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Replies (12)
- John Beltramea, "John Beltramea"
- Contributions:183
Brian,
I don't think equator is speeding things up at all. I was able to get a short sale closed within 30 days recently but it was because I was able to contact multiple people at Bank of America to get them behind what I was trying to do. This also followed losing three sales on the property before I was able to enlist the help of Bank of America directly. Once I did that eveyone was very helpful. Its' not just Bank of America there have been problmes with. I've experienced worse problems with GMAC Mortgage. It's no wonder I've heard that statistically only 40% of the short sales close-reduced commission, long response time or no response time, poor communication or no communication they are stressful too because so many agents representing buyers scare their clients away from short sales. Good Luck with any you tackle-be patient-find someone in person to communicate with-and pray the buyer will stick it out with you!-John
- Cynthia Bell, "CyndiBell"
- Contributions:329
I've dealt with the Equator system. The last deal I completed was 120 days from date contract executed to funding. I like the idea of having a website interface to keep track of your file(s) but right now I don't see it greatly "speeding up" the process but its a start.
You still have to do all the followup work/calls as normal.
You still have to do all the followup work/calls as normal.
- Lisa Parkins, "CummingRealEstate"
- Contributions:28
Not in our opinion. We're working one now that had a "pre-approved" price because another buyer had walked away. All they needed to do was change the name on the contract and the closing date. We started the name/closing date switchover back in April and still haven't closed.
- Georgina OBryan, "GOBryan1"
- Contributions:483
I think 45-60 is the average anyway, isn't it? I mean, if there is such a thing with Short Sales anyway.
- short_sale
- Contributions:3
It is true that Equator will only allow you to submit one offer at a time for a short sale. However, if it was a bank owned property, Equator does have the ability to submit multiple offers.[link removed by moderator]require an extensive amount of work so lenders can only dedicate the time to work the highest and best offer for the property.
- Michele Cervantez, "Broker in Arizona"
- Contributions:6
In my opinion, I didn't notice a difference at first. Then things seemed improve since you could self "escalate" via emailing the negotiator and supervisors in Equator. Now things have gotten rough with a few of my transactions because of the underlying investor, not necessarily Equator or Bank of America. I'm going to "attend" a webinar next week in which they tout that they will speed their response time to two weeks. I'll believe that when I see it, I hope it's true!
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
It speeds up some parts, but the lending process is sooooo slow right now that it negates any net gain in close time.
- Michele Cervantez, "Broker in Arizona"
- Contributions:6
My last one was four and a half weeks. But I stay on them and push it through!
- Humilators
- Contributions:1
Michelle
I am in the process of a short sale at the moment. We submitted our bid on Nov 15th 2010. It has almost been 90 days since we submitted. I have heard back stating the negotiator has accepted our price but we are waiting on final approval. What can we do to try and speed up the process? Thanks
I am in the process of a short sale at the moment. We submitted our bid on Nov 15th 2010. It has almost been 90 days since we submitted. I have heard back stating the negotiator has accepted our price but we are waiting on final approval. What can we do to try and speed up the process? Thanks
- Michele Cervantez, "Broker in Arizona"
- Contributions:6
If you are using Equator you have the cabability of contacting the negotiator(s) and their supvisors directly by email through the system. That is pretty long even for them, these days. If they have accepted your offer or certain terms, you are supposed to get a "counter offer" in the system, in which you can respond and accept or agrees or disagree with what ever terms you see fit. Hope that helps a little. Feel free to ask or update me further. Good luck!
- Doug Murphy, "DougMurphySells"
- Contributions:71
I am in process on my first one with BOA Equator system.
I like the interactive data base, having all documents and discussions in one place for reference. The response time from the negotiator has been timely so far. I guess the proof will be in the end result.
I like the interactive data base, having all documents and discussions in one place for reference. The response time from the negotiator has been timely so far. I guess the proof will be in the end result.
- Kervis Caraballo, "KervisCaraballo"
- Contributions:1
I have to say "ye." I have closed over 15 short sales with BOA through Equator int he last two years and have to say the shortest one took 45 days..the longest one 4 months.
As time goes by, the system seems to get more user-friendly and files seems to move quicker. A couple of helpful tips I learned along the way is to be courteous with the reps assigned to your file..you'll be surprised how far it can take you!!
Lastly, have all of your seller's docs ready to upload. Do not wait for a new task to pop up to get what you need..always be one, even two steps ahead of the system! Know which expenses have a better chance of being accepted..this will speed up the process and make your life easier! Also, double check your worksheet and make sure everything matches the pre Hud so that there is no added delay on their part.
As time goes by, the system seems to get more user-friendly and files seems to move quicker. A couple of helpful tips I learned along the way is to be courteous with the reps assigned to your file..you'll be surprised how far it can take you!!
Lastly, have all of your seller's docs ready to upload. Do not wait for a new task to pop up to get what you need..always be one, even two steps ahead of the system! Know which expenses have a better chance of being accepted..this will speed up the process and make your life easier! Also, double check your worksheet and make sure everything matches the pre Hud so that there is no added delay on their part.
Bank of America short sale using Equator
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- 5.0/5.0
- (1 review)
Contributions:44Is Equator really speeding up Bank Of America short sales? They say average time is 45-90 days. What is your experience?
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