It's not the Equator system, it's Bank of America.

By
Real Estate Agent with Coldwell Banker Fort Lauderdale Beach

It's not the Equator system, it's Bank of America.  Yes - I know - we all know, however...does BOA care?

I have to give credit to Christopher L. Saitta, CEO of Equator - he reached out to me a few weeks ago b/c of another blog I wrote about the situation closing BOA deals.  He was very cordial and offered any help that I needed with my deal.  He helped me with additional support staff who offered other assistance as well.

BANK OF AMERICA - shame on you.  You promise closing times of about 60 days.  But you cannot live up to those dates.

I lost a deal last year that was executed with a buyer and seller in July...still not executed by BOA in November and the buyer walked...Don't blame him.

Now, I have an offer from January that still is not executed.  This is a short sale...

IMAGINE THIS...[My seller is so totally broke - and it's verified], BOA wants my seller to come to the closing table with $1,000.00 in closing costs -they are fussing over $1,000.00 difference in the selling price ON A $65K short sale.

Just imagine the amount of time and the hourly wages they paid to personnel fighting over $1,000.00.

Then [this happened on another short sale with a different bank], they asked my seller (who is totally broke), to take out a promissory note for $8,000.00. Now, I know most of the promissory notes are interest free and for 30 years, but HELLO BOA! My customer doesn't even have enough money to move to another location.

While I am angry on some short sales and I think that some are done out of anger rather than actual debt, the government bailed out these banks and now they are going after customers that they lended mortgages to that should not have qualified.  How is this fair???

What do you think?

Karen Monsour, 954-464-4194 cell

www.KarenSellsFloridaWaterfront.com

Yes, prior to Equator, it took me 13 months to close a short sale as well.  Another took 7 months...then sometimes after 5 months, the buyer walked...so sad.

Posted by

Best regards,

Karen Monsour, REALTOR®

Coldwell Banker Fort Lauderdale Beach
4757 N. Ocean Blvd.
Fort Lauderdale, FL 33308
954-464-4194 cell
954-969-9974 fax
www.KarenSellsFloridaWaterfront.com
A recent recipient of Realtor.com®'s "Award of Excellence" for online marketing.

Multi-million dollar producer.


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Topic:
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Posts to Localism
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Anonymous #15
Anonymous
Cindy

I have worked with a lot of banks. Bank of America has been the worst by far.  In my opinion it is the fault of the executives at BAC making decsisions that protect themselves and hurt the customer and their lower level employees.

July 01, 2011 10:46 PM
Rainmaker
407,594
Karen Monsour
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!
Coldwell Banker Fort Lauderdale Beach

Cindy,

It is not Equator...I've talked to the CEO...He actually contacted me, b/c of a previous blog I wrote about BOA...It's the fact that BOA does not train their employees on how to use the system.

They are a disaster...I took my money out of their bank in January.

July 01, 2011 11:03 PM
Rainmaker
133,587
Marcia Kramarz
CDPE,LMC,CBR
Re/Max Executive Realty

Oh goodness, Karen - I'm jumping into this with a listing today - and after reading this I'm sick - But impressed that they're watching our blogs and responding to you - amazing what posts can do!

January 30, 2012 08:28 PM
Anonymous #18
Anonymous
Linda

Im looking for help with a short sale.  I have been trying to purchase property that is being held in the Bank of America Equator system.  During my attempt, I have had 3 different closers and I am now at a point where the seller realtor had to enter a "hard decline" or "soft decline" to continue the transaction.  It has been a nightmare of "should be through the system in 2 weeks" for about 6 months now.

The property is in Texas and I have been told that there is not a person to contact about this situation.  In the meantime my pre-approval, and property appraisal that I paid,  are getting ready to expire and I have been told I MAY have to start over AND the last time I went by the property there was a note on the door that states BoA is going to change the locks soon because they are planning to foreclose.

Any suggestions?

February 03, 2012 01:49 PM
Anonymous #19
Anonymous
Amanda

I bid on a short sale in Cary, IL.,well and septic, no appliances, bad windows, no air conditioning, bad electric, old roof, carpet smells like dog pee, grass a foot tall, and a broken garage door. I loved the property (location) and decided I was willing to fix everything before I moved my daughters in. About myself, 40 something, blue collar worker, saved a lot of money to put down, was pre approved before looking, I did everything right. I bid 155k it was listed at 175k the bid was accepted and signed by everyone, Both Realtors thought it was a good sale because I was right where it was appraised at. I received a letter from Caitlin Richards from Equator that I needed 50k more. It is going to be re listed at 200k. How can the value of a property go up in the five months I have been waiting? Did greedy Bank of America think because I was willing to pay 155k maybe they could squeeze out a little more?  How can it be legal for a bank to dump the buyer then raise the price higher than it was listed at to begin with? It is banks and companies like Equator that have messed up our economy. The house is only 1063 sq feet.  when looking online these companies are not located in the state of Illinois, they have no idea what happens to a house that sits vacant over the winter: broken pipes, more people walking through this house, liability.  mls #08072780 Can anyone please tell me what happened with this house and if its legal to raise the asking price? 

September 05, 2012 07:46 PM
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Rainmaker
407,594

Karen Monsour

REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!
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