Considering a Bank of America Mortgage? RECONSIDER IT

If you are talking to Bank of America about getting a mortgage, do not take one more move forward until you finish this.

I represented a seller of a lovely, well priced, well maintained home. Everything was moving along fine and we were right on schedule to close in 3 days when I got a call from escrow on the day that loan docs were suppose to be drawn. Bank of America had reviewed the termite report, which the buyers had received ten days earlier and noted no Section 1 work and some minor section 2 work. Now, in order to draw loan docs Bank of America needed the Section 2 work done and the 4 year old roof certified. REALLY?

So we schedule the Section 2 work, and since the seller’s husband, now deceased, hired the roofer and the seller didn’t know who that was, we had to find someone to certify the roof. While all of this was going on, the buyer’s agent tells me he hopes this can get done soon, as his buyers had a trip planned for outside of the country in a week.

After finishing the Section 2 work, I suggested that that the buyer see if the bank would move that condition to prior to funding instead of prior to loan docs so the buyers could sign and leave on their tip and all we needed was the roof cert, which we expected to get as soon as the roofer was available. It was my understanding Bank of America agreed to this change a week prior to the buyer’s trip. So now we’re waiting for loan docs to be generated and a roof cert.

On Friday morning, two days prior to the buyer’s trip, we produce the roof cert and I’m told that loan docs are expected. By 4 o’clock I’m told that there won’t be any loan docs that day, MAYBE Monday. So one of the buyers decided to wait until the home closes to join the rest of his family on their trip and gets a Power of Attorney from his wife. Escrow asks the loan officer at 1:28pm on Friday whether B of A wants a general power of attorney or a specific power of attorney. They offered no response, but the Title Insurance Officer said a general would suffice for their purposes.

At 9:53am on Monday morning, after the buyer who signed the POA has left the country, the loan officer emails escrow that Bank of America needs a “specific” power of attorney rather than a “general” one. ARE YOU KIDDING ME??? So the buyer joins his family in Costa Rica days after they got there.

Once back another 3 weeks went by with excuse after excuse. Finally the buyers approached a lender who had closed some fast loans, and Nov 1^st we closed with the new lender. You know B of A even called about mid October asking for more documents, promising to close in a little while. Unbelieveable!