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
LOOK AT THIS LITTLE MANSION! Soaring ceilings and an open floor plan, fully finished basement, over-sized rear entry 3 car garage and a separate circle drive way, gorgeou...
- 4 Beds
- 4.5 Baths
- 19072917 MLS
- ACTIVE Status
SHORT SALE This is a fantastic location for your new business. The building is set up as a Sports Bar and dining presently, but is closed down. This is a 8100+ Sq. F...
- 0 Baths
- 19047772 MLS
- ACTIVE UNDER CONTRACT Status
Welcome home to this very well maintained 5 bedroom, 4 bath home with an oversized 3 car garage! You will love the updates this home provides, the awesome private backyar...
- 5 Beds
- 3.5 Baths
- 21012498 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 Status
Welcome home to 37 Lewis Place, a 2.5 story five bedroom home that features over 2300SF living area. This home is located in the Lewis Place Neighborhood of St. Louis Cit...
- 5 Beds
- 2.5 Baths
- 19050187 MLS
- ACTIVE UNDER CONTRACT Status
Welcome Home! This terrific 3 bedroom, THREE bath home is a must-see - walk into the combination kitchen and dining room, which offers plenty of counter and cabinet spac...
- 3 Beds
- 2.5 Baths
- 20053606 MLS
- ACTIVE UNDER CONTRACT Status
Property is a short sale subject to bank and VA approval.
- 3 Beds
- 2 Baths
- 20052606 MLS
- ACTIVE UNDER CONTRACT Status
Well maintained 3-bedroom 2 bath home!! Home features, spacious rooms, hardwood flooring, main floor family room, 2 car garage, partially finished lower-level offering lo...
- 3 Beds
- 2 Baths
- 21015496 MLS
- ACTIVE UNDER CONTRACT Status
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...
- 2 Beds
- 2 Baths
- 20048231 MLS
- Clayton Crossing Village Bldg.
- ACTIVE Status
Short sale needing a bit of TLC to bring back the charm of this home sitting on a corner lot. Sold as is with seller to provide no inspections or repairs.
- 3 Beds
- 2.5 Baths
- 18004853 MLS
- ACTIVE UNDER CONTRACT Status
SHORT SALE. Enjoy the wall of windows overlooking Washington Ave. in this Sporting News loft. Large 1 bed/1 bath with all the Bells and Whistles. 42” cherry cabinets, g...
- 1 Beds
- 1 Baths
- 18070631 MLS
- 2020 Lofts Bldg.
- ACTIVE Status
Property to be sold AS-IS Seller to make no repairs or pay for any inspections. Handyman Special updates needed. Foundation Issues. The lender is requiring contractor bid...
- 3 Beds
- 2 Baths
- 20086028 MLS
- ACTIVE Status
3 Bedroom, 2 Bath brick home located in a nice neighborhood. This house is a fixer upper. Owner started rehab and never finished.
- 3 Beds
- 2 Baths
- 21011134 MLS
- ACTIVE UNDER CONTRACT Status
Check out this 3bd 1 1/2 bth in Bellefontaine. Currently rented for $775 a month w/ lease to term December 2021. This is a possible short sale. Tenant willing to move wit...
- 3 Beds
- 1.5 Baths
- 21014263 MLS
- ACTIVE Status
Possible Short Sale being negotiated with bank.
- 3 Beds
- 2.5 Baths
- 20016071 MLS
- ACTIVE UNDER CONTRACT Status
This is your chance to live in a charming home in beautiful University City, MO! 2 bedroom and 2-bathroom home is perfect for your family. From the stunning hardwood flo...
- 2 Beds
- 2 Baths
- 19047508 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
APPROVED SHORT SALE!! This 3BR 1 BA is a FABULOUS CATCH! Located on a quiet street, surrounded by beautiful trees for plenty of shade on an oversized lot. NEW HVAC April...
- 3 Beds
- 1 Baths
- 20087605 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
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.
- COMING SOON Status