The ups and downs of Real Estate-
The ups and downs of Real Estate-
In 2006 home prices were up and everything was great. People were getting loans, buying houses, and spending money but then it all went downhill. That down has brought us here. Short Sales. So many people are upside down in their house that Short sales are how many people are getting out of the bad loans they are in. But dealing with Banks is not an easy task. Bank of America has realized this and is trying to improve their system. Many agents are familiar with Equator it was created to make things easier but somehow it creates more work for the agent because we end up having to upload many documents multiply times. However Bank of America has been made aware of this issue and starting April 13th Equator will change. They have set up team leads to help make sure you receive better service and are working on the response rate. Right now it stands between 87-92% that the negotiator gets back to the agent with 48 hours.
That means that 8-13% of the time your negotiator does not get back to you.
Hope this change will improve the whole Short Sale process because Short Sales are here to stay.
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