Since most have been working with Bank of America through Equator for a while now, what are your thoughts?
What do you like?
What would you like to see change?
What is the quickest approval letter that you have recieved?
I believe that Equator took Bank of America out of the dark ages and made them very easy to work with. This system is much better than sitting on hold forever and it takes the lost paperwork issue out of the picture. Our files are getting uploaded faster and BPOs and appraisals are getting much faster.
The down side is that is seems that the "old files" that once were submitted the old way are much tougher to get assigned. Even the files that were rejected or never looked at in the old system seem to take forever to work out. The other down side is that some of the dead beat negotiators are still there and they do not complete their tasks in a timely manner.
My quickest approval letter was 20 days from submission to letter, it was a brand new file, never any offers before.
I am very interested in hearing your constructive thoughts as I have a vehicle for transmitting this information to Bank of America and Equator.
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Up until the past 2 weeks I was a very big advocate of BOA & Equator. I found myself constantly defending them when agents complained about their system & response. Recently my opinion is starting to change. Here is my experience over the last couple weeks:
I have a property that I have had on the market for 3 months and adjusted the price accordingly to generate an offer. We did not even have a showing until we reduced the price gradually to $105,000. The 1 showing we had the feedback was it is priced to high for today's market. I then waited for more activity which did not happen until it was reduced to $99,000. I then had 2 showings and 2 offers. The 1st offer was for $85,000 cash. I uploaded the offer to Equator & it was rejected. I asked the buyer for highest & best which was $90,000. That offer was immediately rejected. I had a back up offer for $111,000 cash it has been rejected by the automated system. I sell a lot of homes in this community so I know the neighborhood well and this is all the money on this home. If this offer of $111,000 is not sufficient then I don't know what to say because based on recent sales it is not even worth that.
I have requested a manual review of this property.
Has anyone else ran into this?
Bob,
I am curious, did you try the technique mentioned by Kathleen above? I have seen several agents use a bogus input price to "fool" the automatic system, then submit documents and supporting comps. This is not from my personal experience, but I have another BofA comming up and I wanted to see if it works or not, in your experience.
Bob Davies said:Up until the past 2 weeks I was a very big advocate of BOA & Equator. I found myself constantly defending them when agents complained about their system & response. Recently my opinion is starting to change. Here is my experience over the last couple weeks:
I have a property that I have had on the market for 3 months and adjusted the price accordingly to generate an offer. We did not even have a showing until we reduced the price gradually to $105,000. The 1 showing we had the feedback was it is priced to high for today's market. I then waited for more activity which did not happen until it was reduced to $99,000. I then had 2 showings and 2 offers. The 1st offer was for $85,000 cash. I uploaded the offer to Equator & it was rejected. I asked the buyer for highest & best which was $90,000. That offer was immediately rejected. I had a back up offer for $111,000 cash it has been rejected by the automated system. I sell a lot of homes in this community so I know the neighborhood well and this is all the money on this home. If this offer of $111,000 is not sufficient then I don't know what to say because based on recent sales it is not even worth that.
I have requested a manual review of this property.
Has anyone else ran into this?
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