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
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
- ACTIVE UNDER CONTRACT Status
The property is being sold as-is. The home backs to trees at the end of a cul-de-sac. Two story entry with T stairs, Family room, wet bar and fireplace wit Huge kitchen w...
- 5 Beds
- 3.5 Baths
- 17089199 MLS
- ACTIVE UNDER CONTRACT 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 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 Status
Short Sale In Progress. Subject to lien-holder approval. Sold "AS-IS" 2-story entry foyer. Large formal living and dining rooms off the entry. Wall of windows in family ...
- 4 Beds
- 2.5 Baths
- 18090465 MLS
- ACTIVE UNDER CONTRACT Status
A RARE OPPORTUNITY to get in this Highly Desired West County Neighborhood. Listing is a potential short sale property to be sold AS-IS. Cash or conventional buyers are pr...
- 4 Beds
- 3.5 Baths
- 18092198 MLS
- ACTIVE Status
This 12 year old contemporary home has been updated without sparing the cost. It has hardwood floors on the first floor. It also has a recently finished room in the low...
- 3 Beds
- 2.5 Baths
- 18092909 MLS
- ACTIVE UNDER CONTRACT Status
CITY CLOSE & COUNTRY QUIET. 4.67 acres with a Million dollar view! Overlooks the Meramec River, Aberdeen and Crescent Farms Golf Courses, and Hidden Valley. Spectacular...
- 7 Beds
- 5 Baths
- 18040382 MLS
- ACTIVE UNDER CONTRACT Status
This 4-bedroom, 2.5 bath home has a tremendous amount of space. It boasts nearly 3,000 square feet. Same goes for in the large 3-car garage. This home has an open floor p...
- 4 Beds
- 2.5 Baths
- 19006355 MLS
- ACTIVE Status
Property has been placed in an upcoming House Broker Auction Event. Have it all with this 2700 sq.ft. Windhaven home. First great feature is a gas fireplace in the 2 stor...
- 4 Beds
- 3.5 Baths
- 18070667 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
- ACTIVE UNDER CONTRACT 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
- ACTIVE UNDER CONTRACT Status
Welcome home! You’ll love everything that this home in Cambridge Crossing has to offer! A 3 bed 2 bath with almost 1,700 sqft of living space on main floor is calling you...
- 3 Beds
- 2 Baths
- 19001600 MLS
- ACTIVE UNDER CONTRACT 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
- ACTIVE UNDER CONTRACT Status
Very large, sprawling ranch in desirable Bellerive Estates in Creve Coeur. This is a short sale and subject to lender approval. There is some updating needed to bring t...
- 4 Beds
- 3 Baths
- 19008491 MLS
- ACTIVE Status
Approved short sale. Charming 3bed/2 full bath brick ranch in Kirkwood School District. Level fenced yard with spacious patios, deck & fire pit perfect for entertaining. ...
- 3 Beds
- 2 Baths
- 18052665 MLS
- ACTIVE Status
Chesterfield/Parkway Central for under $200K? You betcha! This 3 bedroom/2 bath ranch home has lots of potential. Located close to just about everything you need - right ...
- 3 Beds
- 2 Baths
- 19000586 MLS
- ACTIVE UNDER CONTRACT 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
- ACTIVE UNDER CONTRACT Status
Come live in a charming historic neighborhood: University Heights. This gorgeous 3 bed 2 full bath home has an open floor plan, hardwood floors, deck, & updated kitchen. ...
- 3 Beds
- 2 Baths
- 18075255 MLS
- ACTIVE UNDER CONTRACT Status