I’m dealing with a dilemma in Equator regarding a Bank of America short sale… Here is the scenario:
3/1 – Initiated short sale in equator. Had the homeowner initiate in the homeowner portal. Got all info put in over the next few days, including the offer (the long form which asks for all the detailed information).
3/12 – Appraisal scheduled.
3/25 – Buyers backed out due to inspection results. From 3/12 – now the equator system was showing that the short sale was in the “valuations” stage.
4/5 – Got a new offer.
4/5 – Emailed current negotiator to let her know. She sent a short sale denial letter (I’m assuming it was automated). At that time, the file disappeared in Equator.
4/5 – Re-initiated short sale in Equator.
4/6 – Logged into homeowner’s portal to verify that all financial info was still there, it was.
4/6 – Received a task in Equator – “Submit Initial Offer.” This task takes me to a screen to put in the Gross offer Amount and listing date…?????? This is not how the first offer was submitted. I submitted the requested information and was then prompted with a screen that said “Insufficient Offer Amount. The purchase offer that we received for your short sale was insufficient when compared to the value of the property. If you receive a higher offer, please submit a new/amended purchase contract so that we may reconsider the short sale transaction. A new “initial offer” task has already been assigned to you.”
4/7 – Called Bank of America to explain the situation. Was told that this loan can’t be initiated in Equator per the investor. The rep that I spoke with couldn’t give me any more info than that. I asked who the investor was (even though I know it’s FNMA), and she said that she could only give that information to the homeowner. I then told her that I know it’s Fannie Mae and asked if they are processing Fannie short sales in Equator and she said “yes.”
So, I’m stuck…. Any suggestions?
TIA
Tags:
Juan,
Thank you, that worked! I just submitted the "initial offer" for 20k higher and it is now allowing me to enter all the offer information into the system.
Do you know if the seller needs to re-input financials also? I still see all of that info in the homeowner portal, but not sure if they need to start over with that process or not.
Thanks again
Juan,
Thank you, that worked! I just submitted the "initial offer" for 20k higher and it is now allowing me to enter all the offer information into the system.
Do you know if the seller needs to re-input financials also? I still see all of that info in the homeowner portal, but not sure if they need to start over with that process or not.
Thanks again
Juan,
Thanks for the update. How long did it take for the acceptance after the appraisal was done? Was it a Fannie Mae loan?
Thanks,
Joe
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