I have a home listed in Scottsdale AZ for 305k. A month or so after listing it we received an offer for 295K. This home is in an ok area, but when you go inside it needs everything.( Carpet, painting, roof repairs and SO much more). I Started working with ING to get the SS started and I got an negotiator assigned. They stated that they ordered there appraisal on 1/23. On 1/26 received an email from them starting that there value is 345k and they stated to counter the buyer. They stated that they did an interior BPO. I have this on MLS LB so we pulled all the visits to that home. Nothing since 1/5. There is no way in this world that house would appraise at that price. This negotiator Nancy is the rudest negotiator I have ever worked with. I need some guidance from someone who has gone through this.

Thanks for your help.

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ING is on my banned list.   They will also cut your commission to 4 or 5%, force you to use their title company, and will not pay an attorney.  We did a value dispute that took 6 months.  I basically had to have the buyer get an appraisal at their expense before ING would budge.

Wow, another lender/servicer for my banned list lol, it keeps growing.  Pretty sad when we have to evaluate if we should take a listing by who is servicing their loan/loans....Wish we could get the word out to all homeowners who have certain lenders servicing their loans that they need to refinance with someone else or pray they never lose their job, get sick or a divorce or whatever can happen in life....

You could try sending the negotiator a copy of the lockbox showing activity and ask them what the interior photos show (to be sure they are different than what was on the MLS.  I had my lockbox not send me an alert once and questioned an agent had been inside for a BPO- I asked negotiator to describe photos.  They matched property but I didn't have them onn MLS or in old MLS photos. 

A 3 day turn around from the time they ordered it is ridiculously...even suspiciously...fast.

Im going to order an appraisal and get photos of the damages in the home and then send them to Nancy Larson. Does anyone have any contact information for the department managers at ING? I asked to speak with her supervisor and she hangs up on me. When she answers the phone and I introduce myself she hangs up on me.

Someone posted this elsewhere - 

Gail Paulsen-Flack

Head of Lending Operations

[email protected]

Hello SuperStars,

 

The best thing to do with ING Direct is to politely ask for an escalation rep to dispute the vaule...if that doesn't work email the CEO

Arkadi Kuhlmann: CEO of Savings Corner a href="mailto:[email protected]">[email protected]> and at [email protected]

CC these people as well:  CustomerSatisfaction a href="mailto:[email protected]">[email protected]>:  Roberts, Rick a href="mailto:[email protected]">[email protected]>; Crawford, Roy a href="mailto:[email protected]">[email protected]>

 

ING direct is tough and their real estate portfolio is small compared to BOA, Wells, Citi, Chase ,etc so they haven't taken it on the chin enough times with the foreclosures to see the light that the short sale is 99% the better way to go with a fair market value offer.

 

That is the key you will need a fair market value offer and ING Direct values are typically unobtainably high.....they don't seem to like dealing with realtors especially realtors that aren't prepared with a strong argument supported by hard facts.....(Anytime you can meet the BPO agent directly and give them your comps you're increasing your chances 1000%)

 

Your idea of ordering the appriasal and sending it with photos is spot on and one I use myself...I actually started requiring my buyers to obtain an appraisal within 7 days of ratifiying the contract which has been a lifesaver in these situations....also include recent comps and any other market data that will support your argument...for example if they're are a ton of active listings at similiar prices you should include those.  I'm assuming your client is delinquent which will be a must as well.  If the seller is current you might as well forgot it

Make sure to put the loan # and "Urgent Request for Escalation" in the subject line of your email with delivery and read receipts. 

Don't let these guys beat you if you have the two things required to approve the short sale:

1.  Fair Market Value Offer   2.  Loan In Imminent Danger of Default

Good luck and call me if you need more help I've closed these deals before and am very familiar with ING Direct: 

571-220-4738 cell

ING is also on my list of banks that I refuse to work with.

It seems like many of us have had less than fun experiences with ING.  I have a transaction with them right now, and on a very good day, the property might be worth (possibly)  $250,000.  We've received 3 offers, all below $240,000.  They will not budge from slightly over $315K.  I've told them we'll put their number in the MLS if they truly will not negotiate.

The negotiator no longer responds to any communication from us.

As this is the CA Desert, and (with no utilities landscaping and pool are huge issues) within the next week that property will have been levied over $10,000 in City fines and will continue to rack up fines - their loss not mine.

 

No more ING deals for me!

 

 

 

 

Any VA or MD residents not willing to work with ING...send them to me and I"ll do them on a referral basis!

 

Thanks!

 

I just wanted to bring everyone up to date on the ING Direct Short Sale. we ended up closing this out at 300k.

ING submitted the SS to their finance committee the first time it was declined and countered at 311k. I put a packet together and had it resubmitted, on the second submission is was approved. I need to retract my statement about Nancy Larsen. After really working with her and having almost daily communication with her I feel that she is very reasonable and proficient.

In the future when you have an issue such as I did here is how you handle that.

  • Order an appraisal ( Request a list of approved appraisers from them ).
  • Take a full round of detailed pictures of the home.
  • Submit all showings via MLS LB print out.( if you do not have one keep a time dated record of all showings.
  • Submit an offer timeline ( if you have more than one).
  • Keep to the facts.
  • Ask for a re-submission based upon best offer received.
  • Most importantly ALWAYS remain friendly and keep it a little personal and don't forget to thank them for there hard work.

I hope this helps someone out there. These steps changed everything for me.

Because of this I have another person that I can add to my contacts.

If anyone in AZ doesn't wish to work with ING, I will happily assist or give you a GREAT referral fee.

Thanks,

Scott Douville

[email protected]

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