First time dealing with BOA!!!

[James Roberson]

Has anybody heard of Bank of America requiring the buyer to get a pre-aproval letter THRU them (boa)? It is an reo and just hit the market.
So I want to make an offer. I'm pre-approved from another lender. Now I have to waste time with this. I can't wait to see what they want to charge for this forced process. Seems unfair!! I'll know more tomorrow...

[James Roberson]

Ok. It's time for an update!!
I have it under contract and I'm closing on or before Sept.15th. (asking 159K) I offered 143k(ARV 190K)and they pay $3000 twards closing costs closing in 15days with a $2000 EMD. Surprisingly they quickly countered.(the next day!) Their counter was that they couldn't close that fast and needed 30-45 days. LOL. I said fine. I was notified that there were mulitple offers and was that my best and final. My BA was freaking out and advised me to re-think my offer I said "calm down" and that was my final. If I get it then great if I don't oh well!! She also told me that the banks don't negotiate or pay closing. BP helped me show her different.
BofA requires that they pre-qualify all non cash offers on their REO's. This was a ploy to get my business and I must say they were very competitive. At one point I almost used them. Hey they offered me $2100 at close.(very enticing) But went to a smaller 3 branch bank with the satifaction of knowing that my loan is and will stay local. That is important to me!!
I would like to thank everyone on BP for the discussions posted. This website is better than any guru course out there! Now! On to the next contract!!