Sliding A New Buyer Into An Eqautor Counter?
So I received a great counter for an Equator deal with BOA.
- Since then the old buyer has walked away.
- Can I slide a new buyer in?
- If I have to start over, will they take as long?
Replies to This Discussion
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Permalink Reply by Juan Reyes on
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Jenni,
I haven't had that happen to me.... Yet, but I've heard that you can go to the property library and upload thru there and let the negotiator know.
Log into Equator,
Click on "My Properties",
Click on the property address and it will show you all the tasks submitted.
on the middle of the screen under "Library" Click "View"
Click on the (+) next to tasks
Select the file, name it and choose for which task it applies. In your case it would be "Upload Offer Documents"
Again, I don't know if this works, make sure you let the negotiator know. I've heard some people say that they have done it this way, and I've heard people say that they've had to start all over again. (Which makes no sense) -
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Permalink Reply by Emily S. Knell on
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They will notice the new buyer change, because you'll need to disclose first 5 of the new buyer social & their DOB, they'll make you start all over.
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Permalink Reply by jeni lamberto on
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Thank everyone for the feedback. BOA is such a bummer.
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I'll keep you updated on the process.
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I just received another BOA counter offer....they seem to be coming in fast and furious via the Equator system. The buyer did not accept to counter; however, I had a backup buyer. I immediately e-mailed the sales, Hud-1 and prequal to the negotiator. I spoke with the customer service in the short sale department and she said it should not cancel out anymore as long as I sent the backup in right away. I'll keep everyone posted. This would really solve a lot of issues with BOA short sales if they stopped canceling deals when a new buyer comes into play. Fingers crossed.
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Permalink Reply by Tanna Tompkins on
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Juan, I have been following your comments and you seem extremely knowledgable with the short sales. Ok so I'm so frustrated and can't seem to find any answers am really hoping you can help me:)
2/24 we put our offer in was accepted by the seller.
I just found out today that Seattle Short Sales Inc is handling the short sale on behalf of the sellers. We are the buyers. The listing agent has his twit of an assistant dealing with everything and has no idea what she is doing. I went over her head called Seattle Short Sales and they told me that the papers had been submitted to BOA on April 7th! We offered full asking price which Boa accepted from a previous buyer but they ended up walking. I've been reading the Equator process and totally don't understand why we haven't been given a case number or anything. The listing agent just keeps telling us 3 months even when we put the offer in she said 3 months!
Can you tell me what's should happen now since boa has the papers?
Juan Reyes said:Jenni,
I haven't had that happen to me.... Yet, but I've heard that you can go to the property library and upload thru there and let the negotiator know.
Log into Equator,
Click on "My Properties",
Click on the property address and it will show you all the tasks submitted.
on the middle of the screen under "Library" Click "View"
Click on the (+) next to tasks
Select the file, name it and choose for which task it applies. In your case it would be "Upload Offer Documents"
Again, I don't know if this works, make sure you let the negotiator know. I've heard some people say that they have done it this way, and I've heard people say that they've had to start all over again. (Which makes no sense) -
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Tanna,
That is a perfect example of why I handle all of my short sales, and why I know so much about them. I am a control freak when it comes to this and do not trust 3rd party companies to do this for me. (Too many hands in the pot)
Equator does not issue case numbers, the loan # is the case #.
You mentioned there was a previous offer where the buyer walked away which the bank had accepted. If the bank accepted this price recently, than your file may move quickly thru the system since the bank has already completed BPOs.
If this happened a while back the BPO may be too old and new ones may need to be ordered. Remember the bank has to follow guidelines set by the investors that own the loans on the back end, (If they say that in order to approve a short sale the file has to have a BPO dated within 2 months and the last BPO was done 4 months ago than the bank has to order new ones)
You said the seller accepted the offer on 02/24, I wonder why it took Seatle Short Sales over a month to submit your offer.
When the complete file is submitted, the case moves to Valuations Stage where the BPOs get ordered. Once the BPO is complete it can take a few days to get back to the bank. (I had one completed on my listing on 04/10/10 and the bank told me today they got it back on 04/14/10) the next step is for them to review it and compare it to the offer.
If the seller net is within the limits set by the investor, they may accept the terms. If not you could get a counter offer. I've noticed that the files are starting to move quicker thru Equator, but again there a lot of variables with your case.
Tanna Tompkins said:Juan, I have been following your comments and you seem extremely knowledgable with the short sales. Ok so I'm so frustrated and can't seem to find any answers am really hoping you can help me:)
2/24 we put our offer in was accepted by the seller.
I just found out today that Seattle Short Sales Inc is handling the short sale on behalf of the sellers. We are the buyers. The listing agent has his twit of an assistant dealing with everything and has no idea what she is doing. I went over her head called Seattle Short Sales and they told me that the papers had been submitted to BOA on April 7th! We offered full asking price which Boa accepted from a previous buyer but they ended up walking. I've been reading the Equator process and totally don't understand why we haven't been given a case number or anything. The listing agent just keeps telling us 3 months even when we put the offer in she said 3 months!
Can you tell me what's should happen now since boa has the papers?
Juan Reyes said:Jenni,
I haven't had that happen to me.... Yet, but I've heard that you can go to the property library and upload thru there and let the negotiator know.
Log into Equator,
Click on "My Properties",
Click on the property address and it will show you all the tasks submitted.
on the middle of the screen under "Library" Click "View"
Click on the (+) next to tasks
Select the file, name it and choose for which task it applies. In your case it would be "Upload Offer Documents"
Again, I don't know if this works, make sure you let the negotiator know. I've heard some people say that they have done it this way, and I've heard people say that they've had to start all over again. (Which makes no sense) -
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Juan, I'm sure the last bpo was last year. From the information that I've received it was the listing agent that took forever to send in the papers to seattle short sales. I spoke to the ceo and he mentioned they were waiting for the last doc. Then again when i spoke to him yesterday he said the file was sent to boa on April 7th. With your experience, do you think there could be a posibility that we would have a closing date by June 30th?
Juan Reyes said:Tanna,
That is a perfect example of why I handle all of my short sales, and why I know so much about them. I am a control freak when it comes to this and do not trust 3rd party companies to do this for me. (Too many hands in the pot)
Equator does not issue case numbers, the loan # is the case #.
You mentioned there was a previous offer where the buyer walked away which the bank had accepted. If the bank accepted this price recently, than your file may move quickly thru the system since the bank has already completed BPOs.
If this happened a while back the BPO may be too old and new ones may need to be ordered. Remember the bank has to follow guidelines set by the investors that own the loans on the back end, (If they say that in order to approve a short sale the file has to have a BPO dated within 2 months and the last BPO was done 4 months ago than the bank has to order new ones)
You said the seller accepted the offer on 02/24, I wonder why it took Seatle Short Sales over a month to submit your offer.
When the complete file is submitted, the case moves to Valuations Stage where the BPOs get ordered. Once the BPO is complete it can take a few days to get back to the bank. (I had one completed on my listing on 04/10/10 and the bank told me today they got it back on 04/14/10) the next step is for them to review it and compare it to the offer.
If the seller net is within the limits set by the investor, they may accept the terms. If not you could get a counter offer. I've noticed that the files are starting to move quicker thru Equator, but again there a lot of variables with your case.
Tanna Tompkins said:Juan, I have been following your comments and you seem extremely knowledgable with the short sales. Ok so I'm so frustrated and can't seem to find any answers am really hoping you can help me:)
2/24 we put our offer in was accepted by the seller.
I just found out today that Seattle Short Sales Inc is handling the short sale on behalf of the sellers. We are the buyers. The listing agent has his twit of an assistant dealing with everything and has no idea what she is doing. I went over her head called Seattle Short Sales and they told me that the papers had been submitted to BOA on April 7th! We offered full asking price which Boa accepted from a previous buyer but they ended up walking. I've been reading the Equator process and totally don't understand why we haven't been given a case number or anything. The listing agent just keeps telling us 3 months even when we put the offer in she said 3 months!
Can you tell me what's should happen now since boa has the papers?
Juan Reyes said:Jenni,
I haven't had that happen to me.... Yet, but I've heard that you can go to the property library and upload thru there and let the negotiator know.
Log into Equator,
Click on "My Properties",
Click on the property address and it will show you all the tasks submitted.
on the middle of the screen under "Library" Click "View"
Click on the (+) next to tasks
Select the file, name it and choose for which task it applies. In your case it would be "Upload Offer Documents"
Again, I don't know if this works, make sure you let the negotiator know. I've heard some people say that they have done it this way, and I've heard people say that they've had to start all over again. (Which makes no sense) -
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ok sorry for bothering you but I now have a list of direct questions that I'm hoping you can answer.
1.How long to get a BPO?
2.How long before the bank gets it back?
3. how long does negotiations take assuming they're accept the offer?
4.How long before it goes to a closing officer?
5. And finally, if we get an approval letter, what's the closing length. Basically when the heck would we be allowd to move in??
Can you tell this is our first house or what!! LOL -
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When the S/S is initiated, the listing agent and seller has to upload documents to equator. 1st is the 3rd party authorization. After this is uploaded it takes 24-48 Hrs for the next task to kick in.
The next task is to upload the purchase agreement and supporting docs. (HUD-1, Pre-approval Letter) The seller has to also log in separately to upload their taxes, stubs, hardship statement and financials.
Were you aksed to supply your 1st 5 digits of your social security # and DOB??
Once all the docs are uploaded, the file moves to "valulations" and BPOs get ordered. It could take 10-14 days for the BPOs to get back to the lender.
It could take another week for the negotiator to review and compare it with the offer. (Remember they have hundreds of cases they deal with daily and no there is no priority placed on your file. But there is a due date that they have to complete it by.... This is key to note because if it's past due you can ask for an escalation to their supervisor)
They could counter or accept the terms. If they accept they will note when they want settlement to be held. (Lately I've been seeing 60 days from the day they counter/accept.) If they counter, they will let you know what they are willing to release the lien for.
I got a counter yesterday and they had put a settlement date for June 18th.
Assuming there is no MI involved, the file would get sent for investor approval. It could take another 2-3 weeks to get the actual approval letter.
Once you get the approval letter, it will depend on your lender to see how fast he/she can process your loan so you can close.
However, just because you get an acceptance of the terms does NOT guarantee that you will get an approval letter. (I had a case get denied at the end of March, because the seller was not delinquent on his mortgage, so we are now waiting until May 1st when he will officially become delinquent)
So have I confused you enough???
Tanna Tompkins said:ok sorry for bothering you but I now have a list of direct questions that I'm hoping you can answer.
1.How long to get a BPO?
2.How long before the bank gets it back?
3. how long does negotiations take assuming they're accept the offer?
4.How long before it goes to a closing officer?
5. And finally, if we get an approval letter, what's the closing length. Basically when the heck would we be allowd to move in??
Can you tell this is our first house or what!! LOL -
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Well.... basically yup! totally confused. I guess that's why people keep saying BE PATIENT!
As far as I know they have not asked for my husbands ss # and dob but when we filled out papers, the offer and other things those papers already had that info on them. So maybe they just pulled that info off of those docs.
Hmmmm
Thanks for all your information. I'll let you know what happens.
Juan Reyes said:When the S/S is initiated, the listing agent and seller has to upload documents to equator. 1st is the 3rd party authorization. After this is uploaded it takes 24-48 Hrs for the next task to kick in.
The next task is to upload the purchase agreement and supporting docs. (HUD-1, Pre-approval Letter) The seller has to also log in separately to upload their taxes, stubs, hardship statement and financials.
Were you aksed to supply your 1st 5 digits of your social security # and DOB??
Once all the docs are uploaded, the file moves to "valulations" and BPOs get ordered. It could take 10-14 days for the BPOs to get back to the lender.
It could take another week for the negotiator to review and compare it with the offer. (Remember they have hundreds of cases they deal with daily and no there is no priority placed on your file. But there is a due date that they have to complete it by.... This is key to note because if it's past due you can ask for an escalation to their supervisor)
They could counter or accept the terms. If they accept they will note when they want settlement to be held. (Lately I've been seeing 60 days from the day they counter/accept.) If they counter, they will let you know what they are willing to release the lien for.
I got a counter yesterday and they had put a settlement date for June 18th.
Assuming there is no MI involved, the file would get sent for investor approval. It could take another 2-3 weeks to get the actual approval letter.
Once you get the approval letter, it will depend on your lender to see how fast he/she can process your loan so you can close.
However, just because you get an acceptance of the terms does NOT guarantee that you will get an approval letter. (I had a case get denied at the end of March, because the seller was not delinquent on his mortgage, so we are now waiting until May 1st when he will officially become delinquent)
So have I confused you enough???
Tanna Tompkins said:ok sorry for bothering you but I now have a list of direct questions that I'm hoping you can answer.
1.How long to get a BPO?
2.How long before the bank gets it back?
3. how long does negotiations take assuming they're accept the offer?
4.How long before it goes to a closing officer?
5. And finally, if we get an approval letter, what's the closing length. Basically when the heck would we be allowd to move in??
Can you tell this is our first house or what!! LOL -
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OK one last question, how can i find out when the due dates are?
Juan Reyes said:When the S/S is initiated, the listing agent and seller has to upload documents to equator. 1st is the 3rd party authorization. After this is uploaded it takes 24-48 Hrs for the next task to kick in.
The next task is to upload the purchase agreement and supporting docs. (HUD-1, Pre-approval Letter) The seller has to also log in separately to upload their taxes, stubs, hardship statement and financials.
Were you aksed to supply your 1st 5 digits of your social security # and DOB??
Once all the docs are uploaded, the file moves to "valulations" and BPOs get ordered. It could take 10-14 days for the BPOs to get back to the lender.
It could take another week for the negotiator to review and compare it with the offer. (Remember they have hundreds of cases they deal with daily and no there is no priority placed on your file. But there is a due date that they have to complete it by.... This is key to note because if it's past due you can ask for an escalation to their supervisor)
They could counter or accept the terms. If they accept they will note when they want settlement to be held. (Lately I've been seeing 60 days from the day they counter/accept.) If they counter, they will let you know what they are willing to release the lien for.
I got a counter yesterday and they had put a settlement date for June 18th.
Assuming there is no MI involved, the file would get sent for investor approval. It could take another 2-3 weeks to get the actual approval letter.
Once you get the approval letter, it will depend on your lender to see how fast he/she can process your loan so you can close.
However, just because you get an acceptance of the terms does NOT guarantee that you will get an approval letter. (I had a case get denied at the end of March, because the seller was not delinquent on his mortgage, so we are now waiting until May 1st when he will officially become delinquent)
So have I confused you enough???
Tanna Tompkins said:ok sorry for bothering you but I now have a list of direct questions that I'm hoping you can answer.
1.How long to get a BPO?
2.How long before the bank gets it back?
3. how long does negotiations take assuming they're accept the offer?
4.How long before it goes to a closing officer?
5. And finally, if we get an approval letter, what's the closing length. Basically when the heck would we be allowd to move in??
Can you tell this is our first house or what!! LOL -
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