Bank of America Short sale in Equator - Running into a problem
I’m dealing with a dilemma in Equator regarding a Bank of America short sale… Here is the scenario:
3/1 – Initiated short sale in equator. Had the homeowner initiate in the homeowner portal. Got all info put in over the next few days, including the offer (the long form which asks for all the detailed information).
3/12 – Appraisal scheduled.
3/25 – Buyers backed out due to inspection results. From 3/12 – now the equator system was showing that the short sale was in the “valuations” stage.
4/5 – Got a new offer.
4/5 – Emailed current negotiator to let her know. She sent a short sale denial letter (I’m assuming it was automated). At that time, the file disappeared in Equator.
4/5 – Re-initiated short sale in Equator.
4/6 – Logged into homeowner’s portal to verify that all financial info was still there, it was.
4/6 – Received a task in Equator – “Submit Initial Offer.” This task takes me to a screen to put in the Gross offer Amount and listing date…?????? This is not how the first offer was submitted. I submitted the requested information and was then prompted with a screen that said “Insufficient Offer Amount. The purchase offer that we received for your short sale was insufficient when compared to the value of the property. If you receive a higher offer, please submit a new/amended purchase contract so that we may reconsider the short sale transaction. A new “initial offer” task has already been assigned to you.”
4/7 – Called Bank of America to explain the situation. Was told that this loan can’t be initiated in Equator per the investor. The rep that I spoke with couldn’t give me any more info than that. I asked who the investor was (even though I know it’s FNMA), and she said that she could only give that information to the homeowner. I then told her that I know it’s Fannie Mae and asked if they are processing Fannie short sales in Equator and she said “yes.”
So, I’m stuck…. Any suggestions?
TIA
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Try to resubmit again..... I have faced the same issue, try the same offer again tomorrow...
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Permalink Reply by Joe Barnwell on
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I forgot to mention that I tried submitting a higher offer value today and that it was an "insufficient value" as well.
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You can complain to Fannie Mae. They're owned by the taxpayers and you're a taxpayer.
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Permalink Reply by Juan Reyes on
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Was the 2nd contract for a lower price than the 1st??
I've had that issue with a couple of my short sales. It is the most frustrating thing. No one @ BOA seems to know why the system does this. I've heard excuses saying that a BPO was done recently and the system was going by that, I've been told that the system uses public record data to calculate a value for the home. (I'm thinking a site like Zillow.com) which is a load of Cr@p!
I have one deal where there are 2 foreclosed homes listed on the same block as my S/S for $60K less than what I have mine listed due to their condition, so I know that this home is NOT going to sell for higher than what i have it listed at. . Besides, when I listed it 4 months ago, it was listed for $40K higher and no one was showing the home. It wasn't until I had done 2 price reductions that we got an offer on it.
This is what I have done. I've just gone ahead and input a figure until it accepts it. The stupid thing is that once it accepts it, the next thing Equator has you do is to input the long version of the offer where it asks for all the parties info, offer price, list price, date listed, Etc.
I have 3 cases that I entered this way, and BPOs have been completed and are moving along and I have not had any issues with the way I went around this, so it's looking good so far.
It almost seems like BOA is trying to manipulate the prices, They don't understand that it doesn't matter what they think the home is worth...... A home is only worth what a buyer is willing to pay for it. -
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Juan,
Thank you, that worked! I just submitted the "initial offer" for 20k higher and it is now allowing me to enter all the offer information into the system.
Do you know if the seller needs to re-input financials also? I still see all of that info in the homeowner portal, but not sure if they need to start over with that process or not.
Thanks again -
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I don't believe the sellers have to re input their info, but just double check wth BOA to make sure. 1-866-677-2516
Joe Barnwell said:Juan,
Thank you, that worked! I just submitted the "initial offer" for 20k higher and it is now allowing me to enter all the offer information into the system.
Do you know if the seller needs to re-input financials also? I still see all of that info in the homeowner portal, but not sure if they need to start over with that process or not.
Thanks again -
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Joe here is an update,
I just got an acceptance of the terms for one of the deals where I had to input a higher offer price because Equator kept rejecting the Initial Offer. When I input the higher price it allowed me to move the the next step where I input the actual offer terms we received for the home. The file moved along and BoA did the appraisal and now I got an acceptance.
So I know that it works.
Joe Barnwell said:Juan,
Thank you, that worked! I just submitted the "initial offer" for 20k higher and it is now allowing me to enter all the offer information into the system.
Do you know if the seller needs to re-input financials also? I still see all of that info in the homeowner portal, but not sure if they need to start over with that process or not.
Thanks again -
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Juan,
Thanks for the update. How long did it take for the acceptance after the appraisal was done? Was it a Fannie Mae loan?
Thanks,
Joe -
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I'm not sure if it is a Fannie Mae loan, Fannie's Website does not say that they own the loan, but I've heard that the site is not 100% accurate.
It took about 3 weeks after the appraisal was complete to get the acceptance.
Joe Barnwell said:Juan,
Thanks for the update. How long did it take for the acceptance after the appraisal was done? Was it a Fannie Mae loan?
Thanks,
Joe -
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Wow, that is excellent news! Good job!
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Permalink Reply by Bryant Tutas on
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Good job Juan! We have to remember that Equator is nothing more than a software system. Their algorythms (sp?) are based on what each particular lender/servicer wants. The system is not perfect but so far it seems much better than the "old way" of repeatedly faxing over the same documents. As with most automated systems we can find a work around. We are still smarter than machines. Just not smarter than fifth graders.
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Beware also that from what I've been researching the past week, BAC is having computer glitches with Equator short sales since updating the system earlier this month. Some people's files have been deactivated by the system with no notification to the listing agent, borrower, negotiator... they just go "unavailable". I had to start over twice and we lost valuable time. Others responded to my post a few days ago saying they had problems, and a friend of mine was contacted by BAC to ask if he was experiencing problems (and yes he was -- files just 'denied' by the system). He was told this should be rectified soon, maybe even by today. --Sue
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