BoA Equator System

Foreclosures, Short Sales, Tax Foreclosures
1

Hi,

  1. When an offer has been submitted on a short sale to BOA through equator, will there always be a counter offer, or do they ever just reject the offer and tell the listing agent to seek an unspecified higher offer?
  2. Can multiple offers on one short sale be submitted at one time, or does a back-up offer stay off the system until the primary offer has canceled?
    Thanks
2

Hi,

No, there will not always be a counter offer. A counter offer only occurs when you are within a certain percentage of the banks exceptable loss limits, otherwise it kicks back to the listing agent to "Except All - Send All"!

Yes, multiple offers are excepted until the bank finds a qualified buyer at the banks exceptable loss limit or better! (Except All - Send All)

In a short sale although you have to have the selling parties exceptance and willingness to sell, the real determining factor is what the bank approves, the reason short sales take so much time is the bank leave’s a window of time open to excepting other offers before time constraints and lack of interest by qualified parties to make other offers are used up and the bank is forced to choose to except your offer or let it go to foreclosure sale!

Good luck,

                 GR