Short Sale Specialist Network

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BOA and POF's

I have an offer in on a property. Cash offer. BOA rejected his investment account as a legitimate way to pay for the property. I've had previous BOA offers and they allow a POF letter from the manager of the bank. I had financial planner write a letter that he has the funds in his invesment account (WHICH we've already showed them) - They said it wasn't good enough. I've never had this happen so I'm at a loss. I'm being told they want to see it in savings or checking...

I feel like this is a bit discriminatory. Is BOA too lazy to call the phone number on these POF's and make sure the buyer HAS the funds?

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 29, 2011 at 7:49pm

http://preforeclosuredailygrind.com/2011/03/what-bank-of-america-wi...

Permalink Reply by Dan Hawkins CRS SFR CSSG CDPE on March 29, 2011 at 7:50pm

I had a negotiator at BOA reject a bank statement and demand a letter from bank that the funds are there. It was a Wells Fargo checking account. They are getting real tough. I had $2000.00 deposit into escrow and had Title Co show receipt of funds and he still wanted to see a verification of those funds, crazy!!!

Permalink Reply by Phil Sotelo on March 29, 2011 at 7:52pm

You're better off just showing them what they're asking for. I usually black out the account number for clients privacy. Just a thought.

Permalink Reply by Smitty on March 29, 2011 at 8:15pm

Well the buyer can't just generate a fake banking account. I've had a discussion with the financial advisor who says the funds can be pulled out of his investment accounts at any time.

To me, this is BOA just being to lazy to call a phone number.

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