Sheryl Arndt, Broker â€“ Loan Officer
(1) If you mean, â€œWill the short sale approval process be shortened if the property is in move-in condition,â€ then the answer is â€˜NO.â€™â€ Property condition in no way affects the speed at which a bank makes the decision about a short sale. I wish.
(2) If you mean, â€œWill my chances of getting a decent offer be improved if the property is in move-in condition,â€ then the answer is â€œMaybe, but I donâ€™t recommend it.â€ With short sales, itâ€™s all about the price. Price it right for its current condition and you will get offers. We usually recommend that a person selling short not put any money into their home of any kind â€“ it will be money you will never recoup. In addition, with current short sale tax benefits disappearing at the end of the year, Iâ€™d get the home on the market now, price it as attractively as possible and try to get bank approval as quickly as possible. Donâ€™t waste any time getting your home ready â€“ if the price is right, someone will make an offer.
Thanks for your question.
It depends what you mean by the " present condition " for example if the house has been
vacated and past owners have taken away the house heater and stove, then getting a loan will be tough. If you are pursuing a FHA loan, it will be tough.
Depends on your loan type and size of down payment, and whether your offer reflects, condition, current market values.