  Would like to know how your experience on this site is going.

Thanks,

Patti

 

 

Jan 13, 2010 06:39 AM
#8
Anonymous
Helen Gardner

I'm all for progress however, this new system is not fair to those who were ready to close.  We waited 19 years to buy a house, made an offer, then received a counter offer from the bank, then met the bank's offer and told we would close within a week.  We transferred money for closing and gave notice to our landlord.  Then we were told our "file" went to Equator.  How convenient for Bank of America.  We put an offer on our house September 9, 2009.  Now we're told we'll have to wait another 45 days...if we're lucky.  Had we known about all of this up front, we would never had tried to buy a short sale property.  You would think since we were at the one yard line, the bank would have wanted to close and get their money.  We have dreamed of owning a house for 19 years and now it's become a nightmare.  Does anyone know of any recourse?  Why weren't the buyers notified before this process?  We were never told about Equator until a week ago.   

Mar 16, 2010 07:24 AM
#9
Anonymous
Tim Gildea

The fact that BofA is willing to try is BIG!!!!! I have avoided anything BofA related for the last year. It has been my personal experience thatanything related to a short sale and bank of america is guaranteed to fail. I also believe that in order to work in the short sale department of that bank you have to prove that your IQ is below 70 so that when a realtor calls them an idiot or a moron we are not being derogatory, just stating a fact. I actually was told by one of their assigned negotiators that there was a "SECRET LAW" that allowed them to get all their money back from the sellers that are losing their homes in California. SOOOOO it is great they are going to let someone else handle these sales. GREAT NEWS

 

Apr 15, 2010 07:20 AM
#10
Mike Linkenauger
Jacksonville, FL
Short Sale Specialist Network

Short sales with Bank of America are like pulling teeth.  Unfortunately they have one of the longest approval times in the industry, and the new Equator system has only helped SOME!  Lets see them get it to TEN days like they are supposed to!  We have a great group to discuss short sales with BOA if it helps some:

http://www.theshortsaleguide.com/group/bankofamerica

Apr 20, 2010 05:25 PM
Anonymous
Susan

I wonder why our banking system is falling apart?  It seems as though short sales would alleviate the huge losses, but story after story is about how long this proces takes - I wonder how much money it costs to carry these houses for months and even years?  This inept process is being paid for by the tax payers. 

Sep 02, 2010 03:22 AM
#12
Anonymous
Manny R. Aguirre

 

 

 

I was in a transaction generated through the equator. We had loan documents at escrow. And buyer

was ready to sign and close. When the time ran out and the agent from C21 Award. Informed me that the file needed to be re-submitted back in to the equator. And that the negoiator had raised

the price. I asked the other agent to send me a proof of this. And apparently she coulded copy or paste or anything. To confirm to me that this was the case. Advised the other agent to re-submit

and call a phone number of BOA. Which was given to me by BOA. So we could direct the a newly

submitted offer through there system. The agent refused to re-submit or prove the validity of the

negoiator statement. And finally after weeks on end and getting her manager envolved. We had to

cancel the transaction. I had to scratch my head on this deal. Never seen or been envolved in anything like this. I would think the Bank of America management. Would be interested in getting

another home off the books

Nov 05, 2010 09:20 AM
#13
Anonymous
John Stefan

I want to start a short sale on a house in Anahim California. How do I get started?

Feb 05, 2013 06:53 AM
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