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Bank of America...You have a problem!

By
Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000

As any agent who has had to deal with Bank of America on a short sale transaction can tell you, they are not the best bank to work with.  And when I say "not the best" I mean the worst.  Equator system or not.

But now they're starting to take the crown as one of the worst lenders to go to for home loan as well.

Let me give you the backdrop to this conclusion.

I am currently working with a buyer client who relocated here from the Seattle area.  She has been, and still is,  an underwriter for B of A for 14 years.

About 3 months ago we found her a nice little 3 bedroom short sale in a nice neighborhood.  The listing agent got approval on the sale from the seller's bank in very quick time, (about 4 weeks).

During the wait for the seller's bank approval my client had compiled and submitted all of the necessary paperwork to her loan officer.  She being an underwriter knew of all the necessary paperwork and figured she'd be ahead of the game.  She told me she had heard how difficult it was getting a loan these days and just wanted to prepare for the worst.

Well, here we are six weeks after we opened escrow and a day before the scheduled close of escrow and B of A still has not sent the loan docs over to the title company.  Without going into too much detail there were a bunch of mess ups on B of A's part along the way with this loan.

By the way, she is on her fourth loan officer now with this loan.  Two having left the company, and the third is on vacation.

On our final walk through last week my client informed that even though she is and has been a long time Bank of America employee she will NEVER use B of A again for any type of loan in the future.  Nor will she recommend them to any friends or family.

And here's the topper.  When she went up the ladder and talked to the V.P. of her division he told her that he had been put through the same rigormoral when he purchased a home last year.

Now, if this is how Bank of America treats their own, how can any person out there in the general public stand a chance with this organization?

It's time we the public start doing something about this type of behavior.  Complaining to Bank of America or any of the other banks does no good.  It's up to the American public to start pulling their money from these banks, staging a boycott, and utilizing local, regional banks and credit unions.  That's the only way the large banks will get the message, if we hit them in the pocketbook.

For further information about the Anthem, Phoenix, and Scottsdale real estate market click here.

 

 

 

Ted Tyndall
Davidson Realty Inc. - Saint Augustine, FL
I will help You find the Home YOU want to Buy

Jerry, it is surprising that their own officers get the same run around.

Jun 28, 2010 04:53 AM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

Jerry - I feel your pain. BOA will always have a sour taste in my mouth. They foreclosed on my seller client's house during the short sale process after we have offers on the property. The short sale department didn't even know it was foreclosed on. I had to tell them that. Then, no one would touch it leaving my sellers having to let go a part of history with BOA.

Jun 28, 2010 04:53 AM
German Panzica
Centerline Homes - Vero Beach, FL

I agree, they are the worst lender to work with now.  They have no regard for contract dates and schedule closings. 

Jun 28, 2010 04:54 AM
Lana Robbins Realtor ® Licensed Real Estate Broker
Aloha Kai Real Estate - Clearwater, FL
Licensed in Florida, Washington, and Hawai'i

Hi Jerry. I work with short sales on the buyer and seller side in Tampa Bay though not in the same transactions and have had some bad experiences with Bank of America with some short sales. I hope they improve and soon.

Jun 28, 2010 04:56 AM
Jerry Murphy, CRS, SRES
Long Realty West Valley - Anthem, AZ
Anthem, Phoenix, and Scottsdale AZ Real Estate

They've been promising they would get better, and this Equator system was supposed to "revolutionize" the short sale transaction.  But thus far it's been a bunch of empty speak on their part.  The problem is they, along with all of the other large banks, are still trying to operate their loan mitigation departments on the cheap. Not hiring true professionals to handle the transactions, because that would cost too much, and not hiring enough staff to handle the workload.  Again, because that would cost too much.

Jun 28, 2010 05:00 AM
Don MacLean
New England Real Estate Center Inc. - Easton, MA
Realtor-Homes for Sale- Easton, Mass 02356

When it comes to personal business they are one of the worst

Left them a long time ago

Never mind there own, what about what they call clients/depositors

Enjoy the day

Jun 28, 2010 06:10 AM
Cary Perkins
Windermere - Portland, OR

Amen, brother.  Don't get me started with my latest short sale adventure with B of A.  I'd like to hear from some B of A lenders.  Aren't they on Active Rain?  What do they have to say for their company?

 

btw, Hi Jerry!

 

Jun 28, 2010 07:41 AM
Jerry Murphy, CRS, SRES
Long Realty West Valley - Anthem, AZ
Anthem, Phoenix, and Scottsdale AZ Real Estate

Yes, I think someone should call out any lenders from B of A here on Active Rain to find out what the problem is over there at their company.

Jun 28, 2010 08:11 AM
Joe Hansen
Joe Mortgage - Precision Mortgage Inc. - Phoenix, AZ
Joe Mortgage Team

Being a loan officer here in Phoenix I am amazed how many people jump through the hoops and put up with what the big banks offer such as BOA and Wells.  So many mortgage companies have closed their doors it seems that many have chosen the route of convenience with a mortgage application but pay for it down the road ten fold when nothing gets done.

Jun 29, 2010 11:07 AM
Jason Watton
Realty One Group of Scottsdale, AZ - Scottsdale, AZ
Realtor - Scottsdale Arizona Homes for Sale

Here I was just hoping my latest buyer broker offer on a BOA short sale would be suddenly better.  I read your article and have to face the reality.  Who am i kidding??  Nothing seems to be changing anytime soon.  I'm going to suggest your post because I know there are professionals throughout the nation feeling the same pain.

Any update on Anthem's water prices doubling? 

Jun 29, 2010 07:06 PM
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

I think a few companies have cut their staff just a little too much to handle the workload....

Jul 12, 2010 06:56 AM