Bank of America (documentation, agent, banks, lawsuits)

[sueinge]

Has anyone had trouble closing a home with Bank of America? Our buyers are using them, and my real estate agent on the home we are buying told me that BOA is hard to deal with and probably won't close in time! YIKES!!

[bentlebee]

Which bank is easy now a days! If you have a good credit score, and can make 20% down payment, I guess it will make the process much easier.

[Mike Peterson]

Originally Posted by sueinge

Has anyone had trouble closing a home with Bank of America? Our buyers are using them, and my real estate agent on the home we are buying told me that BOA is hard to deal with and probably won't close in time! YIKES!!

With each bank having many different underwriters, different buyer situations each particular closing could be different.

I just closed one with 5th 3rd bank that was slow closing but in talking to my title company she said she had never had a delay with 5th 3rd.

I did not have a problem with B of A the one time they were involved in one of my transactions.

Originally Posted by bentlebee

Which bank is easy now a days! If you have a good credit score, and can make 20% down payment, I guess it will make the process much easier.

If you stay on top of things and get the processor what they need in regards to documentation in a timely manner then it can be very easy. Even if you aren't putting 20% down.

[bentlebee]

Wacovia and Washington Mutual are doing very bad, the rumor is that JP Morgan is going to take over Washington Mutual. At least I think BoA is one of the safer banks....I hope so.

[palmcoasting]

Like Mike has said... it really depends on the processor and underwriter. I had a couple of loans close with no trouble at all and then came upon a deal where the buyer ended up losing the house because the processor at BOA had NO clue what she was doing.

[Rakin]

Awhile back BOA ran a special and they were swamped. They were delaying closings up to 2 weeks cause they couldn't get the work done.

Maybe they've cut staff.

[rcarrillo]

Originally Posted by bentlebee

Wacovia and Washington Mutual are doing very bad, the rumor is that JP Morgan is going to take over Washington Mutual. At least I think BoA is one of the safer banks....I hope so.

I thought BoA was one of the safer and smarter ones too, until they bought CountryWide.

One of the biggest problems to come will be with those banks that have large portfolios of Option ARMs. Those include WAMU, Wachovia and CW... which is now BoA's problem.

[jaindow]

Originally Posted by rcarrillo

I thought BoA was one of the safer and smarter ones too, until they bought CountryWide.

One of the biggest problems to come will be with those banks that have large portfolios of Option ARMs. Those include WAMU, Wachovia and CW... which is now BoA's problem.

Yeah, I agree there. I am a bit worried what may become of B of A now that they acquired CW. I read that B of A anticipated having to deal with lawsuits against CW, but I get the impression that more states wanting to go after CW so I wonder in B of A underestimated the # of lawsuits that may be coming. I guess it will all really depend on the outcome of the first couple. I guess we'll see.

[Donn2390]

Bank of America "Stole" CW..! Don't worry about BofA, they will win big time..!

[olecapt]

Just ran a little one with BofA on the buyer side. Delayed it at least a week over nonsense. Had to produce legal documents on a suit that did not involve the house. Pain. And then they teamed with an imcompetent escrow officer to stall it another few days.

My poor seller is holded up in rural TX/AZ with a busted truck and trailer. And these turkeys shut it down just for the hell of it.

I will certainly keep any buyer away from BofA.

I recommend it to all agents. You have to grin and bear it when they do you....but get even...I suspect over the next five years I will nail BofA three or four times...