Selling 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 Opportunity for Seller's
To start the process of short selling a home, home owners need to contact a Realtor that regularly handles short sales. Protocol varies with each bank with one exception: they all pay Realtor commissions. Having a Realtor actively consulting short sale sellers through the process is essential.
Not all home sellers qualify for short sales, and different banks have different criteria. Some banks require that the homeowner must be behind in payments, others do not. The typical process goes as follows:
- Request Hardship Packet -- some banks don't send the hardship packet until an offer is received, others will send the hardship packet instructions.
- Write hardship letter -- letter describes what hardship exists and why the seller must sell.
- Market home as short sale, price it low and try to attract a buyer quickly
- Sign 3rd Party Authorization Form allowing your Short Sale Realtor to communicate with the bank.
- Submit offer, hardship letter, hardship application, preliminary HUD1, and 3rd Party Authorization to bank for consideration.
- Wait, Wait, Wait, Wait and Wait some more
- Bank sends approval or rejection letter.
- Comply with terms of approval letter and close the deal -OR- if rejected, solicit better offer from buyer or place back on market for new buyer.
To be successful, each step in the process usually requires a great deal of work and persuasion to keep the bank, seller and buyer together. That is why an experienced agent is needed that understands the process and has the negotiation skills necessary. Some deals have a seperate short sale negotiator involved in addition to the listing agent.
Highest Priced Short Sales
Opportunity knocks! Huge historical CWE mansion, known as the Butler House, built in 1892.Currently zoned as commercial and residential. 2.5 Stories with grand staircases...
- 22015476 MLS
- ACTIVE UNDER CONTRACT Status
Opportunity knocks to own this spacious Atrium Ranch situated on a cul de sac with a huge yard and inground pool. This home features a large eat-in kitchen with 42 in ca...
- 4 Beds
- 3 Baths
- 22034710 MLS
- ACTIVE UNDER CONTRACT Status
Terriffic 300 seat Church and school available. Church has a large separate meeting room (former chapel) on the main flotdor as well pas 3 offices. The lower level conta...
- 22039307 MLS
- ACTIVE Status
BACK ON THE MARKET AT NO FAULT OF THE SELLER! Come see this 2-story home with 4 bedrooms, 2 1/2 baths, a full basement, fireplace, jacuzzi bathtub in the primary bat...
- 4 Beds
- 3 Baths
- 22036840 MLS
- ACTIVE Status
Secluded Full Brick 1,600+ SQ FT Ranch on 3 Acres in Hazelwood West * Oversized 2 Car Attached Garage * Own Septic & Well * Stone wall wood burning Fireplace * 4 Bedrooms...
- 4 Beds
- 2 Baths
- 22014118 MLS
- ACTIVE UNDER CONTRACT Status
Quality abounds with this lovely 2 story home in desirable Shaw Neighborhood. This home is being sold as-is, and is in the beginning stages of a short sale. $4,000.00 s...
- 3 Beds
- 2 Baths
- 22035675 MLS
- ACTIVE UNDER CONTRACT Status
If you are still searching for A Place to Call Home, look no further. Home is the place where we keep our families, where we feel safe, and where we enjoy complete freed...
- 3 Beds
- 2 Baths
- 22039145 MLS
- ACTIVE Status
Quality abounds with this lovely ranch in desirable Paddock Hills Neighborhood. This is a short sale, $4,000.00 short sale fee to be paid by buyer at closing. The home ...
- 4 Beds
- 2 Baths
- 22033425 MLS
- ACTIVE UNDER CONTRACT Status
Short Sale Comp Purposes only
- 3 Beds
- 3 Baths
- 20032003 MLS
- ACTIVE UNDER CONTRACT Status
Quality abounds with this lovely home in Lindenwood Park neighborhood. This is a short sale, $4,000.00 Short sale fee to be paid by buyer at closing. Don't let this won...
- 2 Beds
- 1 Baths
- 21075785 MLS
- ACTIVE Status
AMAZING opportunity! Take advantage of this SHORT SALE Property sold "as-is" in current condition. A single family home with 2 bedrooms (easily can be increased to 3) ...
- 2 Beds
- 1 Baths
- 22010378 MLS
- ACTIVE Status
Short sale, Sold as is with seller to provide no inspections or repairs. Cute starter or investor property. Use special sales contract and short sale rider and include p...
- 3 Beds
- 1 Baths
- 22003912 MLS
- ACTIVE Status
Here is a investors dream!! nice two family that you can receive great rents on or live in one side and rent the other! A up and coming area ... also this is a as-is d...
- 22008540 MLS
- ACTIVE 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 ...
- 2 Beds
- 1 Baths
- 21078954 MLS
- ACTIVE UNDER CONTRACT Status
Here is a investors dream!! nice two family that you can receive great rents on or live in one side and rent the other! A up and coming area ... also this is a as-is d...
- 22008555 MLS
- ACTIVE Status
Quality abounds in this great opportunity. Property is being sold as-is. This is a short sale, $4,000 short sale fee to be paid by buyers at closing. This is a pre-app...
- 4 Beds
- 2 Baths
- 21026664 MLS
- ACTIVE Status
Welcome to Blu City Spaces! Want to live in a high-rise in Downtown St. Louis, just blocks from the new MLS stadium, Union Station, and Enterprise Center? When it comes t...
- 2 Beds
- 1 Baths
- 22023663 MLS
- Blu CitySpaces Bldg.
- ACTIVE UNDER CONTRACT Status
None
- 3 Beds
- 3 Baths
- 21088039 MLS
- ACTIVE UNDER CONTRACT Status
Quality abounds with this lovely ranch in desirable Forest wood neighborhood. This is a short sale, $4,000.00 SS fee to be paid by buyer at closing. This property is to...
- 2 Beds
- 1 Baths
- 21089287 MLS
- ACTIVE Status
quality abounds with this lovely 2 family in desirable south city neighborhood. This is a short sale, $4,000.00 SS fee paid by buyer due at closing. This is in the begi...
- 22025174 MLS
- ACTIVE UNDER CONTRACT Status