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
Excellent Investment Opportunity. Outstanding location in St. Peters near Mexico Rd. This split level has good sized kitchen, living room, 3 bedrooms, 1 bath, and a rough...
- 3 Beds
- 1 Baths
- 21050184 MLS
- ACTIVE Status
This property is an investors dream! Located in a AAA rated school district, 3 bedrooms with a possible 4th bedroom in the lower level gives plenty of living space. A hug...
- 4 Beds
- 1.5 Baths
- 21050003 MLS
- ACTIVE Status
SHORT SALE, INVESTORS OPPORTUNTIY! Home is sold as is and owner will do repairs. This home has HUGE protentional with a little TLC! This home has good bones just needs yo...
- 3 Beds
- 1 Baths
- 21041666 MLS
- ACTIVE UNDER CONTRACT Status
Cozy top floor condo available. In need of renovation but will make a great home or investment! Short sale! Buyer must agree to pay third part negotiation fee of 3995.00 ...
- 2 Beds
- 2 Baths
- 21039750 MLS
- Chapel Ridge Sec 2 Condo Bldg.
- ACTIVE UNDER CONTRACT Status
Don’t miss this CHARMING, ALL BRICK home with HARDWOOD FLOORS throughout! This 2 bedroom home has many updates including an updated plumbing stack and condenser for the ...
- 2 Beds
- 1 Baths
- 21030183 MLS
- ACTIVE UNDER CONTRACT Status
Fabulous Southwest Garden 2 story home nestled on a quiet street within walking distance to parks, YMCA, restaurants on The Hill, Sublette park, and so much more! The mai...
- 3 Beds
- 2.5 Baths
- 21026157 MLS
- ACTIVE UNDER CONTRACT Status
Cute brick bungalow waiting just for you. 4bedrms and 1.5 ba. Large Living rm and Large dining rm. Eat in kitchen. There are 2 bedrms on the main floor and 2 bdrms on the...
- 4 Beds
- 1.5 Baths
- 21027835 MLS
- ACTIVE UNDER CONTRACT Status
POSSIBLE SHORT SALE! Here is your chance to get a downtown studio with an ARCH VIEW at a bargain! Could use some fresh paint and new flooring which is reflected in the pr...
- 1 Baths
- 21023338 MLS
- Blu CitySpaces Condominiums Bldg.
- ACTIVE UNDER CONTRACT Status
ARE YOU SEEKING A NEW RENOVATION PROJECT? Come to 4363 MCPHERSON in the Historic CWE and take a look! Located on a serene cul-de-sac, the home was built in 1901 to showc...
- 4 Beds
- 4 Baths
- 21016823 MLS
- ACTIVE UNDER CONTRACT Status
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 UNDER CONTRACT Status
Back on the market. SHORT SALE - Investors, bring your offer! Property is walking distance to bus line, fast food and Family Dollar. Very close to highway 70. Re...
- 2 Beds
- 1 Baths
- 21007306 MLS
- ACTIVE Status
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
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
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
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
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