Has Equator helped with Bank of America short sales?

Asked by Ray Lopez Team, Orlando, FL Mon Mar 15, 2010

Has anyone noticed whether using Equator has sped up the Bank of America short sale process?

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6
Jeri Creson, Agent, Studio City, CA
Mon Mar 15, 2010
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We have several files in Equator right now. At first there was a bit of a learning curve. My assistant, Elaine got on the phone and was given to a Senior Loss Mitigation Specialist who took great care in walking her through the system and learning all of it's little tricks and benefits. Now we're cooking with gas! I have to say, having recently closed several B of A files - and having struggled with many more over the past year, it's a brand new game. B of A, in my experience, has made a commendable effort to improve both processes and outcomes very recently. I don't believe it's just "Equator", but rather a shift in focus and management dictates in a more productive environment.
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Linda Ginex, Agent, Newport Beach, CA
Fri Mar 19, 2010
Great question Ray as I was beginning to wonder myself.
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Patty Da Sil…, Agent, Cooper City, FL
Fri Mar 19, 2010
Hi Ray,

Equator.com has helped.. but again.. "improvement" was the only way to go for Bank of America.
How could they get any worse? LOL

Equator is partially to be credited but they also changed their internal processing systems... that has more to do than Equator per say.

Equator is largely to credit for the maintenance and storage of the documents and communication.. there is no way a negotiator can now say... "I didn't get the document".. as everything is properly noted and visible to all.

Bank of America's Matt Vermon recently recognized that Bank of America needed to improved their processing of short sales. But most importantly, Matt mentioned how the focus of Bank of America is changing from its "investor" only mentality and now includes and considers the the distressed seller, buyer and real estate professionals involved in the transaction.

This is a giant step for Bank of America.. I hope they walk the walk and not just talk the talk.. we are seeing some improvements, and I hope their efforts continue to move in the right direction.

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, GRI (Candidate)
Member of The Institute for Luxury Home Marketing
BROKER - Owner REALTOR® & Licensed Mortgage Broker

Visit http://www.pattydasilva.com for SouthEast Florida's best properties.

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Joe Adkins, , 32708
Mon Mar 15, 2010
lol. It is Bank of America we are talking about. Equator uses good technology and has slightly sped up the process...but nothing to get excited about. We have a dozen in right now in equator. The only thing I can say is that we had a seller who was in the process about 6 months with BofA (hasn't made payments in 20 months) and the buyers financing started getting shaky...so we found a new buyer and because of the new equator system BofA let us re-submit the new deal where normally they would have just foreclosed.

Only time will tell. I sure hope they get it right...for all of us agents as well as for the economy.
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Shar Rundio, Agent, Mesa, AZ
Mon Mar 15, 2010
Ray,

I have been very happy with the Equator process. I just received my first approval through Equator last week. It was right at about 60 days from initiating the short sale in the system. I had been working on the same short sale with them for 9 months. I've got a couple others in the system that are moving along nicely.

I meet with a short sale mastermind group and there are a couple agents in the group who are about ready to move B of A from the "bad" list to the "good" list with their experience using Equator.

Here's hoping you have success with it, too!

Shar Rundio
Thompson's Realty
480.560.7255
Shar@SpeakingofPhoenixRealEstate.com
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Broker Dave, Agent, Orlando, FL
Mon Mar 15, 2010
Ray

Have 2 currently going through Equator and so far I'm impressed but we will see once the number of Short Sales BofA either transfers over or directs new ones to this service slows it back down.

Hope this helps,

Broker Dave
GRI, ePRO, Real Estate Broker & Realtor

Community and Family Values
Web Reference:  http://OrlandoHomeStore.com
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