I am in the process of trying to submit a short sale through Equator but it will not accept my files.
I got a call from someone saying they are with BOA and they are offering a co-op short sale. Seller will get $5k-$30k in relocation assistance. However, this person doesn't seem to know that we have already started a short sale and that the appraisal was already done.
Is this legit? My first time hearing about this program.
Thanks!
Tags:
Yes Marcia, this is legit. It will work out better for you client. I've had these phone calls, as well. We have successfully converted to co-op short sale.
The reason Equator won't accept your files is because now that the property has been flagged for a co-op short sale, B of A has to assign you as the agent. Then the file will appear on you page.
Cami, THANK YOU!! The funny thing is, no one at BOA knows why Equator won't accept my files. We are talking about 3-4 weeks of talking with the negotiator, technical support, etc. Thank you very much for this info!!
Marcia,
It is legit, I am currently working a BAC Co-Op short sale. Once the investor approves the listing price you will get a call from BAC to accept the listing and upload the listing agreement into equator.
I found this in Real town: I am also engaged in this new "Streamline"process
Bank of America in an effort to close more deals has designated a company, Default Servicing LLC., since September to begin contacting homeowners that were pre-qualified for the short sale process. Their new program, shrouded in part due to secrecy of how to qualify, has been initiated and Default Servicing, LLC has begun making phone calls to homeowners that may want to sell their property with a lot less hassle and the removal of all deficiencies. On the surface the program sounds much like the HAFA Program whereas Bank of America is pre-qualifying the property and providing a listing price at which to attempt to sell the property. They are offering 6% in commissions and 6% of the total loan balance to pay off the second mortgage.
We were advised that our clients will not need to provide any of the traditional paperwork but a new letter requesting the homeowner to sign off on their interest to participate is making the rounds. After the initial paperwork (sample located below) has been completed and turned in the account travels from your "personal associate" to the "marketing specialist".
It is with this specialist that the properties value will be estimated after a BPO/Appraisal is completed. If you already have an offer they will look at it, counter, and if the offer falls in range get you an approval letter with little to no additional paperwork.
Hope this helps
Diana Harris
Diana,
In your experience, what is the timeline on the approval from the marketing department once submitted for approval?
I've had one that's been submitted to them and an offer came in. I couldn't load into equator because of the co-operative short sale. The guy at Default Servicing said that his hands are tied and they await the marketing department. It's been over 3 months since BPO was done back in Feb 2012. Our buyer put in offers on another SS (BofA) and got an approval while we await a decision from the marketing department. Our buyer has already walked. We've had to drop the price to keep up with the market. Now we have no offers in hand. WTF?!?!?
Anyone have a similar experience?
-Mako
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