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...

[Steve Babiak]

Originally posted by Brad P.:

Had a similar BOA requirement for a house we just looked at yesterday. Wanted to put in an offer but was told "bank is only considering cash offers." Why not put that in the description instead of requiring pre-approval through them?

"Cash only" because lenders won't give a loan due to the property's condition (either missing kitchen, bath, heating system, etc.).