Replies to This Discussion

Permalink Reply by Juan Reyes on April 19, 2010 at 8:32am

Micahel,

I am assuming that you are at the very beginning of the transaction where it only asks to supply the "Gross Offer Amount" & "List Date"

This is what I have done some of my files where I've encountered this:

I've increased the offer amount until it accepts it, Equator will then open a new task which is to "Submit Short Sale Offer" This new task will ask ALL the details of the offer including List Price, Date, Offer price, Closing Help Etc.

Once you complete this and upload supporting docs, the BPOs will be ordered. I just had one of my deals get accepted by the negotiator and I did exactly this in the beginning.

I don't know why Equator does that, it could be a glitch in the system.

Permalink Reply by Michael M. Adams on April 19, 2010 at 8:39am

Juan,

I will give it a try.

Thank you for the information.


Juan Reyes said:

Micahel,

I am assuming that you are at the very beginning of the transaction where it only asks to supply the "Gross Offer Amount" & "List Date"

This is what I have done some of my files where I've encountered this:

I've increased the offer amount until it accepts it, Equator will then open a new task which is to "Submit Short Sale Offer" This new task will ask ALL the details of the offer including List Price, Date, Offer price, Closing Help Etc.

Once you complete this and upload supporting docs, the BPOs will be ordered. I just had one of my deals get accepted by the negotiator and I did exactly this in the beginning.

I don't know why Equator does that, it could be a glitch in the system.

Permalink Reply by Alan Remigio on April 19, 2010 at 9:22am

Juan,

Were you ever able to reduce the gross price to one that was more accurate after you submitted the gross offer and got it closed?

Permalink Reply by Juan Reyes on April 19, 2010 at 9:55am

Alan,

I listed a home for $150K its current FMV. (Owner paid $320K 4 Yrs ago) I got an offer for $160K and when I initiated the sale, Equator rejected immediately it due to "Insufficient Offer Amount"

I had to increase the offer amount to $200K on this one screen just to get Equator to move to the next task where it asks to supply all the details of the offer.

On the next task I input the offer price I got $160K along with the rest of the info the system requested. I uploaded all the docs. BOA ordered and appraisal, and we got the approval.

Alan Remigio said:

Juan,

Were you ever able to reduce the gross price to one that was more accurate after you submitted the gross offer and got it closed?

Permalink Reply by Alan Remigio on April 19, 2010 at 12:09pm

Great job, Juan.

I hope others are seeing this as we are getting good stuff here. I'll follow that procedure as it seems to work for you. Thanks.

Permalink Reply by Wendy Rulnick on April 19, 2010 at 12:24pm

Alan - YES - I had to do this once. We ended up entering 1,000,000... as a joke in frustration. We got to "correct" the price on the next screen and they ordered a BPO. Deal approved.

Alan Remigio said:

Juan,

Were you ever able to reduce the gross price to one that was more accurate after you submitted the gross offer and got it closed?

Permalink Reply by Karyl Moore on April 19, 2010 at 12:38pm

Thank you!! That just happened to me today too. However the whole file has disappeared off Equator so I can't resubmit a higher offer. I've sent them an e-mail asking about it - will see what happens.