If you have ever lost a buyer with a Bank of America short sale through Equator, you know that you’ve always had to re-initiate the short sale file in Equator with the new buyer… I don’t know what the purpose of that is, but it’s been pretty annoying… for 2 years.
Finally, BofA has decided to direct Equator, the third party software provider that manages their short sale processing system, to allow users to replace a buyer the way it SHOULD have worked from the beginning… by simply uploading the new offer and changing the buyers information in Equator (ok, it’s not THAT simple, but much easier than starting all over).
This will make it so that you can replace a buyer and HOPEFULLY (time will tell) BofA has trained their employees well enough [edit on 7-13-2011: many agents have reported that BofA HAS NOT YET TRAINED their employees on the new process which can be found HERE. If your negotiator tells you they have to decline the file and you have to re-intiate, copy and paste the url to the training pdf in a message through Equator or ask to speak to an Equator Specialist] that they will see they can resubmit for approval with minimal effort on their part since not much will have changed. I am hoping for 2 week approval from the time you upload the new buyer for files where BofA has delegated authority and <30 days for non-delegated files.
As always, you can’t just leave it up to the bank employees, you will probably have to stay on top of things and make sure they don’t get into the habit of taking 30 plus days to re-approve files with the new process.