Successful Stockton Short Sale Closing with ING Bank

SOLD: 3045 English Oak Cir

Last week we, the seller and I, were successful in closing a Short Sale on her home in Stockton.  I say ‘we’ because it takes a team effort to accomplish this task.  While I handle the negation and communication with the bank, there is some work (gathering of documents) on the sellers to accomplish your goal of a successful short sale.

Top 4 Short Sale Myths ]

I have worked with most of the major banks such as Chase, Bank of America, Wells Fargo, Citi Bank and others but working with ING, was a new one for me.

 ING isn’t really know to be a large mortgage lender so I was a little concerned on how responsive their short sale department would be and them having the staff and system in place to be successful in a short period of time.

The seller owed around $283,000 on the home and we listed it in March for $145,000! Almost 50% underwater.  I received about 5 offers in 3 short days!  The seller accepted a full price offer and were off an running.  I submitted the short sale package which included the sellers pay stubs, bank statements, tax returns, the buyers offer and financial worksheet provided by ING.

In about 7 weeks, ING responded with an approval/counter offer. They would approve the short sale, but at the purchase price of $150,000.  This was great news for both the seller and myself.  ING came through.  $150,000 was a good price for this 7 year old home, 2000 sq ft home.  Nope, not according to the buyer.  He was offended and didn’t want to pay that much.  He asked for sellers credits, a lower price, but ING would not budge.  Even though you couldn’t build that home for $150,000 and the super low interest rates, the buyer walked! All I thought to myself was,  Boy, he missed a great opportunity.

Back to the drawing board.  I re-listed the home at $150,000 and received a new offer in 2 days.  This one all cash for $150,100.  Awesome.  I submitted the new offer right away to the negotiator I was assigned to, whom had been a very poor communicator.  This seemed to set off mass confusion.  It took her a week and a half to acknowledge the new offer and correct it with the new price and buyers information.  I sent the new offer and buyer info to the title and escrow company as well to keep them in the loop.  They were equally confused as they were still being fed the old offer and buyers information from ING.

One of the challenging aspects about working with ING is they require you to use their preferred title and escrow company, Placer Title in Rocklin, CA in this case.  I have had good experiences with Placer Title, here in Stockton, but it is a little more challenging when you do not have a personal connection and relationship with the escrow officer.  The service level was decent but not what I’m used to.

Another 6 weeks passed before we received and updated approval from ING with the new purchase price and we were finally in escrow! The new buyers seemed to recognize the value of this trouble free home well cared for home, as they were eager to close ASAP.  They escrow period of 30 days passed quickly and trouble free.  We closed, success!

For more information on short sales click here.  If you would like to chat about your home and your situation, feel free to contact me.  I am available by email, or phone, (209)483-6523.

Thank you,



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