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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Ambassador
1,338,846
Robert (Vegas Bob) Swetz
REALTY ONE GROUP - LAS VEGAS, NEVADA 702.443.7156 - Las Vegas, NV
Commercial & Residential Real Estate Agent

Hello Karen and Vegas Bob "HATES" Bank of America ...

VB

Mar 04, 2011 12:46 AM #1
Rainer
41,178
Roger Radcliff
FREEDOM REALTY - Barksdale AFB, LA
AFB Specialist - Barksdale

BOA don't care about customers, BOA cares about their bottom line. I avoid them like the plague.

Mar 04, 2011 12:47 AM #2
Rainer
145,246
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

Bank of America is the most corrupt, vile, evil puke infested entity ever to inhabit the earth. That's how MILLIONS of Americans feel about them.

Mar 04, 2011 12:48 AM #3
Rainmaker
327,514
Jon Quist
LONG REALTY - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

The BofA are just exactly what they appear to be, crooks. And crooks don't care to hear about any hardship stories or tales of woe.

Remember, they're crooks. With bailouts paid with our tax dollars, and big fat bonuses, also subsidized by our tax dollars.

Since not one of these many crooks has been prosecuted, maybe I can get a job with BofA. Seems like a good deal.

Mar 04, 2011 12:49 AM #4
Rainmaker
1,347,774
Vickie Nagy
Vickie Nagy, Broker Associate Realty ONE Group BMC Associates | BRE#01363932 - San Ramon, CA
Broker for San Ramon, Danville, Dublin, Pleasanton

Karen, I had buyers that waited 13 months on a short sale. 13 months. A big bank ended up foreclosing. Guess what, it sold later for less. Go figure!

Mar 04, 2011 12:55 AM #5
Rainmaker
456,231
Jeana Cowie
RE/MAX Real Estate Limited - Paramus, NJ
Broker Associate, ABR, CRS, GRI, SRES

Karen, BOA is hellish, simply hellish to deal with. I vented about them in my blog: Oh no, Not another new negotiator Bank of America!!! Please make it stop!  I feel your pain.

Mar 04, 2011 12:56 AM #6
Rainer
110,832
Charles Perkins
Charles G. Perkins, CPA - Burien, WA

BofA has certainly chased away a lot of business.  They seem to be working at chasing more of it away.

Mar 04, 2011 12:59 AM #7
Rainmaker
1,293,922
Carla Muss-Jacobs, Principal Broker/Owner
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% o... - Portland, OR
Buyer Focused ~ Buyer Results

I no longer bank of BofA . . . I will never in my lifetime.  I don't know why people still feed the beast.

Stringing out a seller over $1,000 . . . who is broke, and just trying to keep a little dignity.  They're pigs.

Mar 04, 2011 01:03 AM #8
Rainmaker
689,474
Pamela Seley, REALTOR®
REALTY EXECUTIVES OTF - Temecula, CA
Seals the Deals in Temecula Valley California

Karen, BoA stands for "Bend Over America."  I really hope when this blows over, if it ever does, that anyone and everyone will not get another mortgage loan, another credit card, or another bank account with them ever!!! I totally understand your frustration.  I have a client with a BoA loan now, and we're waiting and waiting for something, anything, please.  I have two short sales after this one and have approval on both.  What the ef is their problem? I'm with ya and feel your pain.

Mar 04, 2011 01:13 AM #9
Ambassador
900,990
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Karen, I certainly feel your pain. I have no idea to what end this will come. It makes me sick, totally sick to my stomach.

Mar 04, 2011 05:47 AM #10
Rainmaker
451,192
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

Karen- BoA has the worst reputation in the business when it comes to short sales. It is a reputation well earned. It certainly accounts for the five year inventory of foreclosures they have so skillfully failed to negotiate as short sales.  Waiting in endless perpetuity for an answer here too; meanwhile have closed several other short sale deals with other lenders within the same time frames as this deal has sat and stagnated.   Until the rules change and time frames become mandated with fines for non compliance; the chances of seeing Boa reform are slim to none. 

Mar 04, 2011 06:24 AM #11
Rainmaker
407,620
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Robert, Roger, J.A, and Jon,

I think we are all on the same page...I just moved my money from them to another bank...

Mar 04, 2011 09:14 PM #12
Rainmaker
407,620
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Vickie,

I closed one after a year and 10 days as a S/S...and it was a multi-million dollar listing...

Mar 04, 2011 09:15 PM #13
Rainmaker
407,620
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Jeana and Charles - they are horrible.

Carla,  No scruples in that bank...anyone know who the President is? of BOA?

Pamela, They should give back the plethora of money Obama gave them in the bail out!!!

Andrea, Whoever is running BOA is as corrupt as the President...he gave them money and they are taking even more.

St. Cloud - I know, you are so right!

 

Mar 04, 2011 09:20 PM #14
Anonymous
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.

Jul 01, 2011 10:46 PM #15
Rainmaker
407,620
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

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.

Jul 01, 2011 11:03 PM #16
Rainmaker
133,637
Marcia Kramarz
Re/Max Executive Realty - Medway, MA
CDPE,LMC,CBR

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!

Jan 30, 2012 08:28 PM #17
Anonymous
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?

Feb 03, 2012 01:49 PM #18
Anonymous
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? 

Sep 05, 2012 07:46 PM #19
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REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!
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