Replies to This Discussion

Permalink Reply by Sheila Vardakis on January 25, 2014 at 3:49pm

Yep sure have dealt with this and not just with BOA.  Just be sure to get them what they need because they won't move the file without it.  I can't believe some of the requests they make. 

Permalink Reply by Fred Bauscus on January 27, 2014 at 8:59am

Any time you feel like you're getting the run around or an unreasonable request, escalate it.  866-880-1232, option 5.  A signed letter from the bank stating the buyer has the funds to close should be sufficient.

Permalink Reply by Kathleen Sheridan on January 27, 2014 at 10:50am

Thanks. I have escalated,  I got a call back from the same contact person. She advised me that management has confirmed that the new regulation is that BofA will only accept a signed and dated bank statement showing the funds needed or a pre-approval letter, no credit line bank statement showing funds available, no letter from the bank stating that they buyer has the funds available. 

Permalink Reply by joe beauchamp on January 29, 2014 at 1:25pm

Thanks for the info about the new reg at BofA. Yet they will take a worthless doc called a pre-approval. Silly banks.

Permalink Reply by Kathleen Sheridan on January 29, 2014 at 3:38pm

Silly indeed. It did help a bit to contact the @BofA_Help people. The rules don't seem to have changed, but my file is moving forward. Waiting for what is next.

Permalink Reply by Michelle Schieffer on February 28, 2014 at 12:47pm

Hi Kathleen, 

Yes...just today. I have been asked by my negotiator on my short sale to provide a pre-approval letter and proof of funds in the Buyer's name that equal the purchase price. The buyer is using gift funds and has not transferred the money into her account yet. The buyer's lender is stating that this should be sufficient for the bank and they should stay out of that part. WOW right?!!! Not my lender...My bad, was I received an equator message that stated Pre-qual letter OR Proof of Funds.

***Here is the actual verbiage: (Documents needed Hello. Please provide a purchase price addendum and HUD showing new purchase price and buyers prequal or proof of funds. Please provide within 48 hours to avoid any further delay or possible decline of your file. ***

I saw Pre-Qual OR proof of funds, and thought oh goodie...I can just upload the pre-approval letter to equator (AGAIN) but...Daaaaa.....it was not for the full purchase price of the house. It was for $280k and the purchase price is $355k So I had a moment of a big DA! on my behalf. So now, the bank came back asking for Proof of Funds for the difference. 

The buyer is going to put the money into the account from the account with the gift funds no problem, and it will all work out for the 48 hour time frame the bank gave me, I just wanted to respond to your post and share my experience. I really have should and already know to make sure that the pre approval and the pof match up, I just had a moment, and in the past, BofA has been a bit more lenient on that in a few of my cases.

In case anyone wanted to see here is the actual verbiage from BofA:

***RE: Documents needed Hello. Thank you for providing the documents, however, the purchase price is $355,000, the prequal letter is for $280,000 so I need the proof of funds for the down payment amount, the difference from $280,000 to $350,000. Please provide within 48 hours to avoid any further delay or possible decline of your file. ***

It is all pretty self explanatory, but I have had so much help and gotten so much advice from this site and group, I am going to start putting in what I know and learn too to help others out. Thanks to everyone...!

Good luck Kathleen and my rule of thumb is always have the client know that the money they are using must be liquid (cash in the bank) just my quirky thing..