Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
This was posted in another thread, therefore, here we are.
Please share your B of A nightmares here and all you are dissatisfied about with this company.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
When I think of customer no service, instantly B of A pops up. Some time ago B of A was my bank. For some time I had a good personal banker that got things done and followed through. They promoted him and everything went down hill from there.
Needless to say I pulled everything I had in BofA and went to another bank that was happy to work with me.
SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
15y
BofA finally pulled through with our latest acquisition! We closed today on another investment property. It only took a month PAST the original closing date for BofA to pull it all together. Just imagine what they can do if you give them a year!
SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
15y
Originally posted by David D.:
So who IS good to bank with?
For personal banking, I like our credit union and USAA. Our LLC also does its business banking with our credit union since USAA doesn't offer business accounts (word to the wise).
However, for home mortgages and lending, I don't have an answer. They all seem equally inept. However, we did have a very good loan officer at Chase Mortgage a couple of years ago for an REO we purchased. He was knowledgeable, professional, and a class act. Unfortunately, he can no longer be found at Chase since he couldn't stand working for a bunch of morons, so he moved over to PNC Bank. That's where we'll go next as well.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
I'm using Sterling Bank and have been quite happy with them. They are friendly, no my name, there is no long lines, they try to find solutions and don't have lots of nuisance fees.
They treat me as though they value me as a customer. That was not the treatment received at BofA. BofA seems to be refining what customer no service means. In time there service level may bottom out somewhere below that of the cell phone companies.
Specialist · MA · Member since 2009 · 858 posts · 306 votes
15y
wow did this thread take a life of it's own.
We have an offer on a boa condo. we normally don't do condos, and this is reminding me why...started last YEAR. condo on market for 345,000 offer for 315,000 BPO came in 400,000. That's what they want. We pulled EVERY comp for 6 months and NONE are in 400,000 range except NEW CONDOS. Ya, well this one is a RESALE and needs work . They wouldn't budge, so we're pulling our offer and letting it simmer.
Agent said he's going to relist it at 400,000 to show them it wont sell there....
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Originally posted by smitnlit:
They are idiots.
I concur. On the flip side, they are also criminal geniuses figuring out a way to not lose a dime and even make plenty of dimes for each sweetheart foreclosure deal from the government.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
I am quite surprised that a few people have quasi defended BOA on this thread. Perhaps they don't suck as much in certain area of the country. This is hard to fathom since they make you call people all over the place to get simple things done instead of dealing with a local banker!
SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
15y
Originally posted by Bryan Hancock:
I am quite surprised that a few people have quasi defended BOA on this thread. Perhaps they don't suck as much in certain area of the country. This is hard to fathom...
Bryan, no matter how big, inefficient, or incompetent a large organization appears to be in general, the select few that you actually deal with will make all the difference in the world.
For example, most of the airlines have a terrible reputation for customer service. They're even assigned scores by J.D. Powers or something. But when it comes right down to it, it's the ticket agents and in-flight crew you come into direct contact with that will determine your experience. Take a big airline like mine (run by complete morons) but find a pleasant crew to fly with and you'll enjoy the flight. Take a carrier like Southwest Airlines, known for great service, but run into the wrong employee on the wrong day and you won't care WHAT their rating is, they'll ruin your trip.
As I said above, I didn't have a problem with the tellers and other employees at our local BofA branch. They were very pleasant and professional. Unfortunately, I wasn't just dealing with my local branch, I had the rest of BofA to contend with.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
Yeah...the branch people were pretty good when I used to bank a bit with BOA. The problem is that the higher-ups are trying to push EVERYONE into the "retail" relationship with the bank and they don't care about small business owners. If you are working and trying to run a business you don't have time to sit in line for 30 minutes to talk to a banker. You also don't have time to call 12324 people on the phone and get routed around for days to get a JV account set up because they don't know how to handle it without state filing information.
I also needed some letters of credit and other things a few times and it took a United Nations resolution to get it done. The bankers at BOA may be friendly, but they are not bankers IMO. If you want to find a real banker you go to a local bank and find someone that has been doing it for 20 years that can actually make decisions about credit extensions.
IMO one of the main reasons we have this repression right now is because of all of this compartmentalizing of stuff and incentivizing lenders to sell financial products instead of retaining them on their own books. BOA is one of the chief advocates of this obviously stupid banking and lending model.
Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
15y
Sorry everyone but my credit line with them is the best thing to happen to me. 3.4% with just a click of a button. Someone was talking about reserves, well, this is my reserve acct. Need a roof, there it is, pay back from rents when convenient. They will also refi my condo when credit unions won't touch. Refi w/o employment check, just a drive-by.
I feel your pain and understand though.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Originally posted by Jeff Sielicky:
Sorry everyone but my credit line with them is the best thing to happen to me. 3.4% with just a click of a button. Someone was talking about reserves, well, this is my reserve acct. Need a roof, there it is, pay back from rents when convenient. They will also refi my condo when credit unions won't touch. Refi w/o employment check, just a drive-by.
I feel your pain and understand though.
That may be true Jeff, but you failed to mention the fact that they are holding your first born as collateral! :mrgreen:
Sandy Springs, GA · Member since 2011 · 126 posts · 31 votes
15y
I had a meeting with a realtor yesterday and they had a B of A rep in the office. They have investment loans at 10% down payment. The lady was pushing for a pre approval but I remembered this thread and wanted to see what you guys thought.
near Philadelphia, PA · Member since 2011 · 78 posts · 33 votes
15y
Originally posted by Eduardo Austin:
I had a meeting with a realtor yesterday and they had a B of A rep in the office. They have investment loans at 10% down payment. The lady was pushing for a pre approval but I remembered this thread and wanted to see what you guys thought.
near Philadelphia, PA · Member since 2011 · 78 posts · 33 votes
15y
Originally posted by Will Barnard:
I doubt it, no MI with 10% down would be slim.
I doubt it too. But unless there IS something "special" they are offering with this 10% down, BOA has had 10% down investor programs on my rate sheets for years - for anyone wanting to pay the obnoxious rates.
But I would tend to believe BOA will give a buyer hell in getting such a loan closed. In the end, they will find some reason why the loan is now denied.
Real Estate Investor · Milwaukee, WI · Member since 2008 · 1k+ posts · 671 votes
15y
I just got a call from a broker who I have to SS offers in with. I guess they are asking for the articles of incorporation for the two LLCs I wrote the offers from (they do not exist yet). I always wait to form the LLC until I have an accepted offer because it costs money and each llc has a name that is property specific.
The realtor has now told me that I should submit it Jeff K. or his assigns. I did this on the last B of A short sale, but according to most on BP this doesnt fly.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Originally posted by Jeffrey K.:
I just got a call from a broker who I have to SS offers in with. I guess they are asking for the articles of incorporation for the two LLCs I wrote the offers from (they do not exist yet). I always wait to form the LLC until I have an accepted offer because it costs money and each llc has a name that is property specific.
The realtor has now told me that I should submit it Jeff K. or his assigns. I did this on the last B of A short sale, but according to most on BP this doesnt fly.
You heard right, it does not fly and this agent may not know hat they are talking about. If it does fly, TAKE IT! That gives you the easy option to assign/wholesale.
Real Estate Investor · Milwaukee, WI · Member since 2008 · 1k+ posts · 671 votes
15y
I had one work like that 2 months ago with B of A. I went ahead and had the llcs made today and will keep the original offer as is. Will let you know how it goes.