Replies to This Discussion

Permalink Reply by Sam Purtle on March 21, 2010 at 4:27am

Julie

The tasks are never in order and appear before, during and after different stages.
1. Accept/Reject Short Sale Assignment
2. Upload third party authorization
3. Enter borrower contact information
4. Upload offer and supporting documentation
- at this point if all documents are accepted in a few days, generic negotiator will become a real person. Offer will either be accepted, rejected or countered (may take weeks for any offer activity)
5. Rejection = other (suggest reinitiating short sale one more time at the current price point)
6. Counter = you are able to accept the counter or counter the counter. If countering you will need an addendum to the purchase contract spelling out the new terms.
7. Acceptance = congratulations

Timeline - minimum of 4 weeks, average of 3 - 4 months, some go on for many, many, many months.

Hope this helps

Permalink Reply by Anna Mackey SDHS on March 21, 2010 at 5:02am

Hi Armi,

Have you ever had to escalate any of your equator files and if yes, how did it go?

Permalink Reply by Julie Finch on March 21, 2010 at 7:17am

Anna,

I've escalated my equator files several times. You call in through the equator access line and if the task is over due you can escalate. It usually takes about 3 business days and then you should be moving smoothly again.

Julie

Anna Mackey SDHS said:

Hi Armi,

Have you ever had to escalate any of your equator files and if yes, how did it go?

Permalink Reply by Julie Finch on March 21, 2010 at 7:19am

I was really looking for the task lisk assigned to the bank. Request pay off, receive value, etc. This also may be investor specific and that's what I'm trying to figure out?? Some investors may require different tasks to be completed??

Julie

Sam Purtle said:

Julie

The tasks are never in order and appear before, during and after different stages.
1. Accept/Reject Short Sale Assignment
2. Upload third party authorization
3. Enter borrower contact information
4. Upload offer and supporting documentation
- at this point if all documents are accepted in a few days, generic negotiator will become a real person. Offer will either be accepted, rejected or countered (may take weeks for any offer activity)
5. Rejection = other (suggest reinitiating short sale one more time at the current price point)
6. Counter = you are able to accept the counter or counter the counter. If countering you will need an addendum to the purchase contract spelling out the new terms.
7. Acceptance = congratulations

Timeline - minimum of 4 weeks, average of 3 - 4 months, some go on for many, many, many months.

Hope this helps

Permalink Reply by Anna Mackey SDHS on March 21, 2010 at 9:51am

Armi, did you escalate thru equator or via regular method? What was the reason for escalation?

Armi Abiera said:

I have escalated my equator files. I got a quick response.

Permalink Reply by Anna Mackey SDHS on March 21, 2010 at 2:17pm

Thanks Julie, that is what my understanding is too.

Julie Finch said:

Anna,

I've escalated my equator files several times. You call in through the equator access line and if the task is over due you can escalate. It usually takes about 3 business days and then you should be moving smoothly again.

Julie

Anna Mackey SDHS said:

Hi Armi,

Have you ever had to escalate any of your equator files and if yes, how did it go?

Permalink Reply by Gwendolyn Harvey on March 22, 2010 at 12:35pm

I am new to this. What is escalating a file means?

Armi Abiera said:

I escalated the regular method. I escalated because we got an approval then the buyer backed out. I called in saying that I have a new buyer and they said I had to start over. I said say what? So I escalated. Got assigned to a negotiator the same day. At the same time, I told my assigned negotiator that buyer cancelled. He declined my short sale and I reuploaded all of the stuff including seller reuploading all their documents and financials. Then I emailed the senior negotiator that I uploaded the docs and seller did their part. All this within 2 days. I noticed on equator I was assigned to a new negotiator the next day then it changed to the senior negotiator within another day. We are about a week into it and they have already countered. So I think we are moving along.

Anna Mackey SDHS said:

Armi, did you escalate thru equator or via regular method? What was the reason for escalation?

Armi Abiera said:

I have escalated my equator files. I got a quick response.

Permalink Reply by Katherine Fornale on March 23, 2010 at 4:05am

The tasks that I had were:
1. accept assignment
2. upload 3rd party authorization
3. upload offer
4. upload supporting documents (include arm's length)
5. upload HUD-1

That's it so far.

Permalink Reply by Nancy Bercini on March 26, 2010 at 4:56am

I am not privy to the exact list of tasks that the bank personnel are resonsible for, but this may help: The other night I was informed by an Equator Customer service agent that there are 90 total tasks (combo of bank,agent, seller) that need to be fulfilled before an offer can be accepted/approved. I had several files I was getting updates on, and he told me the total number of tasks completed for each file. One trouble file only had 63 tasks finished,yet had been uploaded before any of the others.... He escalated that one for me. He stated that when the 90 tasks are complete, it doesn't always mean an immediate approval, but at least we have some idea of where the transaction stands.
Call for updates, these Equator customer service agents are willing to assist, and so polite.

Permalink Reply by David A on April 2, 2010 at 5:19am

Armi,

I am the buyer in the process of a short sale and we have an acceptance letter from the first mortgage lender and the listing agent is currently working through equator because B of A is the 2nd mortgage lender. The listing agent uploaded third party authorization about a month ago, but she has not received any other tasks. I have learned from some of the conversations on this website that the seller needs to upload their financial information through the shortsale.bankofamerica.com. As of right now, the seller has not created a user name and password for shortsale.bankofamerica.com and has not uploaded any financial information.

To help get this sale moving forward I am hoping you can answer a few questions:

Will the listing agent receive any additional tasks if the seller does not upload their financial information at the shortsale.bankofamerica.com?

The listing agent has not been informed through Equator that the seller needs to upload their financial information. Is she suppossed to be informed somehow that this needs to occur?

Once the seller does create a username and password with shortsale.bankofamerica.com, are there some instructions on this website that the seller can follow for entering their financial information?

Once the seller has entered their financial information, how does the listing agent typically know if the seller has done this? Is she informed through Equator, or does she simply need to ask the seller if this has been completed?

I would sure appreciate any answers you can provide.

Thanks!

Armi Abiera said:

Also other tasks are
1. Seller financials
They input this at shortsale.bankofamerica.com
Then there are a few internal tasks, not exacty sure what those are.

Permalink Reply by Keli Amparan on April 3, 2010 at 6:43pm

Armi-
I saw earlier that you had already gotten a counter offer from BoA. Did you counter it or accept it? If you did counter it how long before you heard back from BoA? The reason I'm asking is because I just received a counter offer from BoA on 4/1 and we countered back on 4/2 with CMA and pictures. I'm just wondering approx how long of a wait I"ll have, we initially placed our offer in 8/09, it's been a looonnnnggg process.
Thanks

Armi Abiera said:

David,
Bank of America's online short sale platform (Equator) only shows tasks that need to be done by the listing agent. What I've learned by using the system is if certain tasks are not done by seller, agent, and internally, the file sits in Equator limbo. Unfortunately, Equator doesnt prompt the listing agent to tell the seller they need to contact the bank, get a login and password, and fill out their financial information, hardship reason, and upload bank statements and paystubs. It's pretty easy if you know basic computers. I am very proactive with my files, I check Equator every day and call the short sale dept at least once a week. It was when I called that I learned the seller needed to do something. So every BofA file I get, I tell my sellers to call and get a login and password when I take the listing. You won't get assigned to a negotiator if the seller hasn't done their task. The fastest I've been assigned to a negotiator has been a week. The listing agent should call in and ask if there is anything that the agent or seller needs to do to get it moving forward. The agent should make sure seller has performed and when you get assigned to a negotiator you know everyone has done their part.

Permalink Reply by Julie Finch on April 5, 2010 at 1:15pm

Nancy,

That's very helpful. That is exactly what I was looking for. I appreciate the information.

Nancy Bercini said:

I am not privy to the exact list of tasks that the bank personnel are resonsible for, but this may help: The other night I was informed by an Equator Customer service agent that there are 90 total tasks (combo of bank,agent, seller) that need to be fulfilled before an offer can be accepted/approved. I had several files I was getting updates on, and he told me the total number of tasks completed for each file. One trouble file only had 63 tasks finished,yet had been uploaded before any of the others.... He escalated that one for me. He stated that when the 90 tasks are complete, it doesn't always mean an immediate approval, but at least we have some idea of where the transaction stands.
Call for updates, these Equator customer service agents are willing to assist, and so polite.