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
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...
- 4 Beds
- 2.5 Baths
- 20058531 MLS
- ACTIVE UNDER CONTRACT 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 Status
Beautiful 4 bedroom, 3.5 bath home in Wildwood. This is not your typical short sale house. This house is in good shape with just some minor TLC. Make your appointment tod...
- 4 Beds
- 3.5 Baths
- 20042532 MLS
- ACTIVE UNDER CONTRACT Status
This extraordinary Mid-Century Modern home is the result of a marriage between smart design & family function. Renowned architect Paul E Marti designed this home for his ...
- 3 Beds
- 2 Baths
- 20059851 MLS
- ACTIVE UNDER CONTRACT Status
Check out 3D Matterport*Location/charm within walking distance of Downtown Kirkwood, this 4BR home is located in the Jefferson/Argonne Historical District.With over 2500S...
- 4 Beds
- 2.5 Baths
- 20022899 MLS
- ACTIVE UNDER CONTRACT Status
NO SHOWINGS PROPERTY IS UNDER CONTRACT SO MUCH HOME FOR THE MONEY! Soaring ceilings and an open floor plan, fully finished basement, over-sized rear entry 3 car garage ...
- 4 Beds
- 4.5 Baths
- 19072917 MLS
- ACTIVE UNDER CONTRACT Status
Awesome 4 bedroom two-story w/hardwood floors as you enter this beautiful home!This home features 2 full bathrooms and 2 half bathrooms!,You will love the CROWN MOLDING t...
- 4 Beds
- 3 Baths
- 20017711 MLS
- ACTIVE UNDER CONTRACT Status
4 family conveniently located in the Shaw neighborhood. one plus bedroom units. All units were updated in 2001, insulated windows throughout in 2001 W/D hookups. Propert...
- 0 Baths
- 20061150 MLS
- ACTIVE UNDER CONTRACT Status
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,...
- 4 Beds
- 3.5 Baths
- 20059799 MLS
- ACTIVE Status
None
- 2 Beds
- 2.5 Baths
- 20075553 MLS
- ACTIVE UNDER CONTRACT 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
Drawn to the architecture of the early 20th century but like modern amenities? This open concept 2BR/2BA condo in the historic old city hospital (now the elegant Georgi...
- 2 Beds
- 2 Baths
- 20019169 MLS
- Georgian Condos Bldg.
- ACTIVE Status
quality abounds with this lovely ranch located in desirable Rockwood School District. This property is being sold as is, seller to do no repairs or warranties. This home...
- 3 Beds
- 1 Baths
- 19067709 MLS
- ACTIVE Status
Short Sale Opportunity - Investors, return this Pasadena Park mansion back to its former glory! This house is solidly built and updated 7 years ago. Systems are newer. Hu...
- 5 Beds
- 3 Baths
- 20020379 MLS
- ACTIVE Status
Property is a short sale subject to bank and VA approval.
- 3 Beds
- 2 Baths
- 20052606 MLS
- ACTIVE UNDER CONTRACT Status
Sold AS-IS SHORT SALE. Short Sale price pending approval from lenders. Fannie Mae's appraisal came back at $120,000. Motivated sellers. 3 bed, 1 bath bungalow home wi...
- 3 Beds
- 1 Baths
- 20038712 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
2 bed 1 bath slab house, need lots of work.
- 2 Beds
- 1 Baths
- 20024955 MLS
- ACTIVE UNDER CONTRACT Status