Bank of America Sucks

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Bank of America Sucks

Bank of America Sucks. That's what the name of this group is on another real estate blog site and it got me to thinking about Bank of America short sales that take 6 months and longer to complete.

Who knows what the reasons are that Bank of America has so much on their plate that they can't get an answer to the agent representing the seller and their customer. Now this is like months down the line after a negotiator has been assigned.

Who knows why Bank of America "loses" short sale packets (of 80+ pages) that are faxed and we have a confirmation it went through. And then we have to submit another packet and check back 5-10 business days later to make sure it went through....again.

Who knows why Bank of America representatives read off their ‘updates on status' and it's really not the correct information. They wouldn't have to give false information if they were timely and organized in their structure of the process.

Who knows why Bank of America does NOT have enough negotiators so they have thousands of files on their desks and are unable to give the service and attention that these short sales need. They did get all that bail out money to help out right?

Go figure.

This is just a test of patience, tolerance and acceptance.

.....Right?

Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

Posted by Celeste "SALLY" Cheeseman, RA, CRS, HAWAII Real Estate & Relocations on 12/23/2009 08:12 PM

Comments (31)

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31 Comments on Bank of America Sucks

DEC

2009

If I were one such big bank, I would act in the same way that they are acting. You see, these banks are above the law. Only in America, do the taxpayers like to bailout the banks; yes, even if they cook their books we'll bail them out. Regarding the short sale issues, why should they try to work things out? In the end, they will get what they want. And don't worry, our government won't allow them to fail. How about this one? BANK OF AMERICA REAL ESTATE SERVICES. Far fetched? Provocative...

In all fairness to them they did absorb the largest FHA lender in the nation with Countrywide. They had just merged the two computer systems and had lots of difficulty doing that when they were given a bunch of loans in process from the TB&W closure. They are clearly behind the 8 ball but Countrywide had $2B in foreclosures early in the game and when everyone else got the other waves of foreclosures they did too.

I will say many aspects of their business is getting better. Having said that they don't pay very timely on the consultant end of things... but they sure are quick to charge you if you over draw the account. No wonder they are showing record profits... on our backs.

Sally: It would seem that they'd want to assist in the recovery, since they've been assisted by us (after all, it was our money, wasn't it?). Their 'taking a hit' is way different than us, as individuals, taking the hit...

You are right "who knows why" but they should be embarrased by the reputation they have in the industry.

Lloyd, That last statement of RE Services is scariest of all. Banks are not people oriented organization they are the cruelest of all in that they abuse people for the cost of money.

Sally, I doubt they care. When a bank still retains the property regardless of how much people are hurt, can write off their loss and turn around and sell it once they've ruined someones credit for 7+ years I can't see how people could look at them any different.

I like and agree with your title!

Sally, I am so anoyed, I am in an Escrow with them since May, three times re-submitted. I am sure we will have to do it again, since it will be a new Year......

I had a buyer this past year who is employed by BofA. He didn't get any better (or worse) treatment than anyone else getting a loan through them. He wasn't assigned a specific loan officer until about a week away from closing. And even after the LO told us we were good to go, the underwriter kept asking for more paperwork. I am still amazed that we closed on time, but that was mostly due to my nagging the loan officer multiple times a day until the title company got what they needed.

They suck for a lot of reasons. I've had a recent bad banking experience with them so the bad serviced spills outside of the short sale process. I've also had some buyers whose loan packages have been delayed despite my specifically asking the lender how many days she would need to close the package. She said 30 days, I wrote 45 days in the contract and it took 60 days. Needless to say, I don't refer anyone to them and I caution all buyers about needing 60 days to close even on a resale contract.

Sally...

We wrote a BofA short sale offer in August, and are just now starting to get somewhere. No answer yet, but they're telling us to update all of our documents because they are TOO OLD!

Sally, I wrote on one in late September and 2.5 months later we finally got an answer..the counter offer was 28K over list price!!

Barb, that made my eyes pop... seriously (LOL).

C-Sally-C, that is a crying shame...

There is a reason I do not do short sales.

I'm hearing more and more horror stories about BofA. I guess they're added to the my opinions of Wells Fargo!

I really never deal with short sales, that's not to say I wouldn't, but from what I have heard everyone say I hope I never do one with BofA.

Woo Hoo, There were some interesting answers there. I can tell you, that everyone seems to agree that they take to long to get things done. I did pick up one idea for you though. Faxing anything today to a bank is not a good idea. Get a secure e-fax and scan or even fax it to yourself and then send encrypted e-mail. Not fool proof but more secure. And they don't seem to lose the paper quite as fast, :-)

One more day till Christmas. Merry Christmas Sally, Gary and Shadow and a Happy New Year 2010

Why? Why it's perfectly obvious! They are in no hurry because they are "too big to fail".

We need to insist they be broken up into tiny pieces....say like the Bank of North South Vegas.

DEC

2009

Hi Sally..it's all about Money, I'm sure by holding off they can earn more interest?

In any Event, this is all to Serious at this time of night and with only 2 sleeps away from Santa coming.

MERRY CHRISTMAS...Thanks for Sharing Part of your life with me in the Rain in 2009.

I'm looking forward to your posts in 2010 :O))

Santa Snow Boarding Fred Carver

When obstruction is the goal, BOA exhibits skill and well designed strategy.

There is no monitary benefit for a bank to approve a short sale. Understand that and proceed with caution.

Sally Connecticut Housing Finance Authority (CHFA) just took away the servicing of their loans from Bank of America and assigned them to us, McCue Mortgage because of servicing problems they were having. Now I don't know what the servicing problems were, but it they were anything like the calls that I received from their past customers I can see why CHFA took the servicing away from them.

I had one woman call me looking for a number to call to talk about the servicing of her loan since it had been transferred to us, and she told me that when she called Bank of America to get some information as to whom to call, she was told that "it was her problem" and they hung up on her. Not very friendly even if they did not like the fact that they had lost those loans, it is no excuse to be rude.

C Lloyd: I think all of this is just sad. You would think that everyone would just be doing business and supposed to.

Mike: What's not fair is how us ...agents...are treated like second class citizens ....I already know their philosophy...let it go to foreclosure ...which is not thinking in the best interests of all involved.

Rene: It would seem that they do NOT want to assist with the treatment we ALL receive in the process.

Cindy: I don't think embarassement is in their equation of doing biz.

Sara: I agree.... and I really doubt they care too. And that's the key..the write off ...at the expense of a homeowner who really wants to save themselves from a flat our foreclosure.

Damon: Wasn't my title...it's a name of a group I saw on another site. :)

Endre: I got lucky with two buyers from OTHER banks. 3 months total...on the other hand it took 6 months to close one with BofA when much of the lost time was on their end.

Lorrie: Nagging sounds good if it works. :)

Michele: Seems they purposely 'need' more time....maybe so they go away?

Richard: We have one that funded on Tuesday and recording this morning. We got it into contract in mid July. This one worked 'quicker' because it was a VA short sale...and I contacted VA to help me along with them. Otherwise, I'd still be hearing that they are waiting for an appraisal to come back...when one wasn't even ordered! I found that out through VA.

Barb: OVER listing price? Wow. ....did it appraise on buyer's side?

CTS: No tears here....like I said in closing....it's a test....seriously a big test...on how I handle it :)

Ellen: If I didn't do them in this market I would not have had anything the past month.

Lisa: I guess we all have our quips and quirks.

JL: I think after going through all this with them that I can handle it better....the let downs, the long waits, the rudeness, the lies. Yeah, taught me some great learning lessons....again. ONLY CAN CONTROL ME.

DEC

2009

Sally, there is a group of agents in my office who could adopt that group name. And they aren't even doing short sales! Hand in there!

It is amazing because when I think of Bank of America now the thought that comes to mind is that of a very poorly run company. Their reputation has just gone down the tubes!

DEC

2009

I am also currently waiting on a B of A answer. It's been a couple months. I've been told that they are getting better by the attorney negitiating the short sale, but have not heard any stories from other agents regarding this quite yet.

David

I've heard the same comments about B of A. Too big for their pants.

You sure hit a sore note with this blog! I have heard negative things about Bof A too - too bad isnt it when all we are trying to do is sell houses!

DEC

2009

The amazing thing is they have added loan officers here locally to try and solicit business from the same real estate agents who have been treated like crap by them on the short sale side. I wonder how that is working for them?

DEC

2009

Bottom line is that they may be the worst for response time etc...but they do close if everyone involved is professional :)

Sally - Great ...I just took on my first BOA short sale.

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Celeste "SALLY" Cheeseman, RA, CRS, HAWAII Real Estate & Relocations

Mililani, HI

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Century 21 Liberty Homes

Address: 95-221 Kipapa Drive Ste. E-3, Mililani, HI, 96789

Office Phone: (808) 625-1776

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Reading my blog will give you the human side of this Real Estate Industry Professional as well as allowing you to walk beside me through my writing about Hawaii Real Estate & our Local Area. As a resident of Honolulu County Hawaii for 42 years you will get a tour of a lifetime. Specializing in Hawaii Relocation Military VA Home Buyers you can be rest assured you will be in good hands. I LISTEN to YOUR needs and give you sound advice. Hawaii Relocations, Hawaii Military Relocations, Mililani Hawaii Real Estate, Living in Hawaii, Army Navy Air Force Marines in Hawaii. Read more at www.cheesemanhomes.com

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