Replies to This Discussion

Permalink Reply by Karen Key Smith on February 7, 2010 at 5:18pm

Elizabeth, So far MOST times when I have a short sale that they are looking at then the negotiator has postponed the foreclosure sale date. I did have one time however that they supposedly had put the sale date on hold but they instead sold it. B of A did not even know that it was sold so now I call and talk to the legal group who has the foreclosure. In most cases for me it has been Florida Legal Group. We have just started using Equator and I am sure after the kinks are worked out it may be fine but for now my assistant is getting rather aggravated with it.
I hope you get it all worked out, hopefully those smarter at Equator than me will come to your rescue.

Permalink Reply by Elizabeth Monje on February 7, 2010 at 5:26pm

Thank you Karen,
Actually I had a short sale just started on a property a week before foreclosure, thankfully I called and they postponed it, but had I not called it would have foreclosed. Again my worry is that on stage 4 and I have not called the bank I hope this is NOT a true nightmare!

Karen Key Smith said:

Elizabeth, So far MOST times when I have a short sale that they are looking at then the negotiator has postponed the foreclosure sale date. I did have one time however that they supposedly had put the sale date on hold but they instead sold it. B of A did not even know that it was sold so now I call and talk to the legal group who has the foreclosure. In most cases for me it has been Florida Legal Group. We have just started using Equator and I am sure after the kinks are worked out it may be fine but for now my assistant is getting rather aggravated with it.
I hope you get it all worked out, hopefully those smarter at Equator than me will come to your rescue.

Permalink Reply by Geanne Pack on February 7, 2010 at 5:57pm

Elizabeth, that's not what it means, it means it is being looked at by the investor. I have 6 short sales with B of A right now and I found out that HELD not hold means that they have all of the information along with the offer and are now sending it to the investor for approval.

Have you called Equator? Just because everything is uploaded doesn't mean you stop calling for updates. I call 3 times a week regardless of the system. It's the squeaky wheel that gets the oil, so keep calling and speak to them regarding the TS date. Lots of luck to you, hang in there.

Hope this helps, :)

Geanne

Permalink Reply by Jeffrey J. Story on June 18, 2012 at 3:18am

Thank you so much. I just saw my file was changed to "held" and I freaked out.

"Trying to be a great Short Sale agent"

 

Permalink Reply by Elizabeth Monje on February 7, 2010 at 6:02pm

Thank you so much Geanne! You are right, i should not drop the ball just because everything seems fine, you give some hope ;) I will most definately call tomorrow and find out what is going on. I really appreciate the comment and the correction! HELD not Hold!

Geanne Pack said:

No that's not what it means, it means it being looked at by the investor. I have 6 short sales with B of A right now and I found out that HELD not hold means that they have all of the information along with the offer and are now sending it to the investor for approval.

Have you called Equator? Just because everything is uploaded doesn't mean you stop calling for updates. I call 3 times a week regardless of the system. It's the squeaky wheel that gets the oil, so keep calling and speak to them regarding the TS date.

Hope this helps, :)

Geanne

Permalink Reply by Christine Donovan on February 7, 2010 at 6:49pm

From what I am seeing it appears that held is just waiting for the next step. I've submitted all the documentation requested so far and have an appraiser scheduled and am showing held in mind.

Permalink Reply by Kenya L Whitaker on February 11, 2010 at 5:19pm

Hi Elizabeth - Norcross neighbor - My experience has been the same as Geanne above. When my files have been held it means the investor is reviewing and we are awaiting feedback.

Permalink Reply by Karen Mathers on February 12, 2010 at 4:28am

I started a short sale on Equator and after I uploaded the prelim HUD and purchase contract it went to the "Held" status right away and stayed there for 3-4 weeks. When I called on it, they said everything they needed was there. Then I got an email saying it was rejected because I did not provide the HUD and purchase contract? I called the short sale department and they agreed it was all there. They had no explanation, but I still had to start over from the beginning. I uploaded the same information again and it went straight to "negotiating". So, I would say if it goes to "held" right away . . . something is wrong.

Permalink Reply by Karen Key Smith on February 13, 2010 at 2:07am

Girl you are so right about calling!!!! I never trust what they tell me at B of A and if I don't like the answer I call back and talk to someone else. I am not sure what the solution is but they seem to be the biggest hitch in my get along. They have lost my docs on many occasions and I had one that went to foreclosure that was supposed to be postponed and I was even calling but at least I knew that I tried my best. Then again, I have other B of A's that just take a long time but they work. If anyone has the SECRET please let us know!!!

Elizabeth Monje said:

Thank you so much Geanne! You are right, i should not drop the ball just because everything seems fine, you give some hope ;) I will most definately call tomorrow and find out what is going on. I really appreciate the comment and the correction! HELD not Hold!

Geanne Pack said:

No that's not what it means, it means it being looked at by the investor. I have 6 short sales with B of A right now and I found out that HELD not hold means that they have all of the information along with the offer and are now sending it to the investor for approval.

Have you called Equator? Just because everything is uploaded doesn't mean you stop calling for updates. I call 3 times a week regardless of the system. It's the squeaky wheel that gets the oil, so keep calling and speak to them regarding the TS date.

Hope this helps, :)

Geanne

Permalink Reply by Sean Wilder on February 15, 2010 at 10:21am

I also recently had a file that said "held" and was worried. I just called the negotiator and found out it was just because he was waiting for the BPO to come in, which it had but no one informed him of it. That is a GMAC file though.

Permalink Reply by Elizabeth Monje on February 17, 2010 at 11:53pm

Ok..........guys my latest update, I got 3 of my short sales gone to initiate to 4th stage! I was like wht! but I had submitted all paperwork before, I prepared my sellers to give me updated info, and BoA did not require nothingt! I was like ok something is wrong I called like 3 times, spoke to 3 different people and they told me the same info, they NEED NOTHING!I waited a week, next thing I know an appraisal calls me! not a BPO luckily for me he asked if I had a contract and for how much and why my offer was so low...... he took the time to listen and he say he would take into consideration my comments. Im hoping I get my price............................on one that I have been working for like 2 years did the same, from 1 to 4 no documents requested at all, the buyer gave me a POA because he left the country I was about to send it to hell,( got over 30 offers denied) ( I am NOT lying ) now is on 4th stage also? I haven't get a call from a BPO or appraisal yet. I hope they let it go atherwise they can keep their trashed out property!!!! as far as I am concernend! 2 years no payments, plus foreclosure costs? I just wish I could laugh in their faces. ( and slap me a couple of times 2!)


They have no consideration on us!!!!!!!! should we? too bad we have a feduciary relationship with the seller otherwise I'd tell them what I think about their STUPID POLICY!

Permalink Reply by Gail Oleaga on February 20, 2010 at 8:06am

Yes, it is in the review status. There are several steps to the review process. I was told by a BOA Equator rep that during this stage your transaction will be either rejected or sent to negotiator who will then determine if everything is ok to move forward or needs to be changed or rejected. Don't worry. It will say valuations until you get a counter offer or approval. Don't worry.