For those agents unfortunate enough to have dealt with Countrywide and Bank of America and their short sale process, the use of their Equator system (it's not actually theirs but currently the only lender using it) was supposed to make the process more efficient, more manageable and more transparent. The problem lies in the fact that the system is only as good as the people managing the files, which in my case has not been very good. As every email and communication is tracked on the system, I do hope that the one real benefit to come from it is for the higher ups to see just how poor the communication is and how long and inefficient the process can be. I have thankfully closed deals on Equator and have several currently at the "negotiation" stage. The process takes just as long as it ever did, and most Equator messages sent to the negotiator, or anyone else, usually go unanswered. On my latest file there has not been a task assigned nor any message from the bank in over 6 weeks and my attempts to contact them have gone unanswered.
If something has improved.....it's not something I've seen yet. Overall the Equator platform is just fine, but until it's efficiently and effectively managed, it's just the same old Bank of America process with an online presence.
Hi Keith, Try calling the main BofA short sale number and find out the name and number of your negotiator's manager, and call the manager. If you still don't get a call, get the next higher-up's number and call again. Have the person you speak with at the main number enter a full message into the system with your specific complaint. When I have done this, I have gotten results.
This is not good news for us or for B of A 6 weeks for a response nothing has changed.
Thanks for sharing your experience. More good reasons for buyers to avoid short sale listings.