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When we sold in 2011, the young buyers were trying to use BofA. I can't remember for sure the total number of times they requested a closing delay (at least three, maybe four)... one of them within hours of the scheduled time. If we ever sell again I'm asking our agent if we can reject any offers that include BofA financing. And if we can't, why not? I remember several things we didn't look at because the sellers specified no VA....
The seller may absolutely refuse offers where the do not care for the lender in the letter. But, if that is your reasoning, you best have your agent tighten down the language in the financing clause so the buyer doesn't give you a letter from Bank X, only to change to the lender you do not wish to see. I haven't seen (normal resale) sellers require the use of a specific lender, but it would be reasonable (IMO) to stipulate seller's approval of mortgage company should there be a change from the lender letter presented. (I am surprised more sellers don't do this with all the problems in the past 5 years). I've had buyers in multiple offer situations and their offer is picked, not necessarily because they have the highest offer, but because the listing agent recognized my name or knew me. This is very common with local lenders.
The seller may absolutely refuse offers where the do not care for the lender in the letter. But, if that is your reasoning, you best have your agent tighten down the language in the financing clause so the buyer doesn't give you a letter from Bank X, only to change to the lender you do not wish to see. I haven't seen (normal resale) sellers require the use of a specific lender, but it would be reasonable (IMO) to stipulate seller's approval of mortgage company should there be a change from the lender letter presented. (I am surprised more sellers don't do this with all the problems in the past 5 years). I've had buyers in multiple offer situations and their offer is picked, not necessarily because they have the highest offer, but because the listing agent recognized my name or knew me. This is very common with local lenders.
Yup.
The thing is, no one fails ALL the time. No lender makes the process a nightmare 100% of the time.
And, no one is perfect.
But, I will take the lender who is 9.5/10 over the one that is 8.5/10, or miserable to work with.
BOA is among the worst. One of the weakest lenders you can present in a multiple offer situation.
Generally, commercial banks are poor mortgage lenders, IMO.
Some credit unions are complete amateur hours operations.
Show me three offers, one with a BOA preapproval, one with a Coastal Federal Credit Union prequal, and one with preapproval from any of a thousand other lenders, and we are likely to say, "Monty! Monty! Monty! I'll take Door #3!"
I like Mortgage bankers. They have one business: To lend money. The lending, processing, underwriting and funding are their sole source of business, so they tend to excel at it.
The thing is, no one fails ALL the time. No lender makes the process a nightmare 100% of the time.
And, no one is perfect.
But, I will take the lender who is 9.5/10 over the one that is 8.5/10, or miserable to work with.
BOA is among the worst. One of the weakest lenders you can present in a multiple offer situation.
Generally, commercial banks are poor mortgage lenders, IMO.
Some credit unions are complete amateur hours operations.
Show me three offers, one with a BOA preapproval, one with a Coastal Federal Credit Union prequal, and one with preapproval from any of a thousand other lenders, and we are likely to say, "Monty! Monty! Monty! I'll take Door #3!"
I like Mortgage bankers. They have one business: To lend money. The lending, processing, underwriting and funding are their sole source of business, so they tend to excel at it.
I agree, I would not go with Boa. I work for them and wouldn't.
I agree, I would not go with Boa. I work for them and wouldn't.
My condolences. I did time 2006 - 2008.
Their IT department use to patrol the boards to counter the bad posts. Not kidding. Make sure they cannot identify you. They have a nasty IT security group. They go thru the shred-it boxes for sport.
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