To Maintain or not to Maintain, indeed – with regard to Short Sales in Santa Clarita this is a great question.
Absolutely YES – don’t harm, destroy or even upgrade or update. But you will want to keep up with basic repairs and maintenance on your home even while a Short Sale is being negotiated.
A Short Sale home still needs an offer to be approved. That is not the only thing it needs – but without someone willing or wanting to buy your short sale – your bank will be as deaf as the night is dark.
What about keeping up HOA, Home owners association fees? We would say yes to this as well. HOA’s have been historically quick on the trigger when placing liens on owners who are delinquent on their dues. We have seen a lien placed within a couple of months of non-payment to the HOA. Something to consider is whether your bank will settle these liens that are placed on your Short Sale Home by the HOA.
We have seen it happen without a glitch. But, we have also seen the banks refuse. Other options exist to pay the liens – The buyer might be able to pay, but only if they are getting a type of loan that allows for them to do this. (some lending programs don’t allow for the buyer to pay for certain items – due to it usually being a Seller Obligation).
There are a lot more factors that will influence whether or not a Buyer will write an offer on your Short Sale. Even more factors whether your bank will allow you have approval on your Short Sale.
In closing, you might not be the right candidate for a short sale. We have homework for you if you are contemplating having a Short Sale negotiated on your Behalf. Get the facts and don’t be too quick on the trigger.