Equator rejected our acceptence of their counter - Anyone had this experience?
We are buyers trying to purchase a short sale with BofA the one and only lienholder. Sellers, at first tried Home Modification but they were unable to fulfill because of loss of job, so they canceled Home Modification. They then put the home up for sale. Sellers accepted our offer after a bidding war for $11k above list price and Sellers/Listing agent took it through Equator for BofA approval. Bank performed BPO and countered our offer for $19k above our offer, $30k above list. To quit haggling and to get on with it, we accepted their offer.
One day later, the Equator system rejected our acceptance of their own counteroffer and closed out the file. Seems to me like a bait and switch. According to listing agent, there is no explanation for it, the file just no longer appears in the Equator system so they have no way of contacting the asset manager.
The listing agent has re-initiated everything in Equator but.....has anyone experienced this before and if so, what was the final outcome? .
Replies to This Discussion
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Permalink Reply by Karyl Moore on
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It seems to me the Equator site is having trouble the last few days. I had an offer rejected within 10 seconds and then the file totally disappeared which isn't supposed to happen even when an offer has been rejected. I had to re-initiate the whole thing. It sounds like the listing agent has re-initated your file so maybe now he will be able to reach someone to talk to. Hopefully it's just a computer glitch. Give him a day or two to work on it and hopefully it will all be resolved. Good luck!
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Permalink Reply by Diane Wheatley on
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I'm so sorry to hear all these unfortunate stories about Equator and Bank of America short sales. There is no rhyme or reason for their actions and they never have to take responsibility for breaking people's hearts much less their wallets.
When Equator issues a counter offer then you accept each aspect of the counter offer one by one until it is fully accepted and sent back to the negotiator. The time frame to accept the counter offer terms is VERY tight. Could your agent have possibly passed the expiration time? I'm trying to figure a reason that Equator would reject their own terms unless they are oblivious to their actions or a small detail in the counter offer was overlooked, not accepted or expired.
You are correct that it will no longer be accessible through the Equator system once it is declined but you can still call the Equator assistance line and talk with a live person about the file. If nothing else to find out what occurred to kick your negotiations out of the water (if they'll tell you). There is a learning curve with Equator for all of us and the game keeps on changing. I don't believe your situation is a kind of bait and switch tactic.
You just need to maintain your composure and try to make them laugh. That seems to help. I wish you all the best this time around. Good luck! -
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Permalink Reply by Donna Paul on
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WE had experience this too.. we re- submitted it again on using Equator and after a few days they came back to us and accpeted the offer.
Try and re-submit again and see what will happen.. Good Luck.. -
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