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?

Views: 51

Replies to This Discussion

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!!!

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.

RSS

Discussion Forum

Sellers Concerned About Extent of Credit Damage

Started by Ricky O. Gibson, Sr. Last reply by Aileen Potter Jul 30, 2013. 8 Replies

FHA Short Sale List at the Payoff Amount! Huh?

Started by Terrence D. Langford Mar 25, 2013. 0 Replies

BOA and POF's

Started by Smitty. Last reply by Aletha C. Hicks Jan 26, 2013. 6 Replies

Chase HAFA ?'s

Started by Dawn Rupersburg. Last reply by Aletha C. Hicks Jan 26, 2013. 1 Reply

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service