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?
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.
But I don't think it is right for them to act such way. I mean, aren't they working for the peopel of america?
Escalate the issue to their superior. Its pretty common to use an investment account balance as a POF.