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.