My apologies to a recent visitor who I missed in chat ;). Their question was:
Is there a particular type of loan that is most likely to receive a pre-approval price without an offer?
The real answer to this question is that Pre-Approvals don’t really exist. Each lender is different, each loan servicer is different, and each investor is different. The type of loan really has no bearing on whether or not an investor will evaluate a property prior to there being evidence of home owner distress. Sometimes lenders will tell the home owner what price to list the house at, but this is extremely rare. So rare, it’s not worth thinking about.
Until your creditor has evidence that you are in financial distress (missed payments, application for loan modification, etc.) they have no reason to put any effort into a solution for you. Truth be told, any “solution for you” is really a method by which the bank will attempt to collect as much money as possible before losing you and your secured asset.
The best way to kick off the short sale approval process with your lender is to present them with all of the facts, including a valid offer, all at the same time. It’s like serving a tennis ball. Whack it in their direction with conviction and facts (like, this ball is traveling fast and if you don’t react you’ll miss it) and they’ll have to respond in order to minimize their losses. That’s something they are interested in doing.
The type of loan product that you originally secured has absolutely no bearing on whether or not your home should be approved for a short sale or not. What it CAN affect are the potential legal and tax implications as a result of an approval.
So essentially, no. There is no particular type of loan that is more likely to receive a “pre-approval” over another.