Bank Of America and Equator Disaster
About a month ago, we spoke about the Equator and its use with GMAC and Bank of America. It caused quite a commotion with spectators last time. So, we’d like to revisit that topic once more.
With about 15 files in the Equator system at Bank of America, we are getting lots of problems. Only about two of those files have run smoothly. Nevertheless, at GMAC, Equator seems to run easily each time.
So, we’ve got to consider that it isn’t the Equator program that is busted, but the people at Bank of America. Several counter offers on one contract for stuff like purchase price, net proceeds, commissions, title, fees, and HOA’s. Could it be viable that they counter all of these with one offer.
It basically appears that Bank of America is taking a tool that is designed to make the short sale procedure easier, namely Equator, and in some way making it more complicated. Recently, there has been difficulty with ordering a payoff before the process goes further. One of the principal gripes that the boys at Group 4610 have is with a couple instances in the past week where Group 4610 has accepted a counter and then the counter has to go to management for final sign off. In fact, we have even accepted an offer and seven business days later, they countered us yet again to close quicker. Are you serious?
The procedure that Bank of America goes through to accept short sales with Equator is making the short sale procedure more difficult when it is supposed to be easier.
One last note, there are just a couple short days left to change your schedule to see Kevin and Fred live at the Keller Williams Family Reunion in The Big Easy!
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
Get powered up by Kevin and Fred at http://shortsalepowerhour.com/more-equator-on-fd-up-friday-short-sale-power-hour-02-19-10/ title=”More Equator On F’ed Up Friday”>Short Sale Power Hour by the Short Sale Specialists of Arizona
Filed under: Financial Advice