More Equator on F'd Up Friday – Short Sale Power Hour 02-19-10
http://shortsalepowerhour.com Kevin and Fred Group 46:10, Arizona’s Premier Short Sale Team discuss more on BofA and Equator. For the record, we filmed this video the day before Kevin spent 35 minutes on the phone with Dave Sunlin at Bank Of America. He is a good man, and they are working hard to correct some of the problems. WE DO BELIEVE it will get better with Equator at BofA.
HOW TO CLOSE AT LEAST 3 DEALS IN THE NEXT 90 DAYS
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
Word!
Basically the same experience in my dealings.
GMAC: Coutered them via Equator and had approval letter in 6 days.
BOFA: Accepted their counter and was countered again. After which had to counter them. They wanted to change the seller credit to the buyer from 3% to 1%. The exciting part is the BPO came in at $90,000 and the buyer’s offer is $100,000! Awesome!
Comment!
LOL – Ok boys, I don’t want the Shift Audio (already have it) but I thought I’d leave you a comment anyways. No Equator Files currently so can’t speak to it, I like the “disclaimer” above 🙂 Enjoy Family Reunion
Good rant guys. I hope they’re listening.
I’m all for using technology to make our lives easier, but honestly, who is designing user interfaces at Equator?
It looks like a website from 2001.
Why don’t they hire the guys who did Redfin or Trulia?
I never cease to be amazed how real estate related software is years behind the curve.
In my dealings with BofA in the last few days, I am just amazed at the poorness of their infrastructure. Some poor guy couldn’t help me because his computer wouldn’t let him open some file so he had to transfer me over to another person who’s computer was working right.
In the mean time I could follow the conversations of two of his colleagues in the cubicles next to him.
The problem must be that higher-ups care more about bonuses and what wax to use on their Lamborghini than helping homeowners.
Keep on crushing it.
I was checking out your site and noticed the new “socialize with us” link. Damn, you Socialists are taking over the world.
“Socialism Power Hour clap-clap-clappity-clap”
😉
The problem is the bank employees. To me the problem is that BofA’s employees are too ‘mentally hindered’ to be able to use the system correctly. I believe Equator has a team of people FULL TIME ON SITE to help BofA’s employees use the system… and they still have problems.
You touched a bit on this but…I’d like to know how, when, and if one should escalate when the bank refuses to accept a reasonable offer; e.g. Appraisal and BOP = 550 on ugly house, mine is only offer in one year. Offer 500, bank counter 527, my counter 515 and that’s as high as I want to go. Bank says we’ll take it to foreclosure. Refuses to disclose responsible individuals above negotiator, who communicates only via email. Should one escalate to CEO?
Hi Bob,
I am not so sure I would go to the top just yet but I would go a few levels up for sure.
T-Dawg,
I have spent numerous hours on hold trying to reach Equator’s “full time” tech support. I am not exagerrating when I say I have placed six phone calls that lasted more than 30 minutes each with me on hold, never hearing a live person. I have been trying for months to change my contact e-mail! Can you imagine if the issue was more important!
I love Equator. Give me more Bank of America Short Sales. No more waiting on the phone for a goof ball, No more we lost your file, No more level 1,2,3 ooops 4 months later we lost your file.
12 files with Equator since January 1 2010 1 approval, 3 valuations, 4 waiting for offers, balance document uploads.
Phone calls to help desk quick and easy. Client portal needs work.
I can not wait until they shake out all the bugs.
More San Diego Bank of American Short Sales Please
OMG I love it! It kind of like makes my own experience not quite so miserable knowing that you guys have the same INSANE experiences that I do w/BOA. We need some levity after dealing w/them and Equator. One of my clients was “kvetching”(a word?) about how he had to upload all his requested info to the site. So I gave him a “I’m sorry” I know I have it and I’ve sent it to them but they want it from YOU…this is what a Realtor deals with…kind of felt good to let him know what WE go through. Thanks again guys for the LAFF!
As yours I excepted counter on “Estate short sale” neg. came back 4 days later and asked for $10,000 prom note with Equator counter..They also changed price on my acceptance .50 cents! I called they said MI made decission and if one was not signed they would foreclose…again dead guy already through probate no signature without a shovel..I got MI contact called told story 15 mins later negotiator called back accepted with out prom note. Issued approval letter and buyers and Executor signing this weekend!! is this worth SHIFT?? Keep crushing it!!
GMAC: I have difficulty with my negotiatior not using the system properly and she is hard to reach. However, she negotiated an offer and issued an approval letter in one day!
BofA: the “bermuda triangle” of short sale files…. BPO was ordered within days of uploading the offer but there has been no activity in the 3 weeks since. That is as far as I’ve gotten with a BofA equator file.
I have been using Equator since it was first introduced. Sometimes it works fine, other times it doesn’t work at all. It’s impossible to get anyone on the phone, either an Equator person or a BAC employee, who can solve Equator problems. The system has promise, but a long way to go.
I need feed back on BAC, investor, and mortgage insurance demands for deficiency judgments. Sometimes this is in counter offers and sometimes its not. There is no pattern! Will really appreciate your comments. Please send to [email protected]. Thanks.
I love BoA!!! Here’s a good one for you. I submitted a short sale and within 31 days we had everything done, acceptance docs. Two weeks later we receive notice our file has been canceled and everything in equator is gone. After numerous phone calls up & down the ladder, I’m told it was their mistake, SORRY!!! and I need to resubmit the whole file and start over. There is no way to reinstate a canceled short sale file in Equator!!! What the Hell!!! So we restarted the process, 2 months later we’re still working on approval with a new negotiator. They even ordered a new BPO,because the first one is in digital heaven. Keep rattling their chains boys – someday maybe they’ll get it right! – Thanks for all you do!