Replies to This Discussion

Permalink Reply by Makoto Sato on February 2, 2010 at 8:24am

HELD status is when your contract is being held for further review. Under the Held status look to see what it says. You should see "REVIEW" or "VALUATIONS" or something else. I have one in "Valuations". Shortly after the status changed to Valuations, a BPO was ordered.

"Negotiating" status is when the listing agent is supposedly negotiating the offer. I've seen this used in the REO properties but not in Short Sales because we submit only one accepted contract and the negotiations have already taken place.

We all know what REJECTED status means :)

Permalink Reply by Pamela Oettel on February 3, 2010 at 6:33pm

I just got one approved, official notice came yesterday afternoon. It was supposed to take two weeks from the time that all the data was collected. It took just over three weeks, but it got done. Hurray.

A couple of other tasks in the held status include running a "soft credit check" on the buyer and having someone "over there" determine the NPV (Net Present Value).

I agree, when calling about your file, you must ask for someone that knows the Equator system. They can't do much about your file, but at least you will know where you are in the process. In three months, I got only one email from my negotiator. No phone calls.

Permalink Reply by Pamela Oettel on February 3, 2010 at 6:37pm

"Held" status means they are collecting information of some kind. Net Present Value of Property. Soft credit check on buyer. Calculating pay off amount. These were the tasks in process when I called. My file seems like it was processed one task at a time, with each task having a specific timeline for completion. Equator is still working out the system, adapting the REO program to their short sale application so timelines are not always met.

Permalink Reply by Steven Jackson on February 4, 2010 at 12:58am

What is a "soft credit check"? and what is the purpose? Does BOA consider a sellers credit score when deciding approvals on short sales? If so...are they looking for high or low scores?

Pamela Oettel said:

I just got one approved, official notice came yesterday afternoon. It was supposed to take two weeks from the time that all the data was collected. It took just over three weeks, but it got done. Hurray.

A couple of other tasks in the held status include running a "soft credit check" on the buyer and having someone "over there" determine the NPV (Net Present Value).

I agree, when calling about your file, you must ask for someone that knows the Equator system. They can't do much about your file, but at least you will know where you are in the process. In three months, I got only one email from my negotiator. No phone calls.

Permalink Reply by Juan Reyes on February 20, 2010 at 7:19pm

I've had 2 short sales approved thru Equator. Don't pay attention to the Held, Rejected, Accepted portion of the screen. That has more to do for REO properties where they may get multiple offers or have accepted other offers that did not close. (I know this because I list REO properties for BOA thru equator as well)

What you want to pay close attention to is the status of the file, I encountered the following.

Doc. Collection = Submit offer and supporting docs for short sale
Valuations = BPOs/Apprisals ordered
Negotiation = Investor is being contacted recommending the sale be approved.
Closing = Offer has been accepted

One thing you want to do is ask the reps what tasks are pending for the negotiator to complete and the date they are due. Call back the day after the task is due and if it has not been completed then you can ask to escalate the issue and the negotiators supervisor will be contacted.(The Reps can not escalate the issue unless the task is overdue)

Permalink Reply by Juan Reyes on February 20, 2010 at 7:28pm

A reason why they might do a soft credit check

To see if the seller has more than one property in their name. If so the bank may want proof that they are occupying the property as a principal residence. If the property IS a principal residence than the bank has to eat the difference. If it is NOT a principal residence, they can pass the loss to the seller and send him or her a 1099 at the end of the year.


Steven Jackson said:

What is a "soft credit check"? and what is the purpose? Does BOA consider a sellers credit score when deciding approvals on short sales? If so...are they looking for high or low scores?

Pamela Oettel said:

I just got one approved, official notice came yesterday afternoon. It was supposed to take two weeks from the time that all the data was collected. It took just over three weeks, but it got done. Hurray.

A couple of other tasks in the held status include running a "soft credit check" on the buyer and having someone "over there" determine the NPV (Net Present Value).

I agree, when calling about your file, you must ask for someone that knows the Equator system. They can't do much about your file, but at least you will know where you are in the process. In three months, I got only one email from my negotiator. No phone calls.