09-09-2010 10:06 AM
now four months into it. we have to get a Structural, Roof, Electrical, Plumbing inspection. and dont forget this house was built in 2006. i would hate to see what a house on the 1980 would have to go through seeing there would probley be alot more problems. i can not beleive what this bank is doing. it is rediculous.
09-12-2010 08:47 AM
I would think if the property was REO and a lister got a copy of the items, that THEY should take care of it since the motivation to unload the property is on them, and nobody has an obligation to buy the thing since there are no sellers living in the property who can try to strangle the buyer's contract around your neck.
Unless this isn't REO. Did you even have to put a deposit down on this? If not I would just walk away from it and then call BOA and tell them you're dumping them and going with someone else and just start over. If BOA had pre-approved you that probably means any mortgage lender will also approve you.
09-18-2010 02:39 PM
Since its a FHA loan. and keeping the same house. The earnest money we did not lose or the appraisal that we already paid for. The new lender is only making us get a HVAC inspection which I thought that was what BOA would do. They also told us they could close us with in 3 weeks. We are one week in. Thank goodness we finally got away from BOA we spent to much time with their bs. Thanks everyone for all the advise. Next time we buy we will know what to do. lol
09-21-2010 02:46 AM
I feel for you. I initially applied with boa and I had nothing but trouble and this loan was for a brand new house lol. After two month or so, I switched to a local credit union as a lender and got my loan in two weeks and closed a week later. After that experience with boa I closed my checking and saving with them. I'm glad ithe process is over for you and enjoy your new home.
09-26-2010 06:40 PM
Wow, what a mess. Congratulations on your new home purchase!!! I am very surprised that you as the buyer have to do the fixes before closing; sounds like there could be some legal issues there. Imagine a circuit catching fire and the house burns down with 3 neighbors homes along with it (it's been a dry summer you know) when the bank told you (their client) to do this; whose liable? Not to mention, the personal injury exposure. I don't know who would be more vulnerable, the selling bank (owner) or your bank (BOA)? When BOA mandated that it be fixed, what did the selling bank say? And did you get to negotiate a deeper discount having fixed the house yourself before you bought it? Until reading this example, it never occurred to me how circular this procedure could be... wow.. Oh, and by the way; if the proverbial house burned down, I wonder if the bank had Home Owners Ins..??... Hmmm.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.