Northwest Equity Home Sales

Equator Details

Bank of America/BAC and Equator

-

Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist.  This change will save you time by not having to repeat a number of process steps.


When a Backup Offer Is Ready

We send a message to the short sale negotiator via Equator when the original buyer is no longer interested in the property.  The BAC short sale negotiator will respond to us within two business days and ask if you have a backup offer ready to submit.  When we have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps.  The short sale status in Equator will change to "Marketing," and we bare directed to complete the following tasks within 14 business days: 
 

·         Complete the "Listing Data" task.

·         Provide the marketing description.

·         Review the marketing plan.

·         Upload the offer.  (To do this in Equator, locate "My Properties," then "Offers" and select "Place New Offer.")

If the "Listing Data" task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

When No Backup Offer Is Ready

This new process applies only if there's an available backup offer when a buyer walks. When and if we have no backup offer ready to be submitted, the short sale will be declined.  In that case, we return to marketing the property and initiate a new short sale in Equator once we receive another offer.

There is a new educational guide for agents seeking help called, How and When to Submit a Short Sale Backup Offer, to explain the backup offer process.  If you have any questions, please contact Gene and Kim Quinney. Your Short Sale Specialists.

NEED MORE INFORMATION ON BANK OF AMERICA SHORT SALES AND EQUATOR?
First name:
Last name:
Email address:

Phone number
Question/Comment:
 
   
Best way to contact you:

All rights reserved. No Gimmicks, Just Results! Is a registered trademark. Any unauthorized use of copyright material without prior written consent is strictly prohibited. 1998-2012.