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.
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.
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.
3 Bedroom, 2 Bath brick home located in a nice neighborhood. This house is a fixer upper. Owner started rehab and never finished.
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...
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...
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...
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 ...
Property to be sold AS-IS Seller to make no repairs or pay for any inspections. Handyman Special updates needed. Foundation Issues.
Under Contract pending Short Sale approval from bank. As is sale.
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...
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Possible short sale. Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. Inspections are for buyers inform...
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...
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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...
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...
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,...
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...
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