Bank of America Short Sales, Equator FRUSTRATION!

Reblogger Jeff Wilmoth
Mortgage and Lending with HomeStar Financial Corporation

Is a Short sale really worth it?  well you'll have to decide if "the juice is worth the squeeze".  Many times buyers find out the hard way.  Here's a great article from a realtor experiencing the frustrations dealing with one of the nation's largest banks...another "Tail trying to wag the dog" scenario... 

 

 

 

 

Original content by Debbie Irons

If you haven't heard a homeowner or a Realtor complain about Bank of America (BofA) short sales, you must be out of the loop..or you were just smart enough to stay away from the nightmare.  I have dealt with and closed several short sales with Bank of America prior to the Equator system and I currently have 3 Bank of America short sale listings under contract. 

Is EVERYONE frustrated with the Equator system or is it just me?  I attended a class yesterday at Orlando Regional Realtor Association (ORRA) yesterday and what was supposed to be a 2 hour course, could have been a 24 hour frustration sesson.  I was really hoping to learn more tips of the trade, dos and don'ts, rules and regs, and how tos.  WIth a packed house of over 100 realtors, it was mostly background information on HAFA and question after question on specific agent transactions.  I walked out feeling more confused than ever,..especially when I hear they will be soon revising the system.  With the prevalence of short sales (which will continue for years to come), why are we not being given more concrete instruction.  The communication between agents, homeowners and negotiators (which will soon not be called negotiators BTW according the the BofA rep) is RIDICULOUS.  Do we remember being told months ago that we would be able to close short sales in 45 days?  Was I the only one laughing in doubt? 

The BofA rep was the first to admit the problems.  That was one good thing.  Another positive note was the guy gave out his email address and promised ACTION.  I hate to be that guy's assistant today when the 500 emails come streaming in!  He said the Equator system would soon get an overhaul to be more user friendly.  OH BOY!  Can we start with not requiring homeowners to upload documents to start the process?  Aren't these people under enough stress, pressure, and fear as it is and now suddenly some have to learn to fax, scan, and upload at a moments notice.  They hire us for a reason and although we can help through this process, it still seems to bring on panic to many owners.  Don't even get me started on the REJECT button..can you say start over from scratch!

Now, I am sure there are realtors out there that have had positive experiences but I believe they are the few and far betwen.  What are your thoughts/experiences/comments? 

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Rainmaker
194,051
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents

Equator does have some issues but the past few we've closed through there actually took LESS time than the few through just BofA in the recent past. Seems to me that they need to allow for a 'human/common sense' factor because some things can't be done because of the 'system'. I'm sure they'll work it out. It is all a process.

Jun 04, 2010 03:37 AM #1
Rainmaker
69,582
Janet Fetterman
Royal Shell Real Estate Inc - Ocala, FL
Selling Luxury Lifestyles...

Of the many ems platforms for asset management- Equator is the most intuitive and user friendly. I find that often times people just don't want to invest in the learning curve associated with a program and they refuse to click and read the help and FAQ sections to start.

As to the sellers uploading documents, I would say that is their listing agent's job. The listing agent needs to know that information and be assured that it is supplied in order to process any short sale offer. We can't depend on them to get it all "right".

Bank of America continues to be better at their PR than their processing, but they are at least trying to improve.

 

Jun 04, 2010 03:58 AM #2
Rainmaker
300,096
Jeff Wilmoth
HomeStar Financial Corporation - Newnan, GA

"Bank of America continues to be better at their PR than their processing"....Says it all!! 

No offense to any, but I have (from my side of the fence) heard nothing positive regarding BofA in general and this is all coming from realtors.  I understand that there are those who are savvier with computers & the web, but I've seen Equator in action.  It is obviously a poorly designed format and from what I hear, the user support is non-existent to say the least. 

Jun 04, 2010 04:09 AM #3
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Rainmaker
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Jeff Wilmoth

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