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BOA Short Sales- Equator.com

Real Estate Investor

hayward, CA

March 11, 2010

Has anyone out there actually closed a Short Sale through the new "Equator" system? If so, how long did it take from start to finish?

Licensed Real Estate Agent

Ontario, CA

March 12, 2010

G, I have closed 3 and have 3 approved waiting to close. I am 3rd party negotiator and I am the "agent" on the file in equator. The time varied from 50-60 days . There are many variables that determine the approval time. One being if there is PMI on the loan and if the investor is Fannie Mae. Fannie Maes are taking up to 8 months. One thing to keep in mind is that when you accept the counter that is not an automatic approval. Depending on the loss it could be another 2 weeks before you get the approval letter

I assist agents on difficult short sales

tmshortsales@earthlink.net

Licensed Real Estate Agent

Edmond, OK

March 12, 2010

Tony, Have you encountered any 80/20 loans in Equator with both loans with BAC? In the old BAC system, the same negotiator handled both. I have been told on the phone that this is the same for equator, but cannot get an email confirmation from the negotiator on the file. Do you happen to know? Thank you.

Licensed Real Estate Broker

Pleasant Hill, CA

March 12, 2010

Charlene, I'm not Tony but I will say that of my few I've had with 2 loans with B of A, both were handled thru Equator by the same negotiator.

Licensed Real Estate Broker

Pleasant Hill, CA

March 12, 2010

Geovanny,

I've got 3 that are all in offer/counter stage and on 2 I'm just waiting for the final approval now. Both were to counter within 4-6 weeks. On both I'm waiting for final approval but negotiators tell me should be a few days , up to a week for final investor approval and letter.

Real Estate Investor

hayward, CA

March 12, 2010

Up until now I've been doing the short sales the old fashioned way. Submitting through fax. I've had good turnaround times (60-90 days). I am however temted to do it all through equater now.

Tony: thanks for the info. Send me a personal email so we can chat about the services you offer, because I have a few files that fall under the "difficult" column. Tanks again.

Cathrine: great info, thanks. With the equator system exactly how long does the bank have to get the deal closed? Ido understand they have a time limit.

Licensed Real Estate Agent

Hopedale, MA

March 12, 2010

You probably won't have a chance to choose between fax and Equator. I had faxed an offer in (very aggravating for a geek to do). Then I get an email telling me that they can't accept the fax and I must use Equator. Looks like you may not have a choice.

Hope you saw the Procedure I wrote regarding the Equator process.

RaytheRealtor

Real Estate Investor

hayward, CA

March 12, 2010

Thanks Ray I'll check it out.

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