An open letter to Bank of America - This is how you do business?

Real Estate Agent with Coldwell Banker

Dear Bank of America,

I don't get it!  How is it that you stay in business?  How do you expect to keep your customers or possibly grow your customer base?  I just don't get it!  As a realtor and as a consumer it continues to completely befuddle me!

When a client comes to me wanting me to recommend a big bank to talk to in regards to getting a loan to buy a house - Bank of America is the last place I'd recommend.  The service I've seen is abissmal.  Rudeness to clients, slow processing times, and a basic attitude that says to everyone "if you don't like it go somewhere else".  I've had loan officers tell me flat out that there is no way they can close in 45 much less 40 days.  Are you kidding me?  What a contradiction to how Bank of America handles transactions when they are on the other side - as sellers of foreclosures or approving a short sale.

Speaking of foreclosures . . . I am just closing a Bank of America owned property in which I represent the buyer.  During the negotion process in which we had to have changes to the contract because of the appraisal, Bank of America response times have been slow and slower.  The buyers lender lost about 2 weeks because of the time it took Bank of America to respond.  And in the world of FHA loans those 2 weeks mean the difference between closing on time and not closing on time.  So of course when we got down to the closing date it got dicey.  My lender got their package to title a couple of days early but it "wasn't enough time" for title and Bank of America to do whatever it is they have to do.  So when we did an extention of time addendum - Bank of America told us if we didn't close by 10/28 they would cancel the contract.  To make a long story as short as possible - we closed on 10/31 and my clients took possession.  Well now I am informed that Bank of America will not pay any of us our commission unless I get me clients to sign an extention of time to 11/1/11 even though we closed on 10/31/11 (we did do an extention to 10/31/11).  HUH?  Do you know how foolish this looks to a client.

Short sales?  Well some things have gotten better but it is still far from a smooth running operation.  I got an all cash buyer into contract with you over 2 months ago and today we are still in limbo.  My buyer wants to close ASAP but Bank of America seems to think there is no hurry whatsoever.  When Bank of America took ownership (they actually bought this property from Fannie Mae) the deed was not done correctly.  I suppose this happens but now what is the delay.  Apparently the deed has been fixed but Bank of America can't seem to go to the trouble of getting the paperwork over to the title company who has had this on hold for 2 months.  What kind of message does this send to my buyer who has CASH for a distressed property yet Bank of America doesn't seem to want it!

All this and now they want to charge their fees to use their debit cards to  CUSTOMERS who give them money to hold on their behalf!

Bank of America . . . I got to wonder how in the heck you stay in business.

Posted by

Scott Jones - Jones Real Estate Group

Tahoe City, CA.

Comments (4)

Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

I must admit to trouble when my client used B of A to buy their foreclosed home owned by B of A.... I must admit to not being impressed.

Nov 01, 2011 02:54 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

BofA may be the worst of the bad, but it's a very crowded field.  When it comes down to substance, the primary activity of banks is supposed to be to keep track of money, either theirs or someone elses.  Most third graders are probably capable of outperforming most banks in that respect.


Nov 01, 2011 03:05 AM
Scott Jones
Coldwell Banker - South Lake Tahoe, CA
Lake Tahoe RE Specialist

Hmmmm!  Bank of America just announced they have dropped their plans to charge their clients a monthly debit card fee.

Nov 01, 2011 05:42 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Perhaps they will be charging a weekly fee.  Nothing would surprise me.

Nov 01, 2011 09:25 AM