Replies to This Discussion

Permalink Reply by Emily S. Knell on March 24, 2010 at 11:15pm

You should be hearing something soon. Agents had to go through a transition to a system called "Equator" that BofA & a few other banks are using. IF the listing agent submitted the short sale pkg on 1/28 they probably did it via fax, hoping it would go through the "old way".

It should have been submitted to Equator in Feb and they should have been asking you for first 5 of ssn & the other info a bit earlier rather than on 3/12. You may be waiting until 4/12-4/30 for a response now.

Then again, just make sure to keep tabs with the listing agent & if they are using a short sale negotiator, see if you can give them a call to for a more accurate update.

Permalink Reply by Minna Reid on March 25, 2010 at 8:33am

You sound like you're doing alright. The seller tasks could have been completed earlier but as Equator won't tell you this, unless the agent had experience with equator or called to find out he/she wouldnt have known. Just because the info had been faxed doesnt make a difference. Bank of America reps dont enter the info into Equator for you - its a totally agent initiated system.
Sounds like you're getting there - just try and have some patience. I entered a full package into equator about that same time and with following every task promptly just received an approval a week or so ago.

Permalink Reply by Keli Amparan on March 25, 2010 at 11:38am

I am also a buyer of a short sale, but we made our offer in 8/09. Not much happened until Jan when we were put in the Equator system and were told by the sellers agent we would have an approval within a week to 10 days. Did not hear anything again until mid-Feb when we were told everything had been completed things would move quickly. Then nothing until finally we had a BPO (our first one in 6 months) on 3/4, a day later we were assigned a negotiator, the auction was pushed back from 3/24 to 4/22 etc. Then last Thurs 3/18 we were told that our file was with the evaluations team and they would complete it within a day or two and we'd have an answer by the first of this week. It's Thurs now, it no longer qualifies as the first of the week. Still no answer. 7 months after our initial offer. I'm beginning to think a completed short sale through Bank of America is as realistic as the Easter bunny.

Permalink Reply by Juan Reyes on March 25, 2010 at 4:07pm

I'm a Realtor with lots of experience with BOA short sales. Unfortunately it doesn't seem like the listing agent has much experience with them since BOA has been processing all of their short sales thru Equator since last October.

there are some inconsistencies with the info you have been given. The way the process with equator works is as follows

1- Listing agent initiated the short sale on Equator. This is done by simply inputing the account # and sellers last name and reason for the default.

2- The system then asks for a 3rd party authorization to be uploaded allowing the bank to speak to the agent.

3- Once the authorization is verified (within 48-72 Hrs.) The file moves into the document collection stage and will assigned the task for the offer to be input into the system. This is when all the information is entered including your SS# and DOB along with the terms of the offer. (At this time the listing agent should have the seller contact BOA/Equator to ask for the link to be sent to them so they can upload their financial information as well. The listing agent can not do it for them unless they have the info and the seller forwards the email link that was sent to them from BOA along with the user name and password.

4- Once this is complete the file moves into the valuations stage and BPOs get ordered.

5- Once BPOs come back and are reviewed by the negotiator, the file moves into the negotiations stage at which point you will either get an acceptance, rejection or counter offer. (If the offer is close to the market value the bank will most likely approve it, if the BPO values come in much higher they could reject it outright or get countered.

I had a listing priced at $225K, got an offer for $190K cash, BPO came in at $228K and bank countered at that price. Buyers re-countered at $215K and BOA accept it.

6- Once negotiations are completed and terms agreed to the file should move to a closing officer who will review and if guidelines are met will issue an approval letter and the file will be moved to closing status.

The main thing you want to keep track of are the due dates for the tasks that get assigned to the negotiators. If a task is past due you can ask for and escalation be sent to their supervisor for the task to be completed.

Permalink Reply by Kacey on March 26, 2010 at 9:51am

Thank you all for the comments and advice. I am proud to say that I received a call from my realtor this morning to notify me that the bank accepted my offer. I'm going FHA and we are set to close @ the end of April to mid-June. I'm relieved!

Permalink Reply by Juan Reyes on March 26, 2010 at 10:33am

Does your agent have the actual approval letter in hand? or did you get an acceptance of the terms on Equator with a settlement date for end of April.

If he does not have the actual letter, the offer has not been accepted yet. I just had a case where BOA agreed to all the terms of the offer in Mid February and they asked us if we could settle March 15th. Well, March 15th came and went and we still did not have the approval letter and then yesterday the offer was rejected because everything fell within guidelines except for 1 thing, the seller was not delinquent on his payment and as per the investor guidelines he needed to be at least 30 days delinquent on his mortgage.

So make sure you actually have an approval letter from BOA. The letter will state the terms of the offer, how much BOA will get at settlement, and the buyers name will be on it as well.

Kacey said:

Thank you all for the comments and advice. I am proud to say that I received a call from my realtor this morning to notify me that the bank accepted my offer. I'm going FHA and we are set to close @ the end of April to mid-June. I'm relieved!

Permalink Reply by Kacey on March 29, 2010 at 8:54am

Hi Juan, I am assuming that he got a acceptance via Equator. My realtor got the phone call from the agent to make sure the buyer (me) was still interested after he received the acceptance -- that's what I'm assuming. My realtor said there was a counter offer but it affected the HUD statement and commissions ... is that something that is calculator through Equator? I emailed the agent as well and this was his reply:

" I hit the "Accept" button just a few minutes ago so am waiting on the next step. Keep your fingers crossed."

So I'm keeping my fingers crossed and I will hope they get the letter soon! I'm ready to get moving, literally.

Juan Reyes said:

Does your agent have the actual approval letter in hand? or did you get an acceptance of the terms on Equator with a settlement date for end of April.

If he does not have the actual letter, the offer has not been accepted yet. I just had a case where BOA agreed to all the terms of the offer in Mid February and they asked us if we could settle March 15th. Well, March 15th came and went and we still did not have the approval letter and then yesterday the offer was rejected because everything fell within guidelines except for 1 thing, the seller was not delinquent on his payment and as per the investor guidelines he needed to be at least 30 days delinquent on his mortgage.

So make sure you actually have an approval letter from BOA. The letter will state the terms of the offer, how much BOA will get at settlement, and the buyers name will be on it as well.

Kacey said:

Thank you all for the comments and advice. I am proud to say that I received a call from my realtor this morning to notify me that the bank accepted my offer. I'm going FHA and we are set to close @ the end of April to mid-June. I'm relieved!

Permalink Reply by Juan Reyes on March 29, 2010 at 10:42am

If he hit the "Accept Button" then you have an acceptance of the terms, NOT and approval. What is going to happen now is that BOA will make sure the whole file meets investor guidelines for a short sale.

So, yes you are moving forward and hopefully everything else falls within the guidelines and you will have your approval letter soon. On one of my deals, It took about 2 1/2 weeks to get the approval letter once the offer was accepted.

Kacey said:

Hi Juan, I am assuming that he got a acceptance via Equator. My realtor got the phone call from the agent to make sure the buyer (me) was still interested after he received the acceptance -- that's what I'm assuming. My realtor said there was a counter offer but it affected the HUD statement and commissions ... is that something that is calculator through Equator? I emailed the agent as well and this was his reply:

" I hit the "Accept" button just a few minutes ago so am waiting on the next step. Keep your fingers crossed."

So I'm keeping my fingers crossed and I will hope they get the letter soon! I'm ready to get moving, literally.

Juan Reyes said:

Does your agent have the actual approval letter in hand? or did you get an acceptance of the terms on Equator with a settlement date for end of April.

If he does not have the actual letter, the offer has not been accepted yet. I just had a case where BOA agreed to all the terms of the offer in Mid February and they asked us if we could settle March 15th. Well, March 15th came and went and we still did not have the approval letter and then yesterday the offer was rejected because everything fell within guidelines except for 1 thing, the seller was not delinquent on his payment and as per the investor guidelines he needed to be at least 30 days delinquent on his mortgage.

So make sure you actually have an approval letter from BOA. The letter will state the terms of the offer, how much BOA will get at settlement, and the buyers name will be on it as well.

Kacey said:

Thank you all for the comments and advice. I am proud to say that I received a call from my realtor this morning to notify me that the bank accepted my offer. I'm going FHA and we are set to close @ the end of April to mid-June. I'm relieved!

Permalink Reply by Kacey on April 12, 2010 at 6:31pm

My realtor has the actual letter of approval -- YAYYY! I'm having the home inspection done tomorrow and I hope all is well. Things are moving along :)

Permalink Reply by Mark on April 16, 2010 at 6:54am

Reading this both gives me hope and dismay. I am a buyer that submited a contract on 14 March through equator. LIsting agent asked my agent two weeks ago if I had ordered an appraisal (I didn't) so we all assume that was the BPO. I believe my offer was above MV so I am optimistic that it will be approved...if it is ever looked at. Concern is BOA approves the sale price and then it doesn't appraise by my lender, will BOA continue to negotiate to the appraised price????

Permalink Reply by Susanne on April 20, 2010 at 12:47pm

Also a Buyer here- who had acceptance letter, had inspection (accepted) and my lender's appraisal came in LOW. We are now back at valuation stage to my understanding from the agents, where BOA asked for a copy of the appraisal and a revised HUD. Both have been supplied as of yesterday. All of this has occurred in less than a week from the time the appraisal came in. My lender, who claims to have experience with this scenario has seen 99% of these deals approved by the Seller's lender. FYI- the appraiser would not make any adjustment to his valuation despite receipt of rebuttal comps from Seller's agent. Anybody have/seen a similar situation? If so, what was the outcome and timeframe? It took us about two weeks to get out of the valuation stage the last time? and another week to get the acceptance letter issued... We were scheduled to close May 3. Appreciate any comments!

Mark Burns said:

Reading this both gives me hope and dismay. I am a buyer that submited a contract on 14 March through equator. LIsting agent asked my agent two weeks ago if I had ordered an appraisal (I didn't) so we all assume that was the BPO. I believe my offer was above MV so I am optimistic that it will be approved...if it is ever looked at. Concern is BOA approves the sale price and then it doesn't appraise by my lender, will BOA continue to negotiate to the appraised price????

Permalink Reply by Mark on April 20, 2010 at 5:15pm

Is that two weeks to get out of valuations from the BPO? I am stumped because I have seen zero movement from the time it has all been entered into equator. There is a "named" negotiator but nothing has budged from the valuations status. Allthough the listing agent thinks BOA ordered a BPO....someone appraised it and it wasn't my bank. ???

I am unique I guess because I am in no real rush, I just want to close in June or July at the latest before the new school year. But I sure want to know oneway or the other. End of May I am walking if there is no definitive progress.

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