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Peaceandpowe…, Real Estate Pro in Bell And Hurd, Paine...

If a house is on the market as a short sale, would the process be expedited if the house would be in move in condition?

Asked by Peaceandpowerparenting, Bell And Hurd, Painesville, OH Sat Sep 29, 2012

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Sheryl Arndt’s answer
No, there is no way to expedite a short sale. The many banks are coming up with ways to speed up the process but even a cash purchase takes almost the same amount of time. Let's get it done.

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0 votes Thank Flag Link Mon Oct 1, 2012
Good answers below. There seems to be no connection between the condition of the home and the time it takes to process a short sale. It appears to depend on the workload and skill of the bank employee working on the file.
0 votes Thank Flag Link Sun Sep 30, 2012
Your question could have two possible answers.

(1) If you mean, “Will the short sale approval process be shortened if the property is in move-in condition,” then the answer is ‘NO.’” 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, “Will my chances of getting a decent offer be improved if the property is in move-in condition,” then the answer is “Maybe, but I don’t recommend it.” With short sales, it’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 – it will be money you will never recoup. In addition, with current short sale tax benefits disappearing at the end of the year, I’d get the home on the market now, price it as attractively as possible and try to get bank approval as quickly as possible. Don’t waste any time getting your home ready – if the price is right, someone will make an offer.
0 votes Thank Flag Link Sun Sep 30, 2012
Chances are that it would get you an offer more quickly. I don't believe it's going to impact the short sale time frame of the seller's lender.
0 votes Thank Flag Link Sat Sep 29, 2012
Hi Peaceandpowerparenting

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.

Goodluck.
Ruth
http://www.trulia.com/blog/perry_mistry
Web Reference: http://ruthandperry.com/
0 votes Thank Flag Link Sat Sep 29, 2012
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