Replies to This Discussion

Permalink Reply by Jeff Payne on August 24, 2010 at 5:11am

The listing agent needs to escalate on Equator, they can choose the contacts when they send an email. If you are one minth into Equator, you are just getting started. Ask the listing agent if the BPO has been done, has the seller uploaded their financials and if a negotiator has been assigned. I am assuming that your agent provided the listing agent with your name, address, phone number, date of birth and the first 5 of your SSN.

Permalink Reply by MD on August 24, 2010 at 5:39am

Thanks, Jeff!

According to the listing agent all tasks were completed about a week ago.... what now? do we just sit and wait some more? it's been about 8 mo now...

Jeff Payne said:

The listing agent needs to escalate on Equator, they can choose the contacts when they send an email. If you are one minth into Equator, you are just getting started. Ask the listing agent if the BPO has been done, has the seller uploaded their financials and if a negotiator has been assigned. I am assuming that your agent provided the listing agent with your name, address, phone number, date of birth and the first 5 of your SSN.

Permalink Reply by John Treadwell on August 24, 2010 at 6:58am

The Equator system has several levels of people the listing agent can send e-mail too daliy ,and enough of them well get a reponse, you just have to e-mail everyone ,and one of them will pick up the ball.
Trust me I have close a few of them with equator now and it works ,also they is a chat line in the system for a liv online chat with someone that will push it up too.
The only thing better about equator is I am not waiting on hold for hours now ,but you still have to push them to get it done faster. If the listing agent isn't doing that then it will take forever.

Permalink Reply by Kathleen Sheridan on August 24, 2010 at 7:24am

Since you are only 1 month into the Equator system, and the tasks are completed for seller and buyer, there still may be tasks to be completed such as getting the BPO. Once a negotiator has been assigned, the listing agent needs to keep in touch with then by email and phone, at least a couple of times per week. It's important to have a good working relationship with the negotiator. When they have everything that they need to move forward the negotiator is going to send a 'Counter Offer' to the listing agent. The counter may be as small as a date change, or as great as a change of price, seller credit, and seller contribution at settlement. Once the listing agent has responded to the counter, the negotiator can forward the offer to the investor/s. The time it takes to get the file back from the investor/s depends on who they are. The investor/s may or may not accept the offer, and a new round of negotiations may begin. If your offer is not moving through the system, the listing agent can escalate the file. Unfortunately, the time spent before the file went into Equator was wasted time.

Permalink Reply by MD on August 24, 2010 at 7:34am

Thanks Kathleen, The BPO was done 2x and an appraiser was being sent to do an the appraisal about a month ago.


Kathleen Sheridan said:

Since you are only 1 month into the Equator system, and the tasks are completed for seller and buyer, there still may be tasks to be completed such as getting the BPO. Once a negotiator has been assigned, the listing agent needs to keep in touch with then by email and phone, at least a couple of times per week. It's important to have a good working relationship with the negotiator. When they have everything that they need to move forward the negotiator is going to send a 'Counter Offer' to the listing agent. The counter may be as small as a date change, or as great as a change of price, seller credit, and seller contribution at settlement. Once the listing agent has responded to the counter, the negotiator can forward the offer to the investor/s. The time it takes to get the file back from the investor/s depends on who they are. The investor/s may or may not accept the offer, and a new round of negotiations may begin. If your offer is not moving through the system, the listing agent can escalate the file. Unfortunately, the time spent before the file went into Equator was wasted time.

Permalink Reply by MD on August 24, 2010 at 7:36am

Thanks John! it is a bit frustrating since he believes that we just have to wait for the bank to contact us now...

John Treadwell said:

The Equator system has several levels of people the listing agent can send e-mail too daliy ,and enough of them well get a reponse, you just have to e-mail everyone ,and one of them will pick up the ball.
Trust me I have close a few of them with equator now and it works ,also they is a chat line in the system for a liv online chat with someone that will push it up too.
The only thing better about equator is I am not waiting on hold for hours now ,but you still have to push them to get it done faster. If the listing agent isn't doing that then it will take forever.

Permalink Reply by Deanna Funderburk on August 25, 2010 at 4:20pm

I have found if I was working a file before it went in Equator it takes longer than initally being submitted in Equator. Contact The Office of the President tell them it has gone on to long. Office of the President number is 1-704-386-5681. My expierance had been that at this number they will get someone in higher esculation on it.