Many first time home buyers may not know this, but a Bank of America pre-approval letter is one of the worst approval letters you can use if you are looking to purchase a home.
Many listing agents and sellers refuse to entertain offers from buyers with Bank Of America pre-approval letters. The reason for this is the time it takes for them to underwrite loans and provide updates. They may take 4 weeks to review a file and request extensions and then deny a loan. The combination of poor communication and their inability to close on time or close at all have led experienced agents to essentially boycott their services.
If you want to submit a competitive offer, choose a different lender. You'll be happy you did!
Cash for Keys
