How long can a shortsale last when being started in the equator system?

 Hi my name is lauren. I am a first time home buyer. I had put in a offer in the beginning of april which was accepted by the sellers  a couple days later. Found out around the second week of april that it was put into the new Equator system with BofA...also the sellers had to loans on this house(bigger loan is BofA)...in the last couple of weeks i do know that both banks had gotten there apprasials on the house... the smaller bank has given  a yes however states waiting on BofA.  spoke to my agent  who states we are in the "negotiating" stage. still waiting for answers. HOw long can you be in the negotiating process? how long are buyer waiting for an answer when starting in the equator system?

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I was in the negotiations (lack of) phase for almost two months. It was only after me stating that I was walking on the day of the deadline in the short sale addendum (60 days from submission of offer) that there was any movement. And that was in the form of a ridiculous counter offer.

Key to success: A listing agent who is proactive and goes after BOA. Left to themselves they will do nothing...except lose billions of dollars in the form of lost dollars to forclosure.
My last BofA with Equator took 6 weeks to get a first response to the buyer's offer. With each counter offer, another 2 weeks to get a response. BofA's counter offers were higher than the surrounding homes were selling for. The buyer walked and turned down BofA's "Final Offer" as stated on Equator. Ridiculous what they demand in price for 'distressed homes' without regard to needed repairs and condition of the home.
I believe BAC has no intention of selling certain homes and that's why they come back with higher offers than before. There seems to be something going on in the background. I mentioned this in another discussion. It's as if BAC sent out a bulletin on certain group of loans. Ask for more $ than the appraisal so that we can foreclose. They're making money somewhere.

Teresa King said:
My last BofA with Equator took 6 weeks to get a first response to the buyer's offer. With each counter offer, another 2 weeks to get a response. BofA's counter offers were higher than the surrounding homes were selling for. The buyer walked and turned down BofA's "Final Offer" as stated on Equator. Ridiculous what they demand in price for 'distressed homes' without regard to needed repairs and condition of the home.
It depends on the investor(s) involved and whether BofA is a delegated or non delegated servicer.
Delegated means BofA has received permission to make most , if not all of the decisions depending on the percentage of delegation allotted to them by their investors.

This is why there is such a discrepancy among those who have been able to close much sooner and those that lasts for months.

Some of the investors do not care if it forecloses or short sales. They have told BofA to go with whatever occurs first.

So that brings us back to the good ole USA govnt guaranteeing those loans up to 90% of the loan value that go to foreclosure and/or if there is MI's involved.

HAFA is a smoke screen......YES, some will be helped but many will not qualify. The 2nds are still a big issue.

BofA has stated repeatedly and most recently in BofA seminar I attended is their intent to streamline the process...You are still looking at 2-3 months and they have hired another 800 to assist the process.

They admitted the system is still flawed and they are working with Equator to help sort out some of the bugs.

For the most part I believe the intent of BofA is to improve , the VP flat out stated they will never be a Wachovia and Wachovia by far has the best system in place.
Hi Lauren~ I started submitting all of my short sale packet on March 18 and had our first counter offer from the bank on April 15th. The bank has countered us three times, on the third counter we accepted.Last Thursday(May 27) we received our approval letter, thank heaven.

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