This is Part II. See I live in Stockton, CA (San Joaquin County)- Is a Short Sale right for me? Part I 
The answer to this question is YES! You can still do a short sale even if your property is in rough shape and needs work done to it. The lenders will probably be more motivated to do a short sale on a property that needs work than on a property that is in great shape. Look at it like this... if the property is well kept and comparable to the high end of the comps, the lender knows that they can get more money out of the house if they should have to take it and sell it as a REO.
However, if the property is needing work... that's extra money they will have to put into the property to make a buyer be interested in purchasing the home. And by taking a risk of losing more money on the property is not a good deal for the lender. A property that is foreclosed on and it needs work is a double wammy for a lender.
In addition to the expense of completing the work, lenders are simply not set up to get the work done. They are in the loan business, not the fix and flip business!
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Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
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Good response to a commonly ask question.
A side note: Repairs versus simple clean-up for the sale can make a world of difference in the results. Dirt and grime can actually be a deterent to the sale of the home. Just a little time and elbo-grease can be a simple remedies to a faster sale.