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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

$495,000
3 Beds ⋅ 3 Baths ⋅ 24040386 MLS ⋅ ACTIVE Status
Great opportunity in Ladue. Fantastic location close to Clayton business center. 2135 Sq ft Brick 2 story. Two fireplaces original hardwood floors. Zoned HVAC. Wonderful Lot backs to Clayton Schools sports park. Outdoor living space including brick fireplace and barbecue."as Is" sale Seller will not complete any repairs Seller wants Offer Seller reserves the right to accept an offer at anytime.

8437 Colonial Lane, St Louis
$245,000
3 Beds ⋅ 2 Baths ⋅ 23023996 MLS ⋅ ACTIVE UNDER CONTRACT Status
Welcome home to this move-in ready Parc Argonne beauty with curb appeal, room for storage and several recent upgrades. Newer laminate flooring throughout the large freshly painted living room and separate dining room. The eat-in kitchen features granite countertops, lots of counter space and a large pantry. Enjoy the gentle breeze on the enclosed back porch while overlooking the level, fenced-in back yard. The separate outdoor patio area is perfect for your next backyard BBQ. Two of the generously sized bedrooms on the main level feature walk-in closets. On your way to the 2-car garage, you'll find a large mud room with additional storage space. There’s plenty of room for family fun, relaxing movie nights and game days in the lower level’s finished area. This home is perfect for entertaining guests or creating a peaceful nest. This home is being sold-as is, with the seller to do no repairs. Occupancy has already passed.

4110 Les Cherbourg Lane, Florissant
$121,000
2 Beds ⋅ 1 Baths ⋅ 23070529 MLS ⋅ ACTIVE Status
This home will be sold As-Is. No sight unseen offers. Proof of funds required to show. Showings must be accompanied by the buyer, buyer’s agent. Short sale buyer approval is required and can take months for approval. Will not qualify for creative financing.

1048 Kuhlman Lane, St Louis
$100,000
4 Beds ⋅ 2 Baths ⋅ 24047481 MLS ⋅ ACTIVE UNDER CONTRACT Status
***SHORT SALE*** 5 BEDROOMS 2 FULL BATHS LOCATED IN DUTCHTOWN. HOME NEEDS COSMETIC WORK. THERE IS LAMINATE FLOORING THRU OUT, CERAMIC TILE IN LITCHEN AND BATHS.THIS HOME HAS A LARGE YARD AND UP AND DOWNSTAIRS DECKS. SHORT SALE SUBJECT TO LIENHOLDERS APPROVAL. BUYER TO PAY 3RD PARTY PROCESSING FEE OF $3995.00 IN ADDITION TO THE SALES PRICE. PLEASE SUBMIT ON A SPECIAL SALE CONTRACT WITH SHORT SALE RIDER AND POF TO ATSR2019@GMAIL.COM. ADD THE FOLLOWING TO SPECIAL AGREEMENT SECTION: BUYER TO PAY 3RD PARTY PROCESSING FEE OF $3995.00.

3226 Delor Street, St Louis
$87,000
3 Beds ⋅ 1 Baths ⋅ 24052536 MLS ⋅ ACTIVE UNDER CONTRACT Status
Quality abounds with this lovely home in Pleasant Hollow neighborhood. This is a short sale, SS fee to be paid by buyer at closing. This property is to be sold in its as-is condition.

2226 Foggy Bottom Drive, Florissant
$78,000
3 Beds ⋅ 2 Baths ⋅ 24020308 MLS ⋅ ACTIVE Status
Selling As-Is. Short Sale, buyer approval by bank and can take months for approval. Will NOT qualify for creative financing. Showings starting Sunday 4/7. No sight unseen offers, proof of funds must be provided.

2043 Wilbert Drive, St Louis
$55,000
3 Beds ⋅ 1 Baths ⋅ 24053288 MLS ⋅ ACTIVE Status
Selling As-Is. Short Sale process can take 6+ months. No creative financing will be acceptable. Show at own will. Proof of funds required with offers.

10333 Castle Drive, St Louis
$50,000
2 Beds ⋅ 1 Baths ⋅ 24050615 MLS ⋅ ACTIVE Status
INVESTOR SPECIAL!!! This home only needs your finishing touches. It would make a great starter home or addition to your investment portfolio. 2 bedrooms, 1 bathroom, plenty of living space, a fenced backyard, and a cozy front porch. Basement has been painted. Needs some windows, a water heater and a little TLC. Close to highways, entertainment and shopping.

4122 Cedarwood Avenue, St Louis
$36,900
3 Beds ⋅ 1 Baths ⋅ 24048777 MLS ⋅ ACTIVE UNDER CONTRACT Status

1265 Night Drive, Florissant
$35,900
2 Beds ⋅ 1 Baths ⋅ 24053084 MLS ⋅ ACTIVE UNDER CONTRACT Status

8533 Mackenzie Road, St Louis
$29,900
2 Beds ⋅ 1 Baths ⋅ 24047448 MLS ⋅ ACTIVE Status
2 bed, 1 bath, home has lots of potential! Waiting for your finishing touches. Property being sold as is. Seller to do no warranties, repairs or inspections.

4808 Cupples Place, St Louis
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