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May 20th, 2010 6:44 AM by David W. Welch
Last month, I received an e-mail from Bank of America saying that all short sales were now being handled on the Equator system. Equator has been around for a while as REOTrans. As the old name implies, it was a system for banks to manage their REO properties. Bank of America made the move late last year to put their short sale process on the system as well. I fought it, because I had a short sale I have been working on since November of 2007 with Countrywide then B of A. I really did not want to start all over with the new system.
When my seller also received a sale notice, I stopped fighting with them and opened a file on Equator. Within about two weeks the BPO was ordered and the day before yesterday I received a counter offer. The counter offer was just a change in the closing date, so I called the buyer's agent. I received word by e-mail last night that the buyer is fine with the closing date and ready to do their inspections as soon as we receive the approval. I would love to hear from the other brave souls still working on B of A short sales. What has your Equator experience been like?
David Welch Real Estate Optimist, Orlando Real Estate