Friends Don't Let Friends Do Business with Bank of America

By
Real Estate Agent with The Berkshire Group Realtors
https://activerain.com/droplet/FDv

Friends Don't Let Friends Deal with Bank of AmericaWarning: This Post Has No Warm and Fuzzies Read at Your Own Risk!

Bank of America was once the "go-to" bank of choice for most lenders because they were efficient and easy to deal with. Bottom line they got the job done.

Those days have long past!

As a real estate broker I have nothing but unbelievable tales of woe, every time I have the misfortune of dealing with Bank of America. The system is laden with bureaucratic weight and nothing they do is based on common sense or in the best interest of the consumer.

Recently I had a buyer terminate a contract for a short sale she was purchasing after waiting over 5 months for an acceptance. She was a strong, well-qualified buyer purchasing a home that needed extensive work. At one point she was told her offer was accepted by Bank of America so she spent money having the home inspected. The inspector told us this was home was in the worst condition he had every seen. Still the buyer was fine with the condition of the home and wanted to proceed.

After waiting yet another month, we were told by the listing agent that Bank of American now wanted anther $3000 for the home. Plus he now had a cash offer from another buyer.

Does this sound like extortion? It did to me. My buyer wrote an offer in January. In April a Bank of America negotiator approved the sale at a price $500 less that what the buyer had offered. As soon as the listing agent figured out the mistake he said we couldn't have it for that price but we could have it for the price she offered.

Over a month later Bank of America now wants more money.

Who is in charge here? How can Bank of America make a deal then go back on it? What ever happened to integrity? Why don't they have to stick to their word?

Why? Because Bank of America Doesn't Know What They Are Doing.

My buyer was very bothered by this. She made an offer on this property, waited for approval when received she spent her money on inspections, knowing full well the house was being sold "as is." Yet now after tendering all the documentation required yet this meant nothing to Bank of America.

Frustrated, annoyed and dejected the buyer decided to move on with her plans. She terminated her contract. Over 5 months of frustration she said, "enough is enough."

Bank of America you received bail out money. Tax payer money, money that my little Grandchildren will be paying taxes on when they become productive citizens. Do you really feel this is the way to treat the taxpayers who support your business?

It has been said "The truth is stranger than fiction." When dealing with Bank of America I believe this to be true.

Have you had a bad experience with Bank of America? Tell me about it here...

 

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Ambassador
2,286,324
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Krystal, I haven't had a client try to finance with Bank of America in a while...  

May 30, 2012 01:15 PM #1
Rainmaker
4,001,967
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

This is very sad that the big banks, and especiall B of A does this to buyers!     With all the monies they received from the government one would think they would be a bit more lenient!

May 30, 2012 01:38 PM #2
Rainer
129,154
Insurance Solutions Unlimited,LLC
Insurance Solutions Unlimited, LLC - Winter Haven, FL
Insurance Solutions Unlimited,LLC

very sad that they would do this. it cost them more money to keep dragging this out. why wouldn't they want to just sell the home...

May 30, 2012 09:24 PM #3
Anonymous
Jay Valento

I have two short sales in escrow now.  Both with B of A and they are taking over 5 months each just to hit the print key and print an approval letter.  I wonder If they need a class on how to do that.  One is my listing and the buyer is all cash....seems like a no brainer since I had it approved before and the previous buyer walked....plus they get an extra 5k with the cash buyer...

Jul 10, 2012 08:45 AM #4
Rainmaker
686,609
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

I had a cash buyer on a short sale with 2 BofA loans. The listing agent never heard "boo" from them. After several months, my buyer walked. Actually, the listing agent told us to move on. I was reluctant to because my buyer really wanted this piece of property, but...

Jul 20, 2012 04:51 AM #5
Rainmaker
14,056
Tracy Coles
Atlanta Communities - Roswell, GA
North Metro Atlanta Associate Broker

I would go so far as to suggest that B of A is little more than legalized organized crime.  I work with a Broker who specializes in REO properties.  They make up their own rules and seem to have no recourse.  In fact, at a recent convention they announced that they would be holding off on releasing REO product until after the election, whereby artificially stimulating the housing market in areas where foreclosure is still rampant (we're in Atlanta). Hmnnn... I wonder what's in it for them? 

Jul 23, 2012 03:11 AM #6
Rainmaker
783,204
Kerry L Klun, Broker/Owner
Palm Realty - Melbourne, FL
321-626-5868

Well, it had to be said!  Bank of America has earned such a horrible reputation that honestly, I don't know why someone in that institution hasn't taken notice and at least made the effort to TRY and correct some of the many grievances that the public has.

Jul 25, 2012 11:18 AM #7
Rainmaker
448,297
Kelly Young
The Platinum Group Realtors - Colorado Springs, CO
Colorado Springs Real Estate ~ 719-226-0126

Agreed Kristal.  I have buyers get a backup lender if Bank of America is invovled because of the bad experiences of others.  It is disappointing that this has not been improved on or seemingly addressed.

Oct 02, 2012 05:58 AM #9
Rainmaker
755,457
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Krystal:

First off, what the h-ll does a soup receipe have to do with Bank of America? REally....that guy can be wacko!

I think all the banks are a rip off in one form or fashion. I just had a more regional bank take my home equity line payment out of my account an apply it to a loan my partner has with the same bank. Because we are BOTH on the checking account the bank has the right to take half the money. WTH? 

We got that mess disconnected so that will not happen again. (Partner walked away from the property and the bank refuses to foreclose on the property..what a mess!)

Was going through my blog roll this evening, and noticed I had not seen you in awhile. Did you get super busy or lose your blogging mojo?

Hope all is well and you have a Happy Thanksgiving.

 

Nov 21, 2012 12:36 PM #10
Rainmaker
712,204
Jane Chaulklin-Schott
TEAMCONNECT REALTY - (407) 394-9766 - Orlando, FL
TeamConnect Luxury Homes - Orlando, Florida, 32836
This is an interesting blog on BOA - one of the many players involved in the financial crises we all suffered. I note that you wrote this in November 2012 - six months ago. However, it has piqued my interest and I am going to do a little research. Has there been improvement in BOA in regard to real estate business relations in the last number of months. If so, what? And, how much?
May 23, 2013 10:03 PM #11
Rainmaker
1,675,236
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi Kristal, Have I ever told you how much I hate Bank of America? If not, "I hate Bank of America" and I have to say there were improvements and now they are as bad as they were in 2009.

Aug 16, 2013 01:42 PM #12
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Kristal Kraft

Selling Metro Denver Real Estate - 303-589-2022
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