This is my first attempt to use Equator to process a short sale. The task is Negotiate Hud-1. Can you just change their figures and not submit an addendum or new purchase agreement? Neither seems to be required. How likely is WF to approve our counter to their negotiated HUD-1? Anyone know? They don't seem to have a place to negotiate, just a place to accept WF's negotiations.
Sheri, I see you have no answers. Bummer! I was hoping to get some insight myself. I am doing my first short sale with WF on equator also. I have had a bit of an issue, myself, with what is required. It seems as though quite a bit of it has me left in the dark. I'm used to being able to get clear answers from someone on the phone. So i just keep on filling in the blanks and hope they will let me know if I have done something wrong.
In response to your question , no matter what you do with Equator, I would make sure I have an addendum. Equator is not the law, but and addendum will protect you and the firm in law.
Thanks Mary Ann - I am surprised no one responded with answers. Maybe we can help each other!
You can change their figures in equator and submit it according to the HUD-1 you received from your Title Company, and go back and forth until they approve it or an agreement is met between WF and your Seller... Amounts should be entered according to your Pre-liminary HUD-1 even when WF entered their own amounts in the lines, if they ask for Seller cash contribution and your Seller has no money for cash contribution, then enter 0, and so on for lines that are not mentioned on the HUD-1 from Title Company... Always remember your fiduciary duties...
Hi Sheri, you can negotiate when they give you a counter offer. It is usually on offers icon in the equator. You can either accept or change the amount you want on the itemized offer. Just make sure that you will have an addendum for any changes that you will do.
Hi Sheri, did you get an offer when you started the short sale on Equator?
I would always get the original contract changed with initials prior to submitting the equator counter offer. There is a very good chance they will accept their own counter offer, however it is not 100% guaranteed (it is ultimately up to the investor)
You can negotiate in Equator without usually submitting more documents. This is what the worksheet is for.