St Louis Real Estate Search

Buying St Louis Short Sale Homes


What is a 'Short Sale?'

A Short Sale takes place when homes are sold for less than the bank payoff, and the home seller does not have the funds to make up the difference.  

Contrary to the ideas of some, when any home with a mortgage is sold, the note that secures the deed of trust must be released by the bank.  This is an industry way of saying, THE BANK HAS TO GET THEIR MONEY.   If the sale is for less than the loan payoff, and the seller can't bring enough money to closing to pay the loan off, then a short sale must take place.   

 

The Good, The Bad, and the Ugly

Good things about short sales, is that since 2007, banks have worked to simplify the process and allow for more short sales to take place.  Also, in some cases, banks have taken a more liberal definition of what constitutes a 'hardship' than they once did.  Also, as a result of legislation and the National Mortgage Settlement, some banks are required to allow for more short sales.   

Bad things about short sales from a buyer perspective is the time it takes to complete a sale, many Realtors don't know how to handle them,  and the fact that negotiations usually don't take place.  

  • Short sales are unpredictable and lengthy, contrary to the normal 'home buying cycle'.  The time it takes to get a bank response varies with each deal, and each bank.  There is no "normal" length of time because all banks have their own way of handling things.
  • Short sales are best handled when EVERY professional involved knows how to handle short sales.  If the buyer's agent has experience, but the seller's agent doesn't, the process can be rocky and vice-versa.
  • Buyer's like to negotiate.  They like to make lower offers and see what they can get the seller to accept.  Short sales don't usually allow for that.  Offers are made, usually accepted by the seller, then sent off to the bank whether or not they will be ultimately accepted.

The ugly part of buying short sales is the uncertainty and lack of consistency.  Once a seller has accepted an offer and sent it to the bank, it could take one or more months for the banks to accept the offer, and several variables exist to complicate the process.  The bank may accept the offer IF the seller is willing to contribute additional funds, which could end up killing the deal.  Some times, buyers wait for several months, only to find out that they can't buy and the home is foreclosed on.  Even if the offer is only slightly off, sometimes it is simply rejected by the bank, only to be sold for the same or close to the same price later.  Sometimes there is no 'rhyme or reason' to how short sale negotiations take place.  

St Louis Real Estate -- Short Sales

$499,000
5 Beds ⋅ 5 Baths ⋅ 23057413 MLS ⋅ ACTIVE UNDER CONTRACT Status
Possible Short Sale. Situated on a landmark historic street, this home showcases the design & architectural integrity of a bygone era. The home requires a deep restoration but once restored will be a stunner. An entry opens to a grand LR. DR with rich molding and a lovely solarium. Significant ceiling repair is required on the second and third level. Buyers should consider using the State Historic Rehabilitation Tax Credit. The following language needs to be added to the sale contract: Sale is contingent on Lien Holder approving a short sale.

34 Waterman Place, St Louis
$150,000
3 Beds ⋅ 2 Baths ⋅ 23055338 MLS ⋅ ACTIVE Status
Please contact listing agent for details.

6831 Garner Avenue, St Louis
$134,900
3 Beds ⋅ 2 Baths ⋅ 23050923 MLS ⋅ ACTIVE Status
This home is being sold "as is" as a Short Sale. The home has beautiful inlaid hardwood floors, attached garage, master suite with full bath. Needs some TLC. Partially finished basement with sleeping areas and recreational room. Full attached 1 car garage. Easy to show! Buyer fees apply see Agents Remarks.

1315 Hialeah Place, Florissant
$150,000
2 Beds ⋅ 1 Baths ⋅ 23039171 MLS ⋅ ACTIVE UNDER CONTRACT Status
You can still submit an offer. Seller has accepted an offer, but the lender has not approved yet. Webster Schools! AS-IS sale. Some good things, some not so good things. Gas and water are turned off. Seller will not provide any inspections, nor make any repairs nor provide any credits. Bank approval needed on any offers.

9388 Golden Gate Road, Unincorporated
$320,000
4 Beds ⋅ 4 Baths ⋅ 23038638 MLS ⋅ ACTIVE UNDER CONTRACT Status

31 Last Chance Court, St Peters
$75,000
3 Beds ⋅ 1 Baths ⋅ 23029295 MLS ⋅ ACTIVE UNDER CONTRACT Status

9111 Trefore Avenue, St Louis
$61,900
2 Beds ⋅ 2 Baths ⋅ 23012503 MLS ⋅ ACTIVE UNDER CONTRACT Status

1330 Sunview, O'Fallon
$40,000
2 Beds ⋅ 1 Baths ⋅ 23004317 MLS ⋅ ACTIVE Status
AS Is Sale, Home needs work but has great potential* Kitchen needs flooring to make it shine , cabinets & appliances are fine* large living room with a fireplace &hardwood floors* Mechanic's dream 2 car oversized detached garage, basement partially finished with bonus room. Bring your drywall mud & paint brush & you can add this to your portfolio or live in an affordable home. Xome auction dates are set for 8/26through 8/29. Please send all interested buyers to the auction site to bid on the property. Only offers submitted through the auction process will be considered. Please go to the link below: https://www.xome.com/auctions/425-Scenic-Dr-Riverview-MO-63137-383166176 If any buyers have questions on bidding on Xome.com please have them reach out to Xome customer service at (P) 844?400?9663.

425 Scenic Drive, Riverview
$169,900
3 Beds ⋅ 2 Baths ⋅ 23004152 MLS ⋅ ACTIVE Status
SHORT SALE: Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. All offers subject to lien holder(s) approval. Buyer proof of funds or pre-qual letter and addendum to contract is required. Submit all offers on Special Sales Contract with Short Sale Rider. No trespassing- Shown by confirmed appointment only. Per seller: Roof replaced and HVAC updated within last 2 years. Dishwasher is broken, Basement may leak at southwest corner.

2255 Wheatfield Drive, Florissant
$76,900
1 Beds ⋅ 1 Baths ⋅ 23001773 MLS ⋅ ACTIVE UNDER CONTRACT Status
Negotiating a Short Sale with the Lender.

1195 Rue La Chelle Unit #1195, St Louis
$120,000
3 Beds ⋅ 2 Baths ⋅ 23001539 MLS ⋅ ACTIVE UNDER CONTRACT Status
Welcome to your next renovation project. The roof and gutter guards are brand new! This ranch home is located in OFallon with easy access to highway 70 near TR Hughes and Belleau Creek Rd. This home needs extensive renovations after the 500 yr flood/rain event we had in late July 2022. 3 bedrooms, 2 full bathrooms, two living rooms, and kitchen are on the main level. A full privacy fence encloses your level back yard with large patio. The seller will look at all offers! St. Charles County is requiring the basement to get filled in, and the house raised 2-3 feet. Call listing agent for more details.

1601 Belleau Lake Drive, O'Fallon
$160,000
3 Beds ⋅ 2 Baths ⋅ 22076612 MLS ⋅ ACTIVE Status
This spacious 3 bedroom 2 full bath home offers good sized patio in rear with a nice level lot backing to woods and common ground. Enjoy the view of the open space. Great convenient location with wonderful access to major roads and area amenities but situated on quiet street in established area. Nice curb appeal with brick front, concrete driveway, updated front and rear exterior doors, thermal windows, low-maintenance vinyl siding and enclosed soffits plus 2-car garage. Features include: Master Suite w/private bath, 2 Guest Bedrooms, Formal Dining Room, Formal Living Room, large Family Room w/fireplace. Breakfast room w/huge bay window for ultimate view of privacy and nature. Kitchen w/center island w/breakfast bar, great natural light and additional recessed lighting. Full basement for future expansion of living space. Tremendous opportunity for investor or owner occupant desiring built-in sweat equity for future return. Sold As Is. Needs some TLC.

4350 Tanglebrook Drive, Black Jack
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