Replies to This Discussion

Permalink Reply by Jeff Payne on February 9, 2010 at 11:18am

Good deal, you are moving right along! I like the equator system so far. Good luck and keep us informed.

Permalink Reply by Steele V. Propp on February 9, 2010 at 11:56am

They have change overs just like any company. Actually the burn out rate is quite high. I would not worry at this point.

Permalink Reply by Wendy Rulnick on February 9, 2010 at 12:39pm

Anthony and Christi - Sometimes they re-assign a file when they find one negotiator's workload is getting too high. Unfortunately, at BOFA, they start the "clock" ticking again with the new negotiator.

Permalink Reply by Emily S. Knell on February 10, 2010 at 6:19am

I hope not, but when we used to fax & call them every other day, different negotiators WERE always assigned. Phase 1 Phase 2 Phase 3. Maybe with the Equator system they now have 6 different phases. I'm going through the same process too, so we are all learning together.

Luckily we have short sale superstars so we can vent, discuss, post and learn together to make equator easier for all users.

Permalink Reply by Michael Campus ABR,SFR,SRS on February 11, 2010 at 2:29am

One of the things you need to keep an eye on is-once you receive an approval, its gets re-assigned to a Senior negotiator to close it, and of course they don't tell you they have re-assigned it.

Permalink Reply by Juan Reyes on February 20, 2010 at 6:56pm

I have multiple files in Equator right now, The first one was submitted in October when the change to Equator had just taken place. I received a counter offer from BOA, it wasn't really a counter because they agreed to the terms, but the proposed settlement date had come and went so they just changed the closing date. (This was on Jan. 29th) I received the actual approval letter 2 days ago.

I had 3 different negotiators assigned to the case, so don't worry about that.

One thing I would recommend is to call BOA at least twice a week, when you speak to the reps, ask them what tasks are pending for the negotiator to complete and when the due date is. Write this numbers down, and call back the date after the task is due. If the task is not complete then you can ask to have the issue escalated to the negotiators supervisor, The rep will email the Neg. that the task is due, and copy their Supervisor. (The reps can not escalate the issue unless the task is past due)

I initiated another file in Mid December, and just got the verbal acceptance 2 days ago, so it looks like the approval times are getting better. I don't think they will get to the point where Wachovia Bank is, they approved my short sale last month in 7 days, but we can hope they will stream line their process to a 30-45 day approval time.

Permalink Reply by Peggy on February 21, 2010 at 2:10am

Hello. First of all, thank you so much for all the excellent information. I am a buyer and have no ideas on how short sales works until I found this site. We put in an offer on Jan 24th 2010 and the sellers accepted/signed P&S. We completed the inspection on Jan 29th and the sellers agent told us that all the paperwork has been submitted to Equator. Since there is a short sales lawyer doing the actual negotiation, my agent called on Feb 18th to the law office and they told her the file is awaiting to be assigned to a negotiator.

1) how long does it take to be assigned to a negotiator?
2) They have 2 loans, both with BoA. Our offer is about 90% of what they owe of the combine loan amt and around 90% of the Market value. Does BoA scan thru the offer before they assign to a real negotiator? The listing agent told us that the higher we offer, is going to be faster to close. Was it true?
3) I noticed on the board, a lot of listing agents do the negotiation directly to the bank. How come there is a short sales lawyer in our case? The listing agent does nothing except giving us attitude.

Thanks a lot for all the good info.
-Peggy