I have a BAC SS I am working on right now through the Equator system (which is supposed to make the process better, right? LOL) and have had nothing but problems from the beginning.  Finally, things were on track and had been assigned a negotiator.  The appraisal and BPO had been ordered and we were just waiting for the values to come back.  Well, that was almost 3 weeks ago and the valuations still have not been put into the system and the negotiator has been changed 3 times!  Each time I have sent a message to the negotiator to get an update on the file and have never heard back. 

Yesterday, the original buyer decided to withdraw their offer because they were tired of waiting around.  It was ok with me because I have 2 other buyers who are my clients that want to submit an offer on the property.  I was curious whether it would be better to wait for BAC to respond to the original offer and have an "approved price" or withdraw the original offer and resubmit a new one.  Well, according to a rep at BAC I just spoke with, I have to completely start the process over with a new offer! What?!  She told me everything would have to be re-uploaded, (including the LOA and buyers financial info) and the new offer would take approximately 45 business days to get a response.

Has anyone else had a similar experience using Equator through BAC?  And is the info she gave me correct?

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  • The only reason I am even trying to go through Equator is that the rest of the feedback is, "Bank of America does NOT deal with short sales" so I figured that at least we'd have a shot with Equator.

    What do you all think of the two options: (1) use Equator; (2) do it yourself?
  • Agree with Vitaliy. And I have done 2 now with the equator system and both were worse and took longer then the old way. Good luck.
  • Unfortunately, she's pretty much correct, but again, it all depends on the Negotiator you're working with. With BAC, every time there is a new buyer, they start the process over. That is especially true if the Approval has already been issued for the first buyer. So I would suggest you try getting a hold of current Negotiator and explain him/her the circumstances and ask if they'd rather you e-mail/fax them the new offer directly or if they'd want you to upload on Equator. Sometimes the Negotiator will allow you to send it in to them directly. Worth trying...
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