I have a ss listing with ING Direct as the lender. Their "Drive By" appraisal came in at $365K, I have an offer at $350K and the LM would not even counter the buyers offer. Who has either a manager or corporate contact at ING Direct before it is too late for my client? Thanks!
ING is not very cooperative, I had a short sale with them and they refused to do an interior BPO, only a drive-by, it appears to be their "policy" thus they have no details as to the condition of the property.
Here is a contact I have, though I don't guarantee great results with this bank. You may have to get additional funds from the buyer or re-list knowing ING is going to want more money.
ING Direct I Retail Asset Management
Direct Line 1-302-467-6461
Thank you for this information, I have just sent an email including pictures to Adam and will follow up with a phone call shortly. The buyer has come up $10k on the home which is the max they can do with their loan. Not to mention the home needs about $30k in repairs and, as you said, without an interior BPO, ING is clueless.
The sellers hardship is so severe with this one, I will do whatever it takes to get this one done for them. Their youngest child has cancer, mom has just had back surgery and dad has lost all overtime pay due to the City of LA being Bankrupt.
Thanks again for the contact info, I will let you know how it goes.
That is a very sad situation, I'm sorry to hear that. ING is not easy to work with. If you show any opposition to their valuation or their unwillingness to work with you they will threaten to put you on a "list" where they won't allow you to communicate with them. They may reduce the total commission on the short sale to 4%, so keep that in mind as you're negotiating. I'm not sure they will pay more than that.
I hope you're able to work it out with them.
Was there any luck here with Adam. We started very late in the process and ING does not want to postpone Trustee Sale until they have approved sale through te "credit committee". We already supplied an appraisal at our own expense that came in over $100K lower than ING's valuation.
Only 2 days left to postpone Trustee Sale.
Thanks for any help.
Unfortunately I had no luck with Adam, nor with the ceo. The home I was doing the ss on went back to ING. At least you have an appraisal to help in teerms of the true value, hopefully if you submit it to Adam, he can help to speed up the "credit committee". I found ING to be so unresponsive, I reported them to the Office of the Comptroller of the Currency, which oversees ING. Two days later I got a response.
I hope this helps you and your client to get the ss approved and the sale postponed, my seller is in the process of doing a bk to keep the 2nd lienholder from putting a judgement on him :(
Best of luck to you on this one!
Thanks Jill. I have had the appraisal in since 11/11 but no luck so far. Everything I have read about ING is negative and I have had no better luck.
Buyer's agent (from my own company) wants me to "get aggressive"! Hard to do when it appears they prefer to take back the properties.
It is challenging to "get aggressive" with a bank that when you call and ask for the corporate office number, tells you they do not have a telephone number to their corporate office! I am very good at corporate escalations and ferreting out ceo contact info and I failed on this one. I say complain also to the Office of the Comptroller of the Currency. More complaints will hopefully lead to change.
Hang in there, I understand, even if your fellow agent does not.