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Bank of America has a New Game

Posted by Glenn Batten on July 24, 2012 at 3:02pm in Short Sale Discussions

I received an Equator task late last Friday afternoon asking for some additional information about the buyer's mortgage. .  With the request was a notice that the file would be deleted if the information was not received in 24 hours.  Since I am the listing agent  I tried contacting the buyer's agent.  The agent was out of town and not available for the weekend. Of course the mortgage company was closed.  Early Monday morning I got the information and sent it to BOA via Equator. 

Monday I continued  uploading information, and new tasks kept rolling in, all with tight deadlines.  I  don't think these BOA people realize the buyer and/or seller is not always immediately available to sign the forms, or  to provide information off the top of their head.  It takes time.  But, it is the continual threats to close the file if we don't "hop to" when they say jump.   What is going on?  Is this a new tactic.

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Replies

  • Sandy Skover July 25, 2012 at 5:07pm

    I've been noticing that on many of my BOA files. I try to respond right away and let them know what is going on and if I am going to need a little bit of time to get the required information. They have got to be reasonable, right??? I'll let you know.

    • William F Griffin Jr > Sandy Skover July 26, 2012 at 11:47am

      I honesly have not had may problems with BofA. Wells Fargo is my headace.  They emailed me to send a 90 day P&L. I sent a message in equator to please send me the task.  Then I called and asked for them to send the task. They sent the task, I uploaded the P&L and 3 days later they declined the file.  Reason - failure to upload the P&L. And Wells will send the same task to upload financial info over and over, sometimes twice in the same week.

       

  • Smitty July 25, 2012 at 3:45am

    I don't think it's new.  I feel like they've always had tight deadlines.  I know a counter offer now I think is 3 days...they also sent that out to all agents using Equator a few months ago.  I had a  file shut down because we couldn't get the counter from the buyer at the time and verify numbers.  It sucks. 

     

    I try to prep everyone at the beginning of the process that we need info when we ask for it, or within 24 hours.  It doesn't always work out the way I'd like it to. 

     

    I agree though. The tight deadlines are hindering the file progression if they get shut down.

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