Equator Glitch
I have two short sale transactions that are stuck. Equator will not accept them. One of which is a first time home buyer needing to close by June 30th. Equator keeps saying the value is to low. This property has not had an appraisal or BPO ordered. The short sale customer service department says its a glitch and cannot find out how to get this by-passed. The Equator help desk cannot figure it out either. My buyer is about to lose her $8,000 tax credit because Bank of America Equator system has a glitch and no one knows how to fix it. I have been trying to submit this offer since 5/3/10. HELP, HELP, HELP
2nd transaction has had an official address change of address from the Accessor's Office and US Postal Service. Equator will not accept the offer with the new address. So the listing agent and buyers agent sent an addendum with back up that the address is one in the same property. Short Sale customer service representative ask that the officical document be faxed to him and we did fax it to him. We tried to enter the property under the old address but Equator will not accept it that way either. What are we to do if Bank of America Short Sale Customer Service Representatives can't figure out how to fix this who can??? Need help before the buyer walks.
Replies to This Discussion
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Permalink Reply by Kyle Souza on
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If the value is too low just increase the "initial offer amount" until it does. You can only input 3 offer values within 1 week though.
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Permalink Reply by JoAnn Powell on
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Tried that already. The short sale customer service representative also tried to do it. Equator would not accept it. We went as high as $100K. The representative said the last appraisal in their system was done in 2005. Now we all know how property values have dropped since 2005. I have the Office of The President working on it with me. I sure hope they can escalate this.
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I would just try to put the "initial offer" in at or close to that value just to get it started. When you upload offer and HUD you can put in the acutal offer amount. I think the value is just to prevent lowballers from coming in. We've had to do this a couple of times.
JoAnn Powell said:Tried that already. The short sale customer service representative also tried to do it. Equator would not accept it. We went as high as $100K. The representative said the last appraisal in their system was done in 2005. Now we all know how property values have dropped since 2005. I have the Office of The President working on it with me. I sure hope they can escalate this. -
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Permalink Reply by Terry L. Osburn on
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Try [email protected] VP Portfolio Retention Manager and he promised that equator bugs would be worked out and if not to contact him or his office.
Tel 419 205 4174 -
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