HELP: Bank Counter, escrow fees, and 'Worksheet' within Equator
Hello, I just received notice within Equator of a bank Counter offer. Which thankfully it looks like all they did was move the closing date out 35 from today. At the time the offer was submitted (input by hand into reotrans) the items with asterisks were what I input (list price, offer amount, earnest money, buyer down, etc). I did not input the non-required fields at that time (title insurance, escrow fees, taxes, etc). So, in the banks counter today they don't list any of those things and have a OFFER NET at the bottom just above the 'accept' and 'reject' buttons. The Offer Net of course is going to be less than what is shown after those items are taken into account for. My concern is that if I click accept (once I have buyer/seller signatures on an extension) that they will not allow for those other fees. They have also attached a 'worksheet' with the same info on it (minus a offer net field). What do I do? Do I enter all the details on both the worksheet (scan and upload to them) and try to enter it on the online counter offer prior to clicking accept? Do I input the additional charges on the counter offer section? Thanks for all your responses.
Replies to This Discussion
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Permalink Reply by Lori Young on
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On the right side put in all your fees. Check the commission and remove the auto populated commission with your commission. Add in your taxes, title fees ect and hit counter. They will get this and see what you added and send you another counter. Once you agree with the terms (make sure they don't add items such as seller contribution) click the accept button.
I am on file number 23 and they do work the files to closing after many counter offers on that automation page. Make sure they don't change agreed upon terms and delete your fixed charges. After you make the changes, go to the messages and also email the rep that you took action on the task and please review your input.
DO NOT TELL THE BUYER THIS IS APPROVED UNTIL YOU RECEIVE THE APPROVAL LETTER. I put that in caps as I can tell you that this is only a worksheet that still has to go to three people for approval (team lead, investor and even MI companies in some cases). -
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Permalink Reply by Keith Kyle on
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Lori,
Have you done this with B of A as the 2nd? I'm a bit confused as to what should and should not be in there. They have all sorts of closing costs, transfer fees, HOA, etc that will all be paid for by the 1st TD holder. My issue is that they are asking for an additional $5000 beyond what 1st TD holder offered so trying to calculate if removing these costs gets me anywhere.
Lori Young said:On the right side put in all your fees. Check the commission and remove the auto populated commission with your commission. Add in your taxes, title fees ect and hit counter. They will get this and see what you added and send you another counter. Once you agree with the terms (make sure they don't add items such as seller contribution) click the accept button.
I am on file number 23 and they do work the files to closing after many counter offers on that automation page. Make sure they don't change agreed upon terms and delete your fixed charges. After you make the changes, go to the messages and also email the rep that you took action on the task and please review your input.
DO NOT TELL THE BUYER THIS IS APPROVED UNTIL YOU RECEIVE THE APPROVAL LETTER. I put that in caps as I can tell you that this is only a worksheet that still has to go to three people for approval (team lead, investor and even MI companies in some cases). -
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