Bank of America do you really want to know what is wrong!!

By
Real Estate Agent with Coastal REO Solutions - Myrtle Beach Short Sales & REO's

Bank of america and EquatorI started out my Friday (3/12/2010) as I do every morning… Pull up Equator to check on my Short Sale files. Once I had the system up I noticed my oldest file (entered before others) still had a generic negotiator while all the others had been assigned to real negotiators.  So now what – AHHHH the dreaded call to the toll free number. 

I make the call 1-866-772-2516 – Rings, automated answer, and the wait (game) is on!!  So I put the office phone on speaker make several other calls on my cell phone, load up Tweetdeck, check email, get back on my cell to call for showing instructions, “play around” I mean check Facebook for potential business, then look down at the office phone 20 minutes gone by and still on hold.  Ok 20 minutes no big deal…  So now I check my Supra Key for showings and send a couple of follow up emails to the agents that showed my listings… 30 minutes gone by now STILL ON HOLD!

Now the brain starts working “AR BLOG POST”. 

So 47 minutes and 41 seconds gone by and I FINALLY get a live person.  After going through all the third party verification questions the real conversation starts:

 

 

Sandra: “Mr. Ellis what can I to help you today”

Me: I explain the situation and my concern that this file has a “generic negotiator” while newer files have assigned negotiators.

Sandra: “Mr. Ellis do you mind if I place you on hold while I research this”

Me: “No Mam” (what am I going to say Yes I mind I have been on hold almost an hour, don’t you dare put me on hold one more second)

Sandra: (2 minutes later) “Mr. Ellis it appears that we are still waiting on a Vendor Task to be completed”

Me: “When was the task due?”

Sandra: “Mr. Ellis do you mind if I place you on hold while I research that”

Me: “No Mam” (while I am think YOU CAN NOT BE SERIOUS)

Sandra: “Mr. Ellis it was due on March 10”

Me: “Well it is March 12 what can we do about this”

Sandra: “Mr. Ellis do you mind if I place you on hold while I check with my supervisor”

Me: “No Mam” (COMICAL)

Sandra: (2 minutes later) “Mr. Ellis I have spoken with my supervisor and we are going to escalate this file and you can check back in 3 to 5 business days”

Me: “Sandra can you tell me if the Vendor Task is the BPO”

Sandra: “Mr. Ellis we are not familiar with the terminology I don’t know what the vendor task is you will need to call back in 3 to 5 business if the file does not get a negotiator”

Me: “Ok thank you for your help” (realizing I am going to get nowhere I stop wasting my time)

Sandra: “Mr. Ellis do you mind if I place you on hold while I make some notations on the file”

Me: “No Mam” (what the hell does 2 more minutes matter)

Sandra: (2 minutes later) “Mr. Ellis thank you for waiting I am sorry for the delay.  Do you have any more questions for me?”

Me: “No Mam thanks for your help!” (Yeah right)

Sandra: “Mr. Ellis would you like to take a survey on the level of service I provided today”

Me: “Yes mam” (I don’t have the heart to say No.. So once the transfer is complete I hang up)

Here is the real question and moral to this long story “Why, if the Equator system is automated, do I need to call in and get a file escalated because a Vendor task is not done on time”.  Why would the AUTOMATED system not do this by its self?

While I do believe the Equator System will speed up the BOA short sale process it has a long way to go before they can use the word “Streamline”.

Bank of America - Equator

 

Coastal REO Solutions specializes in short sales, bank owned homes, property preservation, and other aspects of distressed real estate, in Myrtle Beach, North Myrtle Beach, Surfside Beach, Garden City Beach, Murrells Inlet, Pawleys Island, Grande DunesPlantation LakesPlantation PointThe Dunes Club, North Beach Plantation, Legends ResortOcean Front Condos, The Grand Strand and many other areas along the Coastal Carolinas

Don’t forget to sign up for our monthly newsletter to stay informed and feel free to use our custom one-touch short sale and bank owned property search application. Timing has never been better to purchase property in Myrtle Beach.

If you are headed towards foreclosure please call or email us!! We can HELP! 843-839-8046 or info@coastalreosolutions.com.

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Rainer
329,120
Patty Luther
RE/MAX Rock-n-Roll Realty - Lewiston, ID
Lewiston ID Real Estate, Idaho-Washington

Oh  I just hate working those short sales...  and I just took on two more listings today... short sales...   


Mar 13, 2010 04:06 PM #1
Rainer
76,094
Jason Ellis
Coastal REO Solutions - Myrtle Beach Short Sales & REO's - Myrtle Beach, SC

Patty: 

They are brutal but I am afraid they are going to be with us for a while!

Mar 13, 2010 04:12 PM #2
Rainmaker
508,095
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Jason, Why do they have us punch in the account number, then repeat it again when we finally reach a human? 

Mar 13, 2010 04:30 PM #3
Rainmaker
852,313
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Jason,

The majority of the short sales I work on are B of A and they are not helpful about anything.

Mar 13, 2010 04:30 PM #4
Rainer
215,888
Diane Williams
Pell City, AL

You just have to keep telling yourself, you are helping someone. Maybe that will help make the wait worth it.

Mar 13, 2010 04:33 PM #5
Rainer
76,094
Jason Ellis
Coastal REO Solutions - Myrtle Beach Short Sales & REO's - Myrtle Beach, SC

Dan -- Valid point -- comical

Mark -- They are brutal but at least over the last few months the operators are a little more courteous!

Diane -- thats the main reason I do stay on hold!! : )

Thanks for stopping by and good luck this year!!

 

Mar 13, 2010 04:38 PM #6
Rainmaker
1,020,459
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

The vice president of loss mediation (short sales and REO's) came to town and talked to us and it was very enlightening.  He is really making a lot of changes that look like we the agents will seen some better performance from their staff.

Mar 13, 2010 04:46 PM #7
Rainer
76,094
Jason Ellis
Coastal REO Solutions - Myrtle Beach Short Sales & REO's - Myrtle Beach, SC

Tim -- Did you happen to get his contact info : )

I do think it is getting better -- just  a far cry from being streamlined!!!

Mar 13, 2010 04:50 PM #8
Ambassador
1,203,856
Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

Oy vey.

That's alot of times to be put on hold.  She should have just put you on the phone directly with the supervisor to save time!!

I've had good success so far with the Equator site.

But I'm puzzled.  When I read Equator's post on here this evening they state that over 60 banks use the site, yet Bank of America is the only one that I can see where you can upload and initiate a short sale.

Am I wrong?

Mar 13, 2010 05:39 PM #9
Rainer
138,297
George & Arlene Paukert
Road to Wealth, Inc. - West Palm Beach, FL

Don't hold your breath on it speeding up anything, I think it will be just another middle man process for the bank.

Mar 13, 2010 10:15 PM #10
Rainer
76,094
Jason Ellis
Coastal REO Solutions - Myrtle Beach Short Sales & REO's - Myrtle Beach, SC

Ralph -- Currently BOA is the only bank you can "initiate" the short sale on line...  The 60 banks must be referring to their REO services (I would believe that) -- From what I understand another "Large Lender" is getting ready to partner with Equator to offer the ability to initiate short sales. I have also heard that up to 17 Lenders plan on using the short sale platform from Equator. Equator is also getting ready to release a Home Loan Mod platform as well.   

 

George and Arlene -- Equator CLAIMS the following 

"Equator has 111,746 active short sales in their system. The average time from intiail contact to closing is 88 days." 

I can tell you I have had ones longer and shorter than the 88 days but have not had the time or energy to figure out if mine are on track with this quote... All we can do is hope...  I can tell you this the "start up time" has greatly been reduced because of Equator and no more faxing 50 page packages in to random fax numbers...

Mar 13, 2010 11:25 PM #11
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Jason Ellis

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