What does a Bank of America Equator approval look like? Here is the happy email I got regarding a Destin short sale on Saturday:
What was the key to getting this short sale approved? Tenacity AND creativity. Bank of America's Equator system rejected this offer of around $165,000 as "insufficent" about five times. It was fair market value. In fact, it was a little over what other units in The Palms condo project in Destin Florida were selling for. Finally, we gave up and just entered $1,000,000 as the offer price. Amazingly, Equator let us continue the short sale process without rejecting the offer. (We corrected the price in the next "step".) Bank of America sent out an appraiser, and voila! It turns out the offer was "fair market" (just like I said). File approved.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Congrats! I am taking this post home with me to rethink a file that is sitting on Chase's table right now.
Hi Wendy;
Congratulations on your success, I wish you many, many more.
That is great Wendy! I guess you just have to work the "equator system" a little to make it work. Thanks for the tip!
As usual that makes no sense but what the hey it's BOA so all is normal in their world.
Hi Wendy - So far I think everything is going okay on the two BofA short sales I have through Equator. The appraisal on one took place early last week and according to the negotiator it hasn't yet been received, but the file does seem to be moving. I hope I soon see an email like yours!
We seem so far to be having a smooth process on our third try at Equator. We kept pulling our files out of Equator. Then one of the VP's asked Nestor if he would just please give it a try from start to finish and see how it works out. SO we are moving one file through. We had a negotiator assigned, a real one within one week. That is sure better than having our file lost over and over again for 60 days! Thanks for the tip!
Heard Dave Ramsey on his radio show today say "Don't mess with BOA" he was referring to outragous credit card fees.
Congradulations on getting an approval.
Good one. I'll have to share it in the office tomorrow! At what point did you make the correction?
Nice work Wendy! $1,000,000 offer, that is too funny.
It's interesting that 'tricking the system' got the results you needed! In the end, the outcome is the only thing that matters.
Wendy - well whatever amount it takes I guess :). Good Job (as usual) getting this one approved!
Gee, Wendy, they probably only approved your sale cause they didn't want to have to pay a oommission on a million.
Sounds like you showed Equator what is HOT...and getting it approved.....ahhhh very cool !
Interesting strategy Wendy. Sometimes you just have to think outside the box. Nicely done.
Melissa - We corrected the price at the next step of entering detailed settlement costs. I also called to confirm they had the "correct" price. It was obviously a glitch in the system :)
Wendy, Great job in being creative in getting that short sale approved! I guess it pays to be smarter than Bank of America's computer system. YOU GO GIRL!!!!
Wow.....I wish I could have anything positive to say about Bank of America. I am 3 months in without an answer on a FHA deal.
From the desk of David Dee,
Wendy, looks like the Equator system is working out nicely. Just wondering if you also got the deficiency judgment removed as well on the letter.