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.
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:
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.
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...
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...
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...
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...
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...
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...
Property is a short sale subject to bank and VA approval.
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...
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...
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.
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...
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 Bedroom, 2 Bath brick home located in a nice neighborhood. This house is a fixer upper. Owner started rehab and never finished.
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...
Possible Short Sale being negotiated with bank.
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...
Possible short sale. Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. Inspections are for buyers inform...
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...
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...
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...
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