HANDLING BANK OF AMERICA SHORT SALES VIA EQUATOR SUCKS!

March 8, 2010 at 6:13 am 13 comments

Dealing with Bank of America on short sales is such a pain in the you-know-what… even with the new Equator online system they recently contracted with to upload the short sale documents. Here are some reasons I’ve found out this Equator.com system is a major hassle to deal with:

1. There is NO online tutorial on the website to explain how this quirky, “geeky” system works. I called their short sale customer service and they forwarded me a thick manual to study — like I have the time to dig through all of that.

2. I logged in to Equator.com as an agent to initiate a short sale. That was fine. Next, I wanted to upload the seller’s financials and the offer, which is when things became difficult. So, I played with it. I was finally able to upload the seller financials and offer — or so I thought. I called customer service the next day, the representative said, “NO, all we have is your ‘Letter of Authorization.’” He told me that documents uploaded in the “Messages” category are not “valid” uploads. If that’s true, why did their system accept the documents without warning about any “invalid uploads”?

3. Oh, by the way, you’ll have to wait for Equator.com to send you “assigned tasks” to move forward with the short sale. If the system does not assign you to upload the offer, then you SHOULD NOT do it or you will have just wasted your time. You should never “get ahead of the system”!

4. Also by the way, your seller needs to also log in to the system and enter his or her financials and other information in Equator.com — something the website did not explain! To do this, your seller has to call 866-677-2516 or 866-880-1232 (the second number gives you less hold time) to get a password. The agent CANNOT upload any offers unless these tasks are done by the seller. Calling these numbers is a NECESSARY EVIL and getting your seller to learn how to upload the financials in the system is TWICE THE NECESSARY EVIL.

5. Well, I’m not all done entering the documents, I’m sure there are other hurdles and bumps along the way as we learn to deal with this USER-UNFRIENDLY Equator.com.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate. Tags: , , .

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13 Comments Add your own

  • 1. Earl  |  March 29, 2010 at 8:10 pm

    Equator is the most non-user friendly website I have ever encountered. I am having trouble submitting PDF files. After 3 attempts at online texting with Equator’s “Instant” help, each with a 40 minute+ wait Equator said they couldn’t help me and suggested I call Adobe. I called Adobe-they don’t offer help for Adobe reader over the phone. I can’t submit forms, I can’t get an answer, and there are no instructions. B of A while friendly on the phone does not have any answers either as this is all new to them.

    It amazes me in this day and age that this system is so backwards and that any company, GMAC, B of A and others would use it. It is a huge disservice to our industry.

    Additionally, with B of A you can only submit one offer at a time until that offer is accepted or rejected ~this is unfair to buyers, makes the playing field uneven, and makes the broker look bad.

    Don’t look for Equator to do anything real estate related ~they can’t. As they are quick to point out “we are just a website”. Don’t look for lenders to understand how to accomplish anything on Equator.com. They don’t.
    You will quickly find yourself in a “go ask your mom-go ask your dad” situation between Equator and the lender.

    Still in this economy we do what we have to for business. I’m getting a bit more familiar with the system but it has been by trial and error and at the expense of HOURS or research, questions, and waiting for answers. If you get involved with this system you and everyone you represent had better have a lot of patience. Good luck!

    Reply
    • 2. arizonabargainhomes  |  March 30, 2010 at 9:52 am

      It does take a while to learn the site. Fortunately, to my surprise, the ones I submitted via Equator.com are now making progress. Hope that happens to you as well. Let me know if you have any questions on Equator.com. I don’t know all the answers but I’ll try.

      Reply
      • 3. Joann Torvik  |  April 24, 2010 at 7:54 am

        I recently sold a short sale with Bank of America. The most terrible experience since I started selling real estate in 1977.
        I was the buyers agent, was copied on everything the selling agent sent and received from BOA.
        Our offer was accepted, we had one small counter after 3 months,we accepted the counter.
        The listing agent in putting in some information accidentally hit the reject button, this was 2 or 3 days before closing.
        BOA said there is nothing they can do about it, she would have to re-submit it all, which she did.
        Finally the response she got, (not on Equator, because she no longer could get back into the system) We have another buyer, rejected. The other buyer was BOA, they turned it over to an REO agent, wanted the locks changed by 4 PM the day of our closing. The redemption period was not over until that day at midnight. Talk about underhanded, unprofessional business.
        BOA should not be allow on any real estate MLS system, they should be sued by my client, which we are looking into as I write this email, also the seller can not believe the hoops he went through to get this done, be accepted, then rejected.

        For one thing, all we agents get when we deal with these short sales are BILL COLLECTORS, many of them are from other states, do not know Minnesota law and are totally unaware all around of what they are doing.
        Joann

      • 4. arizonabargainhomes  |  April 24, 2010 at 9:34 pm

        Wow! One misclick of a button and the whole deal evaporates. BofA does not care to resolve the problem. If there is still a chance, I would escalate to the President of Bank of America or threaten to release it to the media.

  • 5. Ann  |  March 31, 2010 at 11:18 am

    Does anyone experience difficulties negotiating with BOA when there is a second lien on the home held by another bank and BOA allowing them only $3K? When they allowing more than $3K to their second mortgage that are still with BOA. One another thing they don’t want to pay HOA lien or judgments that are attached to the property, even if they know that they can’t transfer title until they clear any lien attached to the home. Ridiculous, this is my frustration other than that I think Equator works fast.

    any comments how to deal with this idiots or any experience will be greatly appreciate.

    Reply
    • 6. arizonabargainhomes  |  March 31, 2010 at 11:35 am

      Banks are not obligated to pay HOA fees. The HOA lien is a personal debt that will follow the homeowner even after foreclosure. I always let my clients know not to expect their lender to pay the HOA fee and to stay current on it as much as they can. Otherwise, they face the consequence of paying interests if their bank does not pay for it.
      Regarding second lien outside of BofA, you’ll have to negotiate with the 2nd lienholder to take $3,000. Otherwise, find the balance somewhere else – buyer, Realtor, seller depending on BofA policies or not close the transaction. Glad to know you are making progress on Equator. Good luck!

      Reply
  • 7. kathy  |  May 11, 2010 at 11:03 am

    I was locked out of equtor for to many log in attemps but still could not get then on the phone or e-mail they suck

    Reply
  • 8. realestaterant.podbean.com  |  May 21, 2010 at 9:18 am

    why isnt our National Association of Realtors doing anything about this??? If you ask a simple question to Equator they tell you to call BOFFingA and if you ask BOFFingA they tell you to call equator that they do not offer training or support. If you go to equator lo and behold they offer training FROM 300-600 dollars with a promise that your files get ahead of the line!!!! what kind of scam is this???? why are our dues going to an organization that wont stand up to BOFFingA? BOFFingA swallowed the poison that is countrywide and now america must deal with them or get lost. This should not be allowed these banks must be reigned in. AND realtors we must not be suckered into thinking that BOFFingA’s plans all along is to get rid of YOU and have people buy everything and sell everything directly through them. I have written about this in my blog, we need to make a stand before it is too late. The stock industry did not take heed in the 80s when the banks were innocently selling CD’s as investements and now they sell any staock a stockbroker can with graduate non licensed uneducated high schoolers and they are exempt from the same laws we are. wake up people and smell the excrement that is BOFFingA

    Reply
  • 9. Allen Deaver  |  October 30, 2010 at 11:59 am

    I have been sucessful in many short sales with Wells Fargo, Chase and some of the smaller lenders. Currently I am working on a short sale with Bank of UN-America and it has been a nightmare. The equator system is difficult and noone at Bank of un America can help. Another agent in my office had the same problem. in the FUTURE I will NEVER work another deal with Bank of un America. If you have had sucess with them Great… This is my personal and professional choice.

    Reply
    • 10. arizonabargainhomes  |  October 30, 2010 at 10:52 pm

      I like the way you put it together Bank of UNAmerica. It does makes sense. This bank is more greedy than any banks I have dealt with. Lots of necessary expenses that they decline to pay to approve a short sale. Not to mention, they always HAVE to counter a very clean offer. And their counter offer starts off ridiculously high. It makes you wonder if they really want to help the homeowner avoid foreclosure. BofU ask for 5% of the net proceeds if they are the second lien holder to approve a short sale. Yet, they refuse to give more to the 2nd lienholder if they are the first lienholder. Recently, BofU has come up with a Bank of America for Realtors website. If you google these words, it may bring you to the exact site. Good Luck! Your frustration is well taken.

      -Maria

      Reply
  • 11. Marina Brown  |  April 16, 2013 at 6:39 am

    This system is BS. it’s a way for bank of america to get the real estate agent to do their job. it seems purposefully clunky, difficult and inefficient – almost like B of A doesn’t want you to get the deal done

    Reply
  • 12. Marina Brown  |  April 16, 2013 at 6:46 am

    I actually refused to use equator.com from bank of america. it was set up to slow things down, muck it up, frustrate, – you know they are laughing so hard at B of A when they saddle the brokers to handle the system (equator) that fights them every step of the way. try uploading docs and see if someone at B of A calls you back and says that you didn’t do it properly…. when there was no other way to do it. It is ridiculous and set up to frustrate and stall and thwart the process

    Reply
  • 13. Norm Barnes Sr.  |  November 7, 2013 at 7:50 am

    Equator. Why such a name? Because profanities are not a good way to promote your company. Because it equates to a bunch of people doing nothing and taking a long time doing it. Because banks like to look busy and save money and its quite obvious that no one has any proficiency in dealing with what they are supposed dealing with. It equates to a worthless company doing important things very badly. It equates to time consumption and gives the banks time to fatten their pillow for a soft landing. In short Equator equates to a nonsensical company set up by imbeciles who have no better time than to chase their tales. I hope I wasn’t too harsh.

    Reply

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