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