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    St Louis Real Estate

    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

    1135 Aubuchon  Street, Florissant image
    1135 Aubuchon Street, Florissant $100,000

    3 Bedroom, 2 Bath brick home located in a nice neighborhood. This house is a fixer upper. Owner started rehab and never finished.

    • 3 Beds
    • 2 Baths
    • 21011134 MLS
    • ACTIVE Status
    4501 Lindell Unit #8B, St Louis image
    4501 Lindell Unit #8B, St Louis — Lindell Terrace $250,000

    THIS IS A MUST-SEE UNIT! $1,000,000 VIEW. St Louis Basilica, St. Louis SKYLINE, The Arch, Stan Musial Bridge, Fireworks, Sunrise, Sunset Even the rain is engaging. Glas...

    • 1 Beds
    • 2 Baths
    • 21009365 MLS
    • Lindell Terrace Bldg.
    • ACTIVE Status
    6016 Grimshaw  Avenue, St Louis image
    6016 Grimshaw Avenue, St Louis $25,000

    Great opportunity to purchase investment property. This property is a short sale...please submit on special sales contract. Property Sold AS IS.Property is currently rent...

    • 2 Beds
    • 1 Baths
    • 21004432 MLS
    • ACTIVE Status
    Florissant image
    Florissant $145,900

    Spacious Split Level 3 Bedrooms, 2 Baths, Living Room, Dinning Room, Loft type Huge Family Room, Large Eat-IN Kitchen. 38 X 12 Screen in Area with Hot Tub. Patio wit...

    • 3 Beds
    • 2 Baths
    • 20090216 MLS
    • ACTIVE UNDER CONTRACT Status
    3941 Madeline  Drive, St Louis image
    3941 Madeline Drive, St Louis $20,000

    HOME WILL BE SHOWN ONLY WITH AN ACCEPTED CONTRACT. THIS HOME IS DAMAGED DUE TO A TREE FALLING ON IT. IT NEEDS REPAIRS AND UPDATES. 3 BEDROOM/1 BATH RANCH STYLE HOME WITH ...

    • 3 Beds
    • 1 Baths
    • 20089899 MLS
    • ACTIVE UNDER CONTRACT Status
    Florissant image
    Florissant $130,000 ▲

    Property to be sold AS-IS Seller to make no repairs or pay for any inspections. Handyman Special updates needed. Foundation Issues.

    • 3 Beds
    • 2 Baths
    • 20086028 MLS
    • ACTIVE Status
    621 Benton  Street, Valley Park image
    621 Benton Street, Valley Park $17,000

    Under Contract pending Short Sale approval from bank. As is sale.

    • 3 Beds
    • 1 Baths
    • 20082999 MLS
    • ACTIVE UNDER CONTRACT Status
    10043 Diamond  Drive, St Louis image
    10043 Diamond Drive, St Louis $24,900

    This will make a great first home or rental investment. Needs your TLC but this 2 bed / 1 bath with open living , dining and kitchen area, 2 car detached garage will make...

    • 2 Beds
    • 1 Baths
    • 20083832 MLS
    • ACTIVE UNDER CONTRACT Status
    4112 Dressell  Avenue, St Louis image
    4112 Dressell Avenue, St Louis $25,000

    None

    • 3 Beds
    • 1 Baths
    • 20077373 MLS
    • ACTIVE UNDER CONTRACT Status
    1240 North Florissant  Road, Calverton Park image
    1240 North Florissant Road, Calverton Park $70,000

    Possible short sale. Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. Inspections are for buyers inform...

    • 3 Beds
    • 2 Baths
    • 20065793 MLS
    • ACTIVE Status
    2704 Walton  Road, St Louis image
    2704 Walton Road, St Louis $48,000 ▼

    Don’t miss this 3 bedroom, 1 bath 1.5 story home in Ritenour. The main floor features 9ft ceilings, an office/sitting area, newer windows, bedroom 1 and a Jack N Jill bat...

    • 3 Beds
    • 1 Baths
    • 20065802 MLS
    • ACTIVE UNDER CONTRACT Status
    105 Minturn  Avenue, Oakland image
    105 Minturn Avenue, Oakland $387,000

    This extraordinary Mid-Century Modern home is the result of a happy marriage between smart design & family function. Renowned architect Paul E Marti designed this home fo...

    • 3 Beds
    • 2 Baths
    • 20059851 MLS
    • ACTIVE UNDER CONTRACT Status
    309 Clayton Crossing  Place Unit #C, Ellisville image
    309 Clayton Crossing Place Unit #C, Ellisville — Clayton Crossing Village $119,900

    Don't miss this fabulous opportunity to build some sweat equity. This desirable West County condo has 2br's, 2 full baths & approximately 1,076 sqft of living area. The o...

    • 2 Beds
    • 2 Baths
    • 20048231 MLS
    • Clayton Crossing Village Bldg.
    • ACTIVE UNDER CONTRACT Status
    407 Warfield  Avenue, St Louis image
    407 Warfield Avenue, St Louis $15,000

    This is an AS-IS SHORT SALE. Please use Special Sale Contract and include Short Sale Rider Form # 2176 and Short Sale Addendum found in attached documents. Sellers will n...

    • 2 Beds
    • 1 Baths
    • 20060307 MLS
    • ACTIVE UNDER CONTRACT Status
    5070 Washington, St Louis image
    5070 Washington, St Louis $235,000

    Short sale opportunity! Subject to lender's approval. Investment opportunity in one of the hottest areas in St Louis. Near Forest Park, Central West End, Barnes Hospital,...

    • 4 Beds
    • 3.5 Baths
    • 20059799 MLS
    • ACTIVE Status
    12541 Mason Forest  Drive, Creve Coeur image
    12541 Mason Forest Drive, Creve Coeur $475,000

    This is a great floor plan PLUS it has a private in-ground pool and is located in a well established neighborhood. Somebody is going to LOVE re-doing this house to match...

    • 4 Beds
    • 2.5 Baths
    • 20058531 MLS
    • ACTIVE UNDER CONTRACT Status
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    Premier Realty Exclusive has provided the above Real Estate Encyclopedia for informational purposes only. Any legal matters discussed are provided with the understanding that any legal questions or problems experienced need to be brought to the attention of a real estate attorney. The best way to learn about real estate is the interaction a prospective real estate customer can have with expert Realtors.  In addition to the experience and knowledge of the Realtor,plus the interaction and questions that come up, Realtors at Premier Realty Exclusive offer information on specialists in lending, appraisals, inspections, surveying and insurance agents.  All professionals are provided as a service are screebed and have a proven record of experience throughout real estate transactions.

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