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
Short Sale. As-Is. Spectacular 18-room custom! 8400 sq ft on 3 levels of luxury living! Magnificent,one-of-a-kind elegance! 5 fireplaces/marble surround PD 2.54 MILLION T...
- 4 Beds
- 4 Baths
- 18009418 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
PRE-APPROVED SHORT SALE! Fantastic opportunity to live in The Estates at The Legends. Beautiful 2 story home with 4 beds/3.5 baths.Tastefully decorated, freshly painted, ...
- 4 Beds
- 3.5 Baths
- 19055205 MLS
- ACTIVE UNDER CONTRACT Status
Gleaming Claymont Woods home on a sprawling lot nearly 3/4 of an acre! This beauty features 5 beds and three baths in over 2,600 sq.ft. of living space. Set back on a lar...
- 5 Beds
- 2.5 Baths
- 19022426 MLS
- ACTIVE UNDER CONTRACT Status
New Price!!! Beautiful curb appeal. Nestled in a quite cul-de-sac street. Nice and spacious open floor plan. Large home with 6 bedrooms and 3.5 baths. Great interior flo...
- 6 Beds
- 3.5 Baths
- 19034867 MLS
- ACTIVE UNDER CONTRACT Status
Short Sale, subject to lien holder approval. Home to be sold in As Is condition with Seller to make no repairs, inspections or warranties. Significant settling of foundat...
- 5 Beds
- 3.5 Baths
- 19008730 MLS
- ACTIVE UNDER CONTRACT Status
Beautiful two-story, former Inventory Home, offers an open floor plan with lots of natural light, vaulted and 9ft ceilings, gas fireplace w/ marble surround, formal dinin...
- 4 Beds
- 2.5 Baths
- 19007843 MLS
- ACTIVE UNDER CONTRACT Status
Approved Short Sale! Multiple offers on the first day! Back on the market! Here's the Best Value in Town! Situated on 3 Acres! Sold in its Present AS IS condition! The Be...
- 3 Beds
- 2.5 Baths
- 19019994 MLS
- ACTIVE Status
Beautiful open ranch in wentzville school district. Main floor laundry and a partially finished walkout basement just waiting for you to add the flooring of your choice. ...
- 3 Beds
- 3 Baths
- 19036135 MLS
- ACTIVE Status
This is a great short sale opportunity for the right family and it won't last long. This 2007 McBride built home is in mint condition but it will be sold in it's as is co...
- 3 Beds
- 2.5 Baths
- 19041629 MLS
- ACTIVE Status
BANK APPROVED SHORT SALE!. Home is now priced and bank approved for the current condition. Ranch home offering formal living room with gas fireplace, family room, dinin...
- 3 Beds
- 3 Baths
- 19040792 MLS
- ACTIVE UNDER CONTRACT Status
Nice 3 bedroom, 2 bath ranch style home with vaulted ceilings and a fireplace. This home is situated on a large level lot! Basement is ready for your finish! Offered as ...
- 3 Beds
- 2 Baths
- 19025359 MLS
- ACTIVE UNDER CONTRACT Status
Parkway School District! 3 bedroom 2.5 bath ranch home in quiet Creve Coeur subdivision with beautiful newer hardwood flooring, updated 42 inch kitchen cabinets, ceramic...
- 3 Beds
- 2.5 Baths
- 19008107 MLS
- ACTIVE Status
Come see this charming, clean ranch in the Mehlville School District perfect for your family. There is an eating area off the kitchen with French doors leading out to the...
- 3 Beds
- 1.5 Baths
- 19048669 MLS
- ACTIVE Status
Attractive potential is the best way to describe this 2-story townhouse with 2 bedrooms, 2.5 baths and over 1,700 sq ft of total living area. Step into the spacious livin...
- 2 Beds
- 2.5 Baths
- 19053890 MLS
- Woods Glade Condo Ph Two Bldg.
- ACTIVE UNDER CONTRACT Status
SHORT SALE. Three bedroom, 2 bath ranch style home. Home features over 1700 sq ft with vaulted ceilings in the living room and dining room. Master bath has been update...
- 3 Beds
- 2 Baths
- 19006320 MLS
- ACTIVE UNDER CONTRACT Status
Fantastic opportunity for condo living in the heart of Ellisville! Located in the Rockwood School District, right by Manchester and Clarkson, in the elegant Estates at Pa...
- 2 Beds
- 2.5 Baths
- 19060177 MLS
- Estates At Parkview Two The Bldg.
- ACTIVE Status
BANK APPROVE SHORT SALE This property is 16 years young, has 3 bedroom., 2.5 baths, master bathroom suite on 2nd floorwith tub and seperate shower Jack and Jill bathroom...
- 3 Beds
- 2.5 Baths
- 19034089 MLS
- ACTIVE Status
BACK ON MARKET. NO FAULT OF SELLER! Welcome home! This amazing 2-story end unit has 3-bedrooms, 3-baths and a 2-car garage. The main floor offers an open concept with...
- 3 Beds
- 2.5 Baths
- 18060007 MLS
- Candlewyck Lts 40 Thru 42 & 46 Thru 57 Bldg.
- ACTIVE Status
Pierre Chouteau high rise located in the heart of Central West End with views from your patio overlooking the Cathedral Basilica. One reserved heated garage parking spot ...
- 3 Beds
- 2 Baths
- 19046639 MLS
- Pierre Chouteau Condo Bldg.
- ACTIVE UNDER CONTRACT Status