Several of my posts over the last several months have been highly critical of Bank of America in general and very critical of their short sale processing inparticular. I reserve the right to continue being very critical of Bank of America, but I wanted to report some initial promising developments with short sales that have been submitted through the Equator Short Sale System.
Equator- The Equator website can be found here.
The system promises to bring potential buyers and sellers of properties owned by Bank of America together in an online forum where offers for short sales can be accepted or rejected by Bank of America in a short period of time. It remains to be seen whether this system will actually work efficiently, but anything would work better than the unresponsive disaster of a system (or total lack of a system) currently employed by Bank of America. I say that I am cautiously optimistic that this system will be a more effective way to deal with the short sales that are currently pending because the phone calls and interactions I’ve had with Equator have been effective and the representatives seemed to have accurate information.
They system is a bit tricky to navigate and getting through the process to approval is still going to be problematic. Visit my website for more info and updates.