Having a hard time with Service Link Rep's Valuation - Do they have supervisors?

Okay, this is a new one for me.

I have dealt with many banks, and Service Link's representation of IndyMac in this short sale is by far the most ridiculous.  Here is the deal.

I have a buyer right now for an IndyMac Short Sale and we are 30k apart on a nearly 500k property. The buyer will not come up in price because the comps do not support it. IndyMac (Service Link) approved a 485k purchace price. We countered at 450k (original offer was 440k) and we submitted a detailed CMA with closed sales from the same neighborhood in the last 3 months to support our price of 450k. Come to find out, the Service Link rep after repeated requests (by the Seller's negotiator) to justify HER comps, gave us the two comps that ServiceLink is relying on. One is an ACTIVE listing, that has been on the market for nearly 300 days (Um, maybe it's overpriced?) and the other was WITHDRAWN from the market after being on for nearly a year. Neither property closed.  When we pointed this out to her, she merely said that they were holding firm at 485 and if the buyer would not raise the price, they would close the file.

It seems ridiculous that we would have to close the file, start over and hope for a new neogotiator. Does anyone have an escalation contact at Service Link that might be able to help?

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Replies to This Discussion

Permalink Reply by Kylee Roe on August 1, 2011 at 4:03pm

There are no supervisors in this business. That would be sensical.  JK  JK. You are repping the buyer? You've got added challenges than, as are you sure seller's negotiator presented your CMA?

 

I am listing agent, about to close w/ IndyMac on one. They wanted 245K and there is no way it would appraise, let alone sell. Buyer offered 185K. I sent in "reverse" comps. Instead of showing where like size homes were selling at--I sent a CMA of homes priced 235k to 255K. ALL of them were 1000 sq. ft. bigger than my subject property and I got a new and more reasonable price for the house. We close Friday--heaven help me!

 

But, you are in a tougher position if you have the buyer. Sometimes there's value in walking away, albeit a big headache.

Permalink Reply by Karyn samuel on August 1, 2011 at 4:11pm

Kylee, thanks for your post. So you submitted ACTIVE comps?  That is an interesting idea.
Yes, i am sure the negotiator submitted our CMA.  SHe does a lot of work for me as a negotiator and she cc's me on all the correspondence between herself and seller's realtor. The service link rep should be fired.  Although they probably can't find anyone to take her stinking job. :)

 

Permalink Reply by Kylee Roe on August 1, 2011 at 4:38pm

Karyn,

No I submitted solds because I had plenty to paint the picture. I'd do Active's if that's all I had. After all, still trying to show that their price won't buy the house you're selling. If that makes sense.

 

If you're in a declining market--and if you're not, I'm moving to your town!-- can you do a retro comp, like from 12 months back and then 6 months back, showing the decline on like property?

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