Has anyone in this group had a recent approval from ING, and how long did it tale? 

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I'm working on one right now - been a couple of months already. 

 

ING is counter-offering with a truly ridiculous price about 30% above actual value.  Seller & Listing Agent and Buyer & Buyer's agent are likely going to tell ING to take the property in Foreclosure and eventually get less than this offer !

Thanks, Thom.

From my research, I've been hearing that they want to sell for over market value. But 30%?!  I have also read that if the buyer accepts the higher price and orders an appraisal, that ING will come down to the appraised value.

I have not done an ING short sale yet, so I am gathering as much info as I can. Homeowners who have experienced a hardship, need an advocate!

Thank you again for your quick response.

Tricia

I have a short sale with ING in Phoenix.  The appraisal l came back at $195K (according to ING) and they would not accept a dime less.  Not flexible with pricing at all.  Also I have the seller and buyer on this one and they have come back stating with will only pay a total of 3% for a duel transaction. Has anyone else ran into this on ING?

 

 

Shirley -

 

You will have no luck with ING.  They want what they want - they require the use of their escrow and title companies and they do not pay more than 3% on double-end and 5% for two brokerages. My understanding is even when two agents in the same brokerage it's only 3%. 

 

Unless the seller has $$ to bring to the table, you may want to have your buyer clients move on to another property and let the seller know they will likely not be successful with ING

Last summer....ING countered higher than list, but not too far out of comp range. Took about 45 days to get that. Buyer came in with price ING wanted, sellers came in with contribution, got approval about 2 weeks after everyone agreed to terms. My negotiator was not nice--very strong, stand their ground. But they do move quickly. Seemed they would be happy to foreclose if terms weren't met, almost as if to "teach the seller a lesson", but could've just been my seller's case or this negotiator's way.

Kylee -

I think you are right "on the mark" !  As you know, in CA Seller can not make contribution or sign PN anymore (SB458) (not that this seller could) but INGs perception of value is really foolish.  I think the current offer is likely a little too low BUT, it was the highest of the 3 offers received and no additional offers since!  Upon the counter, that buyer walked and now we'll be submitting a 10% lower offer which should really get things stirring.

 

Thom,

I hope all went well with your transaction above. We just wanted to chime as as many surfing through the Internet will get stuck on what you have written and we wanted to add some clarity. We see this misinterpretation of SB458 all the time. Seller's can indeed make contributions. The law states that they cannot be asked or forced to but there are also no laws that state that second mortgages have to accept what the first is giving them. Needless to say if a homeowner is attempting to avoid foreclosure the second lien holder may hold out for more money if they know that the seller has cash that they are holding out on them. Often they will set unrealistic goals that put the pressure on all parties to do what they can to make the deal work.

Should you have any questions about this or any other files that you have please don't hesitate to reach out; We are always helping hundreds of agents, and homeowners direclty (nationwide), to close more short sales than they ever could before.

Best wishes,

Jonathan Katz | Account Manager | Absolute Consultant Group

Closed long ago.  There is NO reason for anyone to make a contribution in CA.

Thom,

I agree that in many instances you do what you can to avoid any contributions from any parties but there are times when that must come into play. We work such a large volume that it's just a law of numbers. It's just like those certain deals where clients may have to file bankruptcy depending on the given circumstance. I am glad to hear that this closed.


Regards,

Jonathan Katz | Account Manager | Absolute Consultant Group

Of course the above is pending the first mortgage's allowance for the fees to be paid on the HUD. Sellers can often settle with their second mortgages as well in other ways. If you have any questions please feel free to reach out.

Jonathan Katz | Account Manager | Absolute Consultant Group

Lots of people do lots of things.  As a Licensed Broker in CA, I do everything "by the book" and on the HUD.

Thank you, Kylee.

Did the buyer's actually pay over the appraised value? And how much of a contribution did your seller bring/

Thank you for you speedy reply.

I love this forum!

Tricia

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