New Equator procedures for back up offers when a buyer walks away

I have been working a short sale with BofA through Equator.  I am the listing agent.  Last week, the buyer that we have been working with for about 3 months or more walked away.  I have a better back up offer.  I have received an email from BOFA/Equator about a month ago notifying that we can now submit a back up offer when a buyer walks without having to reinitiate the short sale and keeping the same negotiator. I informed the negotiator about it and, 10 days later, I have not been able to submit anything and the negotiator is telling me that I have to reinitiate the short sale and there is no guarantee that we will have the same negotiator!!!  The oppossite that was mentioned in the email I received.  Am I doing something wrong ???  Is there anything that I need to do to expedite the process?

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Permalink Reply by Maria Tascon on August 23, 2011 at 6:58am

Hi Smitty,

Thanks for letting me know about @bofa_help.  It worked.  They contacted me inmediately and scalated the issue.  In 2 days, I made more progress than my 12 day fight in equator. 

I uploaded all the docs and I am awaiting response.  I hope we can close soon. 

Thanks again!!!



Smitty said:

tweet them @bofa_help - It works. They respond.  We are dealing with the exact same situation.  Our negotiator did a soft denial and we were able to resubmit with a new buyer and keep the same negotiator. I guess the hard denial takes it right out of equator so I think if you can still see it in the system, that's a good sign.
Permalink Reply by Jim McCormack on August 23, 2011 at 7:40am
Good information.  I will have to try the Bank of America Twitter (tweet them @bofa_help) when I have a problem with something.
Permalink Reply by Smitty on August 23, 2011 at 3:22pm
No problem.  Glad it helped.  I think BOA is trying to polish their image.  I think they are too big  iron out all their issues but the twitter help seems to work well.
Permalink Reply by joe beauchamp on August 24, 2011 at 4:21am
That twitter is kind of a hoot.  When I first found out about it, I asked them - they are some generic customer assistance at BOA.  So, it must get "priority" because of the initiative and the people involved because they aren't in some special area that walks on water.  Hey, as long as it does some good, cool!!
Permalink Reply by Jeff Payne on August 24, 2011 at 5:31am


Joe, I thought the same thing, I am still shocked that BofA actually has something like this set up.

I just got an approval for a "substitution buyer" but it took just as long as starting over.  We lost our buyer beginning of June and it took until yesterday to get the new buyer approved.  In the meantime I have gotten 3 new approvals since June 1.  I hope that they can get it figured out soon.
joe beauchamp said:

That twitter is kind of a hoot.  When I first found out about it, I asked them - they are some generic customer assistance at BOA.  So, it must get "priority" because of the initiative and the people involved because they aren't in some special area that walks on water.  Hey, as long as it does some good, cool!!Joe,
Permalink Reply by ElizabethWeintraub00697006LyonRE on August 30, 2011 at 9:30am
I have a negotiator who just sent out a hard denial letter and canceled the file, even though I had emailed him to explain we would have a new buyer within the week, and I asked him to keep the file open. He said, No can do. Slammed it shut. Sent out the denial. I tweeted BofA help 15 minutes ago and nothing.
Permalink Reply by joe beauchamp on August 30, 2011 at 7:26pm

HA - well, welcome to the BOA game.  Actually, in your case, Elizabeth, you blew it.  the soft denial is for when you HAVE a new buyer, not when you'd like to prolong the foreclosure process by keeping a short sale open (which they somewhat still do).  No, he did the right thing - you don't fit the criterion.  You do NOT have a buyer in hand.  That file sitting there is about the only thing that counts against a BOA negotiator - great deals flushed, etc. have no bearing on his salary.  Getting the files from one side of his desk to the other - that's it.  And, you just let him do that.

Policy communications at BOA is pretty bad - you had a good chance of a hard denial even if you had a buyer - negotiators are not that informed, and they certainly don't care.

Besides, I still haven't seen a soft denial make any diff in the time BOA takes to do things.  I have been averaging about 4 (hard) denials because of Equator issues and bank screwups for every file that comes out with a denial or approval.  Soft denial certainly seems like a joke to me.  I'd love to see the same file go through with a soft denial and a regular one - see if there actually is some change.  BOA plays shell games - got Equator because of complaints of processing time - it was the savior.  Hired LRC, AMS, UTLS, etc. because of complaints - they are the saviors.  Got complaints of having to start over if the buyer walks.  Do I believe soft denial is white wash or a real savings?  Hmmm..

If you are sure you will have a buyer within the week, go resubmit the short sale.  Autho takes a day or two.  You have 14 days to put in the offer info and when you get the contract and pre-approval, you won't have to wait - put them in and all your docs.  If they've assigned a specialist (they don't call them negotiators any more), send an equator email that everything is there - might mention that you know the BPO is in, should be all ready to go - let me know if there is anything I can get for you...  If you have a normal to great negotiator, having everything in, sending a note, being nice and cooperative will probably make it go twice as fast as any soft denial.

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