New Rules For Equator

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team BRE# 00919781
http://actvra.in/MDp

New Rules For Equator

We have recently been informed by a manager in the Bank of America Escalations Department, that due to a high influx of new offers being submitted, and escalated, days before a pending foreclosure sale, they have initiated new policies to prevent this practice from occurring.

Previously, a new offer could be initiated for a short sale in Equator, and subsequently escalated, up to three days prior to a foreclosure sale date.

It appears Bank of America considers this practice to be an abuse of this policy, and the practice of submitting illegitimate offers just to postpone a foreclosure, so this policy has been changed.

Currently, if there is a pending foreclosure, the offer must be initiated in Equator more than fourteen (14) days prior the scheduled foreclosure date. Any offer submitted within that fourteen day time frame will be deemed ineligible for review, and the short sale will be denied. We will be working to get further guidance on this harsh policy

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Topic:
Real Estate Sales and Marketing
Location:
California Orange County Mission Viejo
Groups:
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Posts to Localism
Orange County Real Estate
Short Sale REALTORSĀ®
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Ambassador
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Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900
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Wow, what a huge pain. That has got to be illegal. The big problem is they don't want to make postponements any sooner than 5 days before a forclosure date.

Sep 15, 2012 11:24 AM #1
Rainmaker
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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

It is interesting to say the least.

Sep 15, 2012 11:30 AM #2
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

so, if this is right. .I need to cancel any of my listings 14 days prior to foreclosure. . because they will not be considered.

Sep 15, 2012 11:33 AM #3
Rainmaker
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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Fernando what can I say.  Other than talk to they prior to 14 days and ask for the postponement.

Sep 15, 2012 11:38 AM #4
Rainmaker
706,916
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Hi Tim, illegitimate offer is a violation. However Bank of America is very slow in their approval. The seller and I have been waited for a short sale approval since the contract submitted on 4/8/2012 and 2 appraisals done by BOA , we are still waiting for the answer.

Sep 15, 2012 11:41 AM #5
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

That may be all well and good for the banks, however as already noted, the banks can also drag their feet with a response and that will often result in a buyer walking away and the deal was probably the best offer the bank was going to get.

Sep 15, 2012 12:06 PM #6
Rainmaker
845,886
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

KweeI agree it is and always has been difficult to deal with B of A.

 

Sep 15, 2012 12:10 PM #7
Rainmaker
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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Ed

It has happened to me on many occasions.

Sep 15, 2012 12:11 PM #8
Rainmaker
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Drick Ward
NEPTUNE REALTY - Virginia Beach, VA
"RealtorDrick" - Experienced Representation

It's amazing what they can do when they get to make up all the rules. Equator is too much power in one place.

Sep 16, 2012 01:03 PM #9
Rainmaker
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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Drick

I agree totally.

Sep 16, 2012 06:09 PM #10
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Tim Lorenz

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