Bank of America RIP
This is a tale of misplaced loyalty, abuse, incompetence, anger and hours of wasted time.
Yes, we had a closing today, Friday. It was the closing that was scheduled to happen yesterday and before that on Tuesday, before that on Monday only because the lender couldn't get their act together and quite frankly didn't care.
The details are long and gory, no consumer should ever have to be treated with such a lack of respect.
The slide downhill begin when the buyers who purchased my listing announced they wanted to use Bank of America to fund their home purchase. Collectively the selling agent and I both groaned because we knew their choice was not a wise one.
Gently the buyers were informed and encouraged to rethink their position, but they felt ties to the lender who most recently couldn't approve the previous purchase (a short sale) that was also held by Bank of America. (Huh, does anyone detect a little inbreeding here?)
Perplexed that the buyer didn't recognize a problem when it just smacked them in the face, I still had no power to persuade as I was the listing agent, not the selling agent. The buyer's loyalty was admirable on their part but soon proved to be sadly misplaced.
As the transaction progressed, normally easy to meet deadlines were not met. The appraiser called to set an appointment the night of the appraisal deadline.
Ouch! Had the buyer realized the peril this put them in? What if we had a backup offer on the house (which we easily could have had) we could have let the deadline expire and the buyer would be back on the street looking for a house AND out their $6500 tax credit.
Strike one for Bank of America for putting your consumer at risk, all because of one simple little date.
Strike two came later when the Appraiser was unfamiliar with general construction called for a very expensive engineer's report. Ouch Ka-Ching more money out of the pocket.
When the condition was removed someone failed to give the appraiser access to the file to delete the condition, another day was lost and another deadline not meet.
Was this someone's first Rodeo?
As buyers meet the conditions, the final approval was not forthcoming. On the first day of closing the Bank of America, the staff refused and/or failed to answer phone calls or emails. In fact, they refused all communication. Thankfully we weren't all sitting around the table. This continued for 4 more days.
Finally Friday all the funds came together. We gathered around the table to close, it took 3 hours to close what used to be a 1-hour closing. As it turns out the docs have to meet with final approval once they are signed.
Of course, the person at Bank of America was out getting a hot dog, so we waited. The world stopped because Bank of America is so inefficient, so careless, so irresponsible, so unreliable, so poorly run and what's worse they don't give a damn about the people who they are there to serve, their customers.
Well, today the loyal customer acknowledged Bank of America failed.
The tipping point will come soon, one family after the next will discover what many already know, and they will refuse to do business with Bank of America.
And BOA will go away.
Read other stories about dissatisfaction with Bank of America:
Bank of America and Short Sales
Bank of America Exec Starves to Death at REALTOR Banquet _ Sweet Sarcasm