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

$179,000
3 Beds ⋅ 3 Baths ⋅ 23016615 MLS ⋅ ACTIVE Status
Calling all investors! This diamond in the rough is ready for someone to help it shine shine again. Lots of positives here! 3 bedrooms, 2 and a half bathrooms, over 1/2 acre fenced flat lot, ranch floor plan, wet bar in basement, the list goes on!

4219 Christus Court, Florissant
$114,900
3 Beds ⋅ 2 Baths ⋅ 23014884 MLS ⋅ ACTIVE UNDER CONTRACT Status

1660 Cobblestone Creek Drive, Florissant
$300,000
2 Beds ⋅ 2 Baths ⋅ 23013585 MLS ⋅ ACTIVE Status ⋅ Verde Place Condo BLDG.
Walk to everything Clayton has to offer from this charming 2 bedroom, 2 bath condo. The is the main floor unit of this two-unit building. The great room features tons of natural light leading to the Dining room.

408 S Hanley Drive Unit #A, Clayton
$61,900
2 Beds ⋅ 2 Baths ⋅ 23012503 MLS ⋅ ACTIVE UNDER CONTRACT Status

1330 Sunview, O'Fallon
$61,900
3 Beds ⋅ 3 Baths ⋅ 23011576 MLS ⋅ ACTIVE UNDER CONTRACT Status

623 Buglerun, Florissant
$78,000
2 Beds ⋅ 2 Baths ⋅ 23009755 MLS ⋅ ACTIVE Status ⋅ Sugartree Ten BLDG.
This is a short sale, property being sold As-Is. Please use Special Sale Contract form #2043. Seller will not provide inspections or warranties. BEAUTY IS IN THE EYE OF THE BEHOLDER. 1 LEVEL, 2 BEDROOMS, 1.5 BATHS, FAMILY ROOM WITH SLIDING GLASS DOOR ONTO A PRIVATE PATIO. END UNIT, VERY PRIVATE AND QUIET, JUST NEEDS SOME TLC.

2460 Forest Shadows Drive, St Louis
$110,000
3 Beds ⋅ 1 Baths ⋅ 23009077 MLS ⋅ ACTIVE UNDER CONTRACT Status
Quality abounds with this lovely home in very desirable neighborhood. This is a short sale. $4,000 short sale fee to be paid by any buyer at closing. Property to be sold as-is.

2313 Mariposa Drive, O'Fallon
$74,500
3 Beds ⋅ 1 Baths ⋅ 23008498 MLS ⋅ ACTIVE UNDER CONTRACT 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 Rider. Needs TLC, not updated, needs Tuckpointing, basement water leak, some Plaster issues, carpet not usable, appliances unknown, unsafe railing, smoke damage , water damage.

2829 Sulphur Avenue, St Louis
$152,500
3 Beds ⋅ 2 Baths ⋅ 23004152 MLS ⋅ ACTIVE UNDER CONTRACT 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
$75,900
2 Beds ⋅ 1 Baths ⋅ 23003902 MLS ⋅ ACTIVE UNDER CONTRACT Status
Short sale. Looking for a house that just needs cosmetic updates? Here it is! Remodeled in 2016 and now needs freshening back up. The porch will be a place you will want to drink morning coffee and wait to greet your friends and family. Great curb appeal. Front porch is wide, covered and has a modern railing. You enter home into living room, dining room (that could be the 2nd bedroom) down the main hall if the bath, bedroom and kitchen. The kitchen was new in 2016 and now needs an oven. The back yard will be perfect for your pets. The yard is mostly enclosed with a 6 ft privacy fence. Home needs a little elbow grease to bring it back to being a beauty. Home is being sold in its current condition (aka "as is")

154 W Arlee Avenue, St Louis
$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
$17,900
2 Beds ⋅ 1 Baths ⋅ 22079692 MLS ⋅ ACTIVE UNDER CONTRACT Status
Negotiating short sale with lender at this time.

2234 Wismer, Overland
$99,000
2 Beds ⋅ 1 Baths ⋅ 22072082 MLS ⋅ ACTIVE Status
Please, no show until 12/14/2022. This brick bungalow was remodeled in 2005 by previous owner. The remodel included tilt in thermal insulated windows, updated kitchen and bath, roof, furnace and central air. It is on a quiet dead end street with no traffic to speak of.

4616 S 38th Street, St Louis
$32,000
3 Beds ⋅ 2 Baths ⋅ 22075933 MLS ⋅ ACTIVE UNDER CONTRACT Status
This is an as is SHORT SALE. 3707 Palm is investors dream and is in need of a full gut rehab. This spacious home is located on a quiet street in North St. Louis City. Buyer is to pay a 3rd party performance fee of $3,995 separate from purchase price.

3707 Palm Street, St Louis
$80,000
2 Beds ⋅ 1 Baths ⋅ 22071639 MLS ⋅ ACTIVE Status
Quality abounds with this lovely home in need of some TLC. This is a short sale. $4,000.00 short sale fee to be paid by buyer at closing. This house is being sold as-is, with seller to make no repairs or warranties. New list price is previously approved by lender. Please submit all offers on special sales contract along with SS rider and buyer POF.

3541 Itaska Street, St Louis
$19,900
3 Beds ⋅ 1 Baths ⋅ 22069625 MLS ⋅ ACTIVE UNDER CONTRACT Status

1007 Pine Street, St Charles