Equator Offer Rejections

I thought this would be of interest to everyone...

We have logged in over a dozen short sales into Equator. Recently we had a short sale immediately rejected as soon as we logged the package in Equator. We countered with a new offer and logged it into Equator and it was immediately rejected again.

We did a bit of digging with Bank of America and found out there were rejecting the offer based upon a 12 month old BPO.

They have since ordered a new BPO and we should be rocking and rolling with the short sale.

Anyone else encounter this in Equator?

Views: 14

Replies to This Discussion

Permalink Reply by Juan Reyes on March 3, 2010 at 7:10am
I have encountered this as well. I have listed a property at it's current market value of $115,000 I received an offer at the asking price. I know it will not appraise much higher than what I have it listed at and the buyer does not want to offer more because we'll have appraisal issues on his loan if we get the sale approved.

So I played with the system and increased the offer price to where it allowed me to move forward. The funny thing is that the next task it prompts is to fill out the offer form in which it asks what the terms of the offer are and what the property is currently listed at, plus buyers and agents info Etc.

The property then moved to the valuations stage so I hope that once they get the BPOs back they will see the true value of the home and accept the offer we received.
Permalink Reply by Wendy Rulnick on March 6, 2010 at 6:27am
Craig - I have encountered "insufficient offer" immediately when it clearly wasn't. Very frustrating!

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