Replies to This Discussion

Permalink Reply by Bryant Tutas on July 31, 2011 at 6:13am

Gwendolyn. You can only submit signed contracts in Equator. Therefore if the seller is in a binding contract already then they are not in a position to accept another offer unless it is in a secondary position. The 1st contract is the only one you submit.

It's an unfortunate situation to be as obviously it would be better to have the higher priced contract to work with since the likely hood of it being accepted are better.

Of course none of this matters if you can't stop the foreclosure. At this late date that won't be happening through Equator. You need to get on the phone to BofA and see who you can talk to to stop the foreclosure action. The sellers should seek legal advice asap.

Permalink Reply by Daniel Harless on July 31, 2011 at 9:27am

The bank will always want a higher offer. The question should be, what is your obligation as the Listing Agent to the seller? If you have already got a fully executed contract, even if it was a lower amount, which means the seller/homeowner accepted it, it must be presented first to the bank. Call the bank and see if you can fax in the offer. It may be too late to stop the foreclosure. Generally it must be 10 days before the foreclosure date to request a postponement. Let the back up offer know and see if they are willing to wait.

Permalink Reply by April Buggs on July 31, 2011 at 7:12pm

I am in a very similar situation.  I am going back and forth with a counteroffer for my seller and they had a foreclosure date for this past June then it's moved to August 2nd.  I called BofA on July 26th and found out my short sale that was initiated for this property back in April no longer has a negotiator (which explained why my email kicked back).  I was told that a request to postpone foreclosure would be submitted and they asked how much the offer for the house was for.  The account has yet to be assigned to another negotiator and now over the weekend someone else is interested in putting an offer on the property and wants to put down 10%.  The first offer is low and the second one is higher.  However, the terms still haven't been agreed upon and the second person who wants to submit an offer has to speak with a loan officer.  I was going to call the bank tomorrow to see if it's too late to submit an offer at this point.

Permalink Reply by Gwendolyn Harvey on August 1, 2011 at 11:33am

Thanks everyone for your assistance. I did speak with BOA today and requested they escalate the file so I can upload the offer in the Equator. Which they did. However, I was told that the foreclosure could still happen if the foreclosure department does not get around to postponing the foreclosure on August 2nd. They said that I would need to keep checking the Equator to see if I was assigned a task or call BOA in the morning prior to the foreclosure. To bad I have two offers and may not be able to stop the foreclosure.

Permalink Reply by April Buggs on August 1, 2011 at 7:03pm

I called BoA a second time and found out they closed the file 8/1/11 because it was the day before the foreclosure.  I had a second representative tell me to re-initiate the short sale to open another file, click yes on offer and submit it that way.  I am finding you may have to talk to 2-3 different people at a time some people are a little more knowledgeable than others.  Anyhow, I went online and initiated the short sale again but wasn't assigned a task.  Live chat told me to send a message to however many people underneath add messages and attach the offer that way to the lender instead of waiting for a task.  Time is of the essence in this case.   I will call again tomorrow to see if the sale was postponed.  I hope so because the first time it was set for foreclosure on 6/2/11 then they moved it to 8/2/11.  I wonder if it was on the courthouse steps and no one bought it.   It would be nice to know if you were able to stop your foreclosure on tomorrow please keep us posted.

Gwendolyn Harvey said:

Thanks everyone for your assistance. I did speak with BOA today and requested they escalate the file so I can upload the offer in the Equator. Which they did. However, I was told that the foreclosure could still happen if the foreclosure department does not get around to postponing the foreclosure on August 2nd. They said that I would need to keep checking the Equator to see if I was assigned a task or call BOA in the morning prior to the foreclosure. To bad I have two offers and may not be able to stop the foreclosure.