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
- CONTINGENT SHORT SALE Status
TRUSTEE SALE & MUST SELL! This gorgeous home is located in the highly sought out Kirkwood area. The features of the home will allow for comfortable living & an easy move-...
- 5 Beds
- 4.5 Baths
- 18061133 MLS
- ACTIVE Status
The current owner has enjoyed this lovingly cared for, family home for 45 years. It is now time for a new owner to make this home their own. Providing abundant living spa...
- 5 Beds
- 3 Baths
- 18060684 MLS
- CONTINGENT SHORT SALE Status
Gracious home offering 4,000sq ft+ w/ 3 levels of living space on 3+ acres located w/in minutes of Hwy 44. Grand Entry w/ formal Dining Room, Sitting Room/Office, Living ...
- 4 Beds
- 4.5 Baths
- 18036422 MLS
- CONTINGENT SHORT SALE Status
Outstanding VALUE!!! Longing for a room with a view? Every room in this fabulous home has a beautiful view AND it’s only 7 mins. from the intersection of Manchester & Old...
- 4 Beds
- 3.5 Baths
- 18086540 MLS
- ACTIVE Status
Possible Short Sale! Here's your chance! Dramatic 1.5story floorplan in Marquette schools! 3-car garage! Backs to heavy trees with full walkout and two decks and scre...
- 3 Beds
- 2.5 Baths
- 18060106 MLS
- ACTIVE Status
Beautiful historic home located in the heart of Benton Park. Underwent complete renovation in 2008. Large rooms and high ceilings throughout. Fireplaces on 1st and 2nd fl...
- 4 Beds
- 3.5 Baths
- 18092763 MLS
- ACTIVE Status
Your spacious, custom built, 2-Story home in Parkway Central awaits. Your main floor features: Hardwood floors; large eat-in UPDATED kitchen; main floor laundry/mud room;...
- 4 Beds
- 2.5 Baths
- 18063737 MLS
- CONTINGENT SHORT SALE Status
This property has been placed in an upcoming Xome auction event. Possible "Short Sale" Have it all with this 2700 sq.ft. Windhaven home. First great feature is a gas fire...
- 4 Beds
- 3.5 Baths
- 18070667 MLS
- CONTINGENT SHORT SALE Status
You will love this home in the Parkway school district just minutes from Highway 141. This home has a lot to offer including 5 bedrooms, a large family room with a masonr...
- 5 Beds
- 2.5 Baths
- 18060219 MLS
- ACTIVE Status
Quality abounds with this lovely 2 story located in Southridge Pines neighborhood. This is a short sale. $3,500.00 short sale fee paid by buyer at closing. Inspections ...
- 4 Beds
- 2 Baths
- 18015487 MLS
- CONTINGENT SHORT SALE Status
Charming 3bed/2 full bath brick ranch in Kirkwood School District. Level fenced yard with spacious patios, deck & fire pit perfect for entertaining. Enter into the lumino...
- 3 Beds
- 2 Baths
- 18052665 MLS
- ACTIVE Status
*Property is a Possible Short Sale and Subject to lien-holder approval. Home is being sold in AS IS condition. Owner will not make repairs, perform any inspections or pro...
- 3 Beds
- 3 Baths
- 18010189 MLS
- CONTINGENT SHORT SALE Status
Quality abounds in this lovely atrium ranch. This is a short sale. $3,500.00 short sale fee paid by buyer at closing. All inspections are a buyers fee and for their kn...
- 4 Beds
- 3 Baths
- 18010775 MLS
- CONTINGENT SHORT SALE Status
This is a short sale. please submit offers on special sales contract to agent email. $3,500.00 short sale fee to be paid by buyer at closing. inspections are a buyers f...
- 5 Beds
- 3 Baths
- 18093987 MLS
- ACTIVE Status
Charming ranch with updated kitchen in desirable Kirkwood neighborhood! Entry foyer leads to large living room with bow window, wood floors and gas fireplace flanked by s...
- 2 Beds
- 2 Baths
- 18058998 MLS
- ACTIVE Status
This is a 2 story home, original section built in 1908, 1464 sq ft. Lrg addition added in 2008, total sq ft -2220. Two MstrBdrm suites, one on each floor. Two laundry roo...
- 3 Beds
- 2.5 Baths
- 18091277 MLS
- CONTINGENT SHORT SALE Status
This is a short sale !!! Three bedroom, two full bath ranch home on an expansive corner lot. Great expansive floor plan creates welcoming foyer with coat closet. Spacious...
- 3 Beds
- 2 Baths
- 18082252 MLS
- CONTINGENT SHORT SALE Status
Possible Short Sale. Please submit all offers on a Special Sales contract and must include this language “this contract is contingent upon bank approval. If not approved ...
- 4 Beds
- 3 Baths
- 18093791 MLS
- COMING SOON Status
BANK APPROVED short-sale BACK On the Market no-fault to seller !! 1 acre, your own private retreat, brick home, includes entry foyer, 3 bedrooms, Large master bedroom...
- 3 Beds
- 2 Baths
- 18038882 MLS
- ACTIVE Status