Replies to This Discussion

Permalink Reply by Jerry A. Ringo on July 13, 2010 at 3:48pm

Equator isn't relying on past BPO's on a particular property. It's hooked into a national database that provides current FMV. If the house is in such disrepair that it isn't close, ask Short Sale Support (now Short Sale Customer Center) for a Manual Review. Please request this only if you have good cause--Equator will also reject offers that even meet the FMV because the remaining value is too high, so the mystical ratio of Offer/Remaining Balance doesn't come close to the investor's criteria.

Permalink Reply by Elise Fay on July 14, 2010 at 4:00am

That is exactly what I have discovered. I could not have said it any better. We are lucky that there is an appraisal being done on the property today AND from an agent who lives in the area...not one from 50 miles away. I will be blabbing to the gal and providing her with whatever info she will take from me and cross our fingers this will work.

Permalink Reply by joe beauchamp on July 14, 2010 at 8:49am

Having BofA disallow entry to Equator, what you say is not what I've found. Perhaps for the 1st time if they do not have a BPO, but not in either of my cases. In one case, after many reps spent their time bowing down to the all-seeing Equator, I found one who said, "Oh, look, instead of the BPO from march in equator, they have one from 2006". Do you think that made a bit of a diff? Yep. That fixed, I got it in.

A 2nd one, someone at BofA is out to get this guy. An insider said, "Wow, this is strange, instead of a number here, they only have the full amount." Yep, a $40K place really worth $20K to $30K, I could not get in (had already been approved for a different buyer at $40K and we had done 2 others in the neighborhood for $37K and $40K) at $40K, couldn't get it in at $60K or $80K. And, of course, there was one of the brain-dead reps trying to tell me that I just had an insufficient offer - even after I told her that I KNEW that I had to put in the full $248K owed to the bank to get it accepted. So, as I said, from my experience, I have seen that the number are placed there - perhaps not so for the 1st timers..?

Jerry A. Ringo said:

Equator isn't relying on past BPO's on a particular property. It's hooked into a national database that provides current FMV. If the house is in such disrepair that it isn't close, ask Short Sale Support (now Short Sale Customer Center) for a Manual Review. Please request this only if you have good cause--Equator will also reject offers that even meet the FMV because the remaining value is too high, so the mystical ratio of Offer/Remaining Balance doesn't come close to the investor's criteria.

Permalink Reply by Jerry A. Ringo on July 15, 2010 at 4:45pm

joe beauchamp said:

Having BofA disallow entry to Equator, what you say is not what I've found... I found one who said, "Oh, look, instead of the BPO from march in equator, they have one from 2006". Do you think that made a bit of a diff? Yep. That fixed, I got it in.

A 2nd one, someone at BofA is out to get this guy. An insider said, "Wow, this is strange, instead of a number here, they only have the full amount." Yep, a $40K place really worth $20K to $30K, I could not get in (had already been approved for a different buyer at $40K and we had done 2 others in the neighborhood for $37K and $40K) at $40K, couldn't get it in at $60K or $80K. And, of course, there was one of the brain-dead reps trying to tell me that I just had an insufficient offer - even after I told her that I KNEW that I had to put in the full $248K owed to the bank to get it accepted. So, as I said, from my experience, I have seen that the number are placed there - perhaps not so for the 1st timers..?

Another situation to ask for a Manual Review--I've serviced about 750 Short Sales and have never seen a case like this. Weird, and I can't explain it. Sorry

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