Financing in Concord>Question Details

Caden, Home Buyer in Concord, CA

Bank of America Appraisal Issues anyone

Asked by Caden, Concord, CA Wed Jan 20, 2010

Does anyone have issues with B of A appraisals? My realtor had a bad experience with their (landsafe) appraiser not knowing the local market, he is not reccomending B of A. My experience of getting a pre-approval and getting answers to my questions were great with B of A. Before I go any further with them I would like to see the appraisal is a problem.

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17
Slowfoodisgood’s answer
Our mortgage was with BofA and we recently sold. Glad to be rid of them. Tried doing the modification process and it took them from June 2011 until February 2012 to tell us "no" ... after spending countless hours a week supplying mounds of paperwork and data.
0 votes Thank Flag Link Tue Jul 17, 2012
BEST ANSWER
Caden,
We have done an number of deals with B of A and haven't had any issues with appraisal. I would suggest your agent pull comps in the area and have them ready for the appraiser when they come. Hopefully your purchase price is supported by the comps. When you're dealing with out of area appraisers it's best to help them out as much as possible.
Good Luck
Web Reference: http://www.jscarealty.com
0 votes Thank Flag Link Wed Jan 20, 2010
I am having a bad experience with them.....sold my home as a short sale over a month ago and still did not get an appraiser here to estimate the value of the house. They said they tried to call me but can't reach me. I've had this cel phone for 8 yrs and it's the same tel no. So I need to go there today in person. They are not as professional as they say they are and they do not follow through. I will not use them again and will even change my bank accounts once I move in July.
0 votes Thank Flag Link Tue Jun 26, 2012
I am having a bad experience with them.....sold my home as a short sale over a month ago and still did not get an appraiser here to estimate the value of the house. They said they tried to call me but can't reach me. I've had this cel phone for 8 yrs and it's the same tel no. So I need to go there today in person. They are not as professional as they say they are and they do not follow through. I will not use them again and will even change my bank accounts once I move in July.
0 votes Thank Flag Link Tue Jun 26, 2012
I wouldn't use B of A if it was the only bank in town after the experience with their home appraisals. They denied a second appraisal of my home for the buyer after dinging us for 15K and then refused a reconsideration. They did not include upgrades and selected low comps out of the many available. It is the same story from other realtors AND from other appraisers who are blacklisted for appraising too high. Go with a Credit Union or qualified mortgage broker over any bank already in trouble for foreclosures and bad loan deals.
ally
Arizona
0 votes Thank Flag Link Thu Jun 9, 2011
Hi Caden-

I hope you went on to have a good experience with BOA b/c I am having an appraisal issue with them right now. They appraised the home I am trying to purchase at $30K LESS than the agreed upon sale price. I am in NY and the home prices did decline somewhat but the agreed upon price is not way off the charts when put up against comps in the area. Both my BOA loan officer and real estate agent were completely shocked by the value. My loan officer is sending the appraisal for internal review along with additional comps that my realtor sent him so now we have to wait to see if the appraised value will change at all since the seller will not drop the price $30K. The appraiser was sort of from the local area but not close enough to really know the local values I think. Hope you have better luck!

P.S. - I knew someone that had the same issue when their BOA appraisal came back $60K less than their agreed upon price but I still chose to go with them for the same reason you did - the ease at which we were able to get our pre-approval and commitment letter from them.
0 votes Thank Flag Link Thu Feb 18, 2010
Caden,

Your agent might have had a bad experience on another listing and could be a little bitter because the deal was unable to close. I wonder how he came to the conclusion that the appraiser did not know the local market? You should go with the bank that you are the most comfortable with. As a buyer, you want an appraiser that will thoroughly inspect the property and scrutinize the comparables sales in the local market to ensure that the home is worth what you are spending.

Regards,

Mark DeWitt
Bank of America Home Loans
San Diego, Ca.
858-212-7054
Mark.DeWitt@bankofamerica.com
0 votes Thank Flag Link Sat Jan 23, 2010
Caden,

There are many problems with appraisal issues nowaday while applying a loan. There is nothing to do with a certain bank. It can happen with any bank. The best way to do is to have market comparables ready if any issue with property value come out. I won't stop using any particular bank just because of appraisal issue.
Web Reference: http://LUCYLIOUHOMES.COM
0 votes Thank Flag Link Thu Jan 21, 2010
Caden,

There are all sorts of appraisal issues right now. Last year the government put in place something called the Home Valuation Code of COnduct (HVCC) that is creating all sorts of problems for appraisers. They are sending out inexperienced and unknowledgable appraisers to value homes with no clue as to the nuances of the towns they enter to appraise and its hurting consumers.

In my opinion, instead of the local agents and brokers "doing what they can" to get values to come in "reasonably" we now have the national banks "tanking" values to manipulate the market to boost their bottom lines and raid the public coffers. (There is no coincidence that they banks paid off TARP obligations while demanding prepaid MI, asking buyers to front more cash, and borrowing at 0% and lending at 5%)
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Thu Jan 21, 2010
Hi Caden...

I may be able to help you further. As Erica below mentioned she has had no bad experiences with BofA, it may not have been BofA direct. My company is a bank and a broker. We are a conduit of BofA and offer there programs and pricing with no apprasial issues. We have local apprasiers that handle the inspections. If I can be of assistance please feel free to call me to discuss further.

Regards,
Brian
0 votes Thank Flag Link Thu Jan 21, 2010
Caden -

I had one issue with BofA (I represented seller) Landsafe appraiser coming from Oakland to value a property in Willow Glen. His comps were wrong. It took several attempts to challenge his comps and a second appraisal paid for by the buying client before Landsafe management adjusted the first appraisal.

I am not sure I would avoid BofA but I would ask my agent (most do this anyways) to make sure they provide a comp package to the appraiser on the day of the appraisal (we are allowed to provide information -but not allowed to attempt in anyway to persuade them about value.). Confirm where the appraiser currently works and what is there knowledge of the area.

Good luck
CJ
0 votes Thank Flag Link Thu Jan 21, 2010
There are effectively two B of A flavors, the "real" B of A and the old Countrywide (now B of A). They are gradually expected to become indistinguishable I think. I've had a few transactions with B of A (the old Countrywide) with no problems with appraisal or anything else. Although I have no personal experience, I have heard of agents having issues with the "other" B of A.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist, DRE License # 01331583
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com

See all homes for sale in Contra Costa and Alameda Counties
at http://www.BernardGibbons.com
0 votes Thank Flag Link Thu Jan 21, 2010
I thank you all for your insights. I am going to go with guts and choose B of A.
0 votes Thank Flag Link Wed Jan 20, 2010
B of A is a large bank, and uses hundreds of appraisers in hundreds of states....

Not that I am sticking up for large banks (by ANY means), but consider the fact that was an issue with the appraiser, not B of A....they simply hired that appraiser.

Just something to think about.
0 votes Thank Flag Link Wed Jan 20, 2010
I personally have had no problems with appraisers for Bank of America. Nearly everyone I've ran into are consummate professionals.

There may be another issue here: is the accepted offer way above the market comps? Did your realtor determine fair market value when you wrote the offer? Is that the reason the property isn't appraising for what you offered?

My biggest problem with Bank of America? Short sales! And now, I have a client who is trying to do a loan modification. 5 months later, stll no progress.

But on the purchase side...it depends on your loan officee, how good she is in executing and following up. My loan officer is golden.

Good luck!
0 votes Thank Flag Link Wed Jan 20, 2010
Caden
I personally never want to use Bank of American for lending again. Appraisal for me was not the issue. They were horrible in the lending process. 2 different experiences both, did not perform well on time lines. One buyer almost lost the home because it took them 60 days and that was pushing them the whole way. Spent sooo much wasted time chasing them down. Easy transaction but they dropped the ball EVERY step of the way! I wanted to pull my hair out and had to fight to get the job done, hated the experience. I could not even talk to the the person responsible for the transaction, email only. And... so if they decided not to email you back, nothing you could do about it. To date, my least favorite bank!

Kindest Regards,
Dianne Hicks
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Wed Jan 20, 2010
Hello Caden,

The market is tight right now. Inventory is low and multiple offers are common. Many sellers are now asking that buyers waive appraisal contingency...and getting it. Hence, the appraisal could be the least of your problems.

Work with partners you can trust. Your realtor and your banker. Ask that they work together with you to get the deal done.

Respectfully,
Vickie Nagy
CA DRE#01363932
0 votes Thank Flag Link Wed Jan 20, 2010
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