Bank of America is a Nightmare to Deal With for R.E. Investors

[Corey Dutton]

For real estate investors who are trying to get a deal from the bank, the worst bank to deal with is Bank of America. It's a wonder that B of A is able to get REO properties sold at all, given the extraordinary amount of time it takes to get anything through their complex processes. The people that Bank of America has employed to handle this task are underqualified and dense minded, most of them seem to be recent college graduates with degrees in Anthropology.

For any real estate investor or lender who is reading this and have also had experiences dealing with Bank of America, the stories you could share are stories of insanity and frustration. There are certainly no master minds behind that behemoth bank, and the cogs in the wheel that they employ are far worse for business. Bank of America exemplifies a broken banking system that fails to deliver time and time again, and in more ways than just how they handle their REOs.

Now that I've shared my rant on B of A, (and I feel better now actually), please share your own stories of dealing with B of A and their REO process. As a lender, I am obviously very frustrated.

[Deborah Smith]

When we bought our primary residence, it was a BofA REO... they, of course, required that we get pre-qualified through them in order to make an offer. Well, surprisingly, their fees were not bad so we decided to use them as the lender as well. Get this - they could not fund in time to close on their own sale, so we had to switch lenders at the last minute in order to close. I realize they're different divisions of a large company, but that just had me laughing... AND... then they purchased our loan a few weeks after closing.