I received an email from Bank of America Short Sale Department today… maybe you received one as well. The email addresses questions that many Equator users may have about the counter offers and the counter offer procedure in the Equator system. (Veteran Equator users should probably move on to another blog post at this point in time.)
However, if you are a novice Equator user, you will want to read through the following information. Here’s is what Bank of America has to say about the counter offer procedure in the Equator system:
The following facts related to the counter offer process are critical to closing short sales in Equator.
Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved
Acceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor. In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.
Fact #2: The terms of the accepted counter offer may be approved, declined or changed
Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it.
Fact #3: The counter offer may have an expiration date
Please reply to the counter offer before the expiration date. If you don’t reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents.
Fact #4: The counter offer must be accepted via the offers management tool in Equator
To accept the counter offer, go to the “Workflow” section of Equator and select the “Offers Needs Response” link. Select “Counter Offer” and press the “Accept” button in the Counter Offer screen. You cannot accept a counter offer via an Equator email to your negotiator.
By understanding these key facts, you will be in a position to better help the homeowner complete a successful short sale transaction.
Did you already know this? Did you find this information helpful? Let me know.
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We are buying a house through the short sale process with Bank of America. After waiting for one month for the sellers to accept our offer, which included the terms that we would pay their short sale negotiator $5,000, our file was set up in the Equator system in late July. 3 weeks later the BPO was ordered. A week later the negotiator was assigned. And September 3, we were given a counter offer for $5,000 more. We are accepting. Thus far, the whole thing has taken 40 days of patience and prayer. (Not including the sellers decision time)
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