It’s not Equator its Bank Of America.
I just wanted to share my two recent experiences with the Equator system. One short sale was with GMAC and the other was with BOFA. BOFA insisted when I sent in my short sale package that the Equator system was going to “speed” up the process dramatically. That I found was untrue. The funny thing is I was doing another short sale with GMAC simultaneously, and I got an approval in 37 days, and this property had two mortgages!! The BOFA short sale had only one mortgage and both BPO’s had been done PRIOR to an offer being on the table!! I have done several short sales through the equator system and I can say for the most part it has been quicker turnaround time, but as we all know it is because we are doing more of the workload. This does not ring true for BOFA , it took them over 90 days. After over 30 short sales completed with BOFA here are some tips I have learned to try to speed things up, either way, they are slower and less organized than any other bank I have dealt with in the 300 plus short sales I have completed.
1. Try to complete task early on the equator system. You are given a timeline for every task. Complete these tasks before they are due to try to speed up the process. Once you complete a task it is the negotiators turn to do so. Check back with BOFA frequently to ensure the negotiator has completed the task in a timely fashion, because more times than not they go past there due date.
2. If a negotiator task is past due, call into BOFA and tell them to escalate the task. This will help speed up the process; you can also email and call the negotiator directly to check the status. They usually will not return your calls, but repeated calls and emails will field a response. With BOFA without repeated contact and follow up, you will be moving at their pace, which is extremely slow. You have to “push” the file through the appropriate channels.
3. Don’t be afraid to go to management for help with the process or problems with the negotiator. I have had several issues where a negotiator, set-up team, escalation department, isn’t doing their job in an accurate or timely fashion. When this happens go to a higher authority, this has helped me several times get my short sales moved along, with BOFA, and other banks. With short sales you have to be very persistent, and don’t let the bank dictate the process, as it will take forever and a day if you do.
This is just a few basic tips that help to be successful in closing short sales. If you would like more detailed information on this topic and also on REO’s check out my site www.moorebrittingham.com
and my real estate education site at www.thinkreal.com.