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Scott Sulliv…, Real Estate Pro in Fleming Island, FL

Has anyone had success using Bank of America's Equator system for short sales?

Asked by Scott Sullivan, Fleming Island, FL Sun Jul 25, 2010

I'm currently working a short sale for a seller using Bank of America's Equator system. At first I thought it was going to be an improvement on the previous system of waiting for at least an hour on hold at their 800 number to be told by a customer service rep that there was no update in the system. Initial responses from Equator were timely and once I completed tasks I was notified of the next things I had to do. BPO was completed in ~45 days and a counter offer was given to sellers in ~60 days. After that everything has slowed to a crawl. It takes at least 30 days for responses to counter offers submitted back to BofA and the negotiator has never called me back when I've left messages (even though her friendly voice mail says she returns all calls within 24-48 hours). Anyone have any good tricks they can pass along as to how to best work the Equator system?

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Answers

7
Scott -

100% of my business for the past 3 years has been short sales and I've had my share of BofA loans pre-Equator and now using Equator. I could probably write a book on this but I'm not going to. The most important and helpful advice I can offer is "patience". Once you have completed all of the tasks assigned the property will go into "Valuations" or "Held" - wait, & be patient. My experience has been to send a VERY NICE e-mail to the negotiator (through Equator) just asking if they need anything else from you... sometimes you will get a response sometimes you will not.

Eventually when you least expect it, you will get an e-mail notice.

I have found it is getting much faster. I initiated a short sale on Equator two weeks ago on a property in the mid $1 Million range and we already have an approval and should be closing soon.

I have another submitted 3 months prior to that one in the $200's and it's taking forever....

Best of luck - hang in there,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. It is never beneficial to the Seller or to the Buyer and it is only beneficial to the Agent.
888-391-5245 Direct Cell
thom@thomcolby.com
http://www.thomcolbyproperties.com
1 vote Thank Flag Link Sun Jul 25, 2010
Hi Scott,
I have closed several short sales through the Equator system. It actually is an improvement from waiting on hold in the past. Here is a link that can help walk you through the process. Hope this helps.

By the way, if you have any clients moving to CA (Los Angeles, Orange County) areas don't hesitate to call

Michelle Gonzalez
Realty Executives Select
562-262-2548
Michelle@RealtyExecutives.com
0 votes Thank Flag Link Mon Jul 26, 2010
I have experienced and heard enough to know this: negotiating with banks is not our unique ability nor is it the highest and best use of our time as real estate professionals. Prospecting, going on listing appointments and negotiating purchase contracts is a much better use of our time. No contracts to negotiate or appointments to go on? Better add more prospecting.

You'll never find your next transaction sitting on the phone with Bank of America or Chase.

There are service providers aplenty who will negotiate your files for you from zero to 1%. I've found a great negotiator much more skilled than I am. They get deals closed and are more than worth the NOTHING they charge. Careful not to appear as a spammer I'll leave their name out but they are not the only ones I've found that offer a great service for free to worth it. Do some detective work and you'll find them also.
0 votes Thank Flag Link Sun Jul 25, 2010
Even though you have been given a counter (by the servicer -- Bank of America) and the buyer has accepted the counter it doesn't mean that you are necessarily at the end of the process. Why? Because the short sale must still be approved by the investors.This is what I learned through an email from Bank of America.

Good luck and hang in there.

JOAN LORBERBAUM MOORE
Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
joanmoorerealtor@gmail.com
http://www.boca-delray-boynton.com
http://www.linkedin.com/in/joanlorberbaummoore
http://www.facebook.com/RealtorJoanie
0 votes Thank Flag Link Sun Jul 25, 2010
You can send emails through Equator to the asset manager for the actual investor. Also the "team leaders" can be sent messages.

This may expedite the process for you.

Hope this helps.
Alma
0 votes Thank Flag Link Sun Jul 25, 2010
Nope.

Short and simple. They have caused us to have a property on the market... way over 700 days. Lost 4 buyers or maybe 5, hard to keep track. We're on the next one now. Just hoping we can keep it off the courthouse steps for say the 6th or 7th time trying to get this one closed. All through the lovely equator system.

IBOA is adding a bunch of short sale negioators here in the Jacksonville area. I think they are to be up and running in Mid to end of August. Maybe that will help.
0 votes Thank Flag Link Sun Jul 25, 2010
Many people continue to cheerlead short sales services but, I gave that up. Good Luck to you with BOA.
0 votes Thank Flag Link Sun Jul 25, 2010
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