I recently had a situation with ING on a short sale where the current appraised value came in on a home at 217,000. The BPO came in at 230,000. I asked the bank to provide me with the comparable used to get the price on the BPO and they refused. The banker also told me that the appraisal is just an opinion. When are they going to start requiring that these negotiators have real estate licenses? Long story short the bank will not honor the appraised value. We are currently escalating to upper management hoping for someone with a little more knowledge in the industry can help.
Momentum Real Estate Group LLC - Marietta, GA
55 & Over | New Constructions | Horse Farms
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales
Obbee.com - Agoura Hills, CA
Angel: I think that, in many instances, the banks are indeed pushing homeowners into foreclosure. Part of it is that banks generally still have a very rigid, stodgy mentality. Another part is the balance sheet- With "mark to market" accounting (a la Enron), banks can foreclose on a house and not sell it, thereby having a real asset at the appraised value on the books as opposed to carrying an underperforming loan or a write-off. Thanks for sharing, good luck!
May 21, 2010 03:50 AM
VITUS Realty, LLC - Seattle, WA
Real Estate Investing Seattle Tacoma
The whole short sale process is only slightly more messed up than the Loan Modification process. Although I have no experience with ING, BofA is terrible to work with even with their new equator software. I recently had to resubmit a short sale because the negotiator said BofA wouldn't pay the 1.78% excise tax required to sell a property in Washington State. Every short sale they approved in the state they paid that amount. I can totally see the BPO done my an agent 3 months ago cause problems, since there were probably 3 bank foreclosure sales in that community that caused prices to drop.
Good Luck Angel
May 21, 2010 03:52 AM
THE BROKER NETWORK OF CENTRAL OREGON, LLC - Bend, OR
MBA, GRI
I haven't dealt with ING, but have felt that way about BofA in short sale negotiations. I feel like they want to foreclose by delay tactics and upping their prices. On my last deal, they countered their own counter offer that had been accepted by the buyers. Looks like they have some competition with BofA here.
May 23, 2010 07:46 PM
Anonymous
I have ING also for a mortgage. Was told today that they want me to bring in cash at the close of escrow on a short sale for compensation. Never heard of such a thing! Makes me concerned that they will be difficult to work with on a short sale. We are being forced to sell the house to due move with the military and now they really do not sound like they work well with shortsales.
May 25, 2010 11:00 AM
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