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

2373 Banon, St Charles $449,000

Stunning 4-bedroom 3 full bath home only 4 years old, shows like new. Oversized center island kitchen with granite counter tops stainless steel appliances 42” custom cab...

4 Beds
3 Baths
21089119 MLS
ACTIVE UNDER CONTRACT Status

4363 Mcpherson Avenue, St Louis $405,000 ▼

Short Sale Opportunity! Circa 1901 Colonial Revival. Over 5300+ sf. Three stories. 5 bedrooms. 4 bathrooms. Walk-out basement. Zoned HVAC. Updated windows. New roof. Size...

5 Beds
4 Baths
21060641 MLS
ACTIVE UNDER CONTRACT Status

82 Aspen Ridge, St Peters $399,999 ▼

Gorgeous 2 story house on a quiet cul-de-sac in premium location in St Peters. Built in 2005, 3 Garage, Open floor plan with 2 story great room. Kitchen with island and b...

4 Beds
3 Baths
21079815 MLS
ACTIVE Status

1715 Coupru Court, St Peters — Townes At Belleau Creek $264,900

Grace yourselves with this three-bed, three-bath, multilevel home situated in St. Peters. Comprised of over 1,536 sq ft, as you enter, you will be welcomed by the living ...

3 Beds
3 Baths
21062767 MLS
Townes At Belleau Creek Bldg.
ACTIVE UNDER CONTRACT Status

943 Coffey Drive, St Louis $249,000

COME SEE A CLASSIC CITY OF CRESTWOOD, (BURTON DUENKE) MID CENTURY MODERN RANCH HOME LOCATED IN THE LINDBERGH SCHOOL DISTRICT. THE OPEN FLOOR PLAN OFFERS A GAS FIREPLACE, ...

3 Beds
1 Baths
22001358 MLS
ACTIVE UNDER CONTRACT Status

1136 Washington Avenue Unit #303, St Louis image

1136 Washington Avenue Unit #303, St Louis — Downtown $199,000 ▼

Are you RENTING when you can own this sensational loft?! Floor-to-ceiling windows, concrete flooring, and exposed brick lend to the popular "industrial feel" plus wide o...

2 Beds
2 Baths
21068661 MLS
Downtown Bldg.
ACTIVE Status

3944 Secretariat, Florissant $105,000

Short Sale Comp Purposes only

3 Beds
3 Baths
20032003 MLS
ACTIVE UNDER CONTRACT Status

3137 Rutger Street, St Louis $85,000

Two Family Home, 3 rooms on each floor, shotgun style on both floors. Large Rooms , Tall Ceilings, This "diamond in the rough" is waiting on its' next owner to resto...

2 Beds
2 Baths
21076780 MLS
ACTIVE UNDER CONTRACT Status

154 W Arlee Avenue, St Louis $75,900 ▼

Short sale. Looking for a house that just needs cosmetic updates? Here it is! Remodeled in 2016 and now needs freshening back up. The porch will be a place you will want ...

2 Beds
1 Baths
21078954 MLS
ACTIVE UNDER CONTRACT Status

23 Chauser, St Peters $69,900

None

3 Beds
3 Baths
21088039 MLS
ACTIVE UNDER CONTRACT Status

503 Candle Light, Hazelwood $60,000 ▼

Quality abounds in this great opportunity. Property is being sold as-is. This is a short sale, $4,000 short sale fee to be paid by buyers at closing.

3 Beds
1 Baths
22000693 MLS
ACTIVE UNDER CONTRACT Status

6342 Arthur Avenue, St Louis $60,000

Quality abounds with this lovely home in Lindenwood Park neighborhood. This is a short sale, $4,000.00 Short sale fee to be paid by buyer at closing. Don't let this won...

2 Beds
1 Baths
21075785 MLS
ACTIVE UNDER CONTRACT Status

3903 Sims Avenue, St Ann $55,000

Quality abounds with this lovely ranch home. This is a short sale. $4,000.00 short sale fee to be paid by buyer at closing. Property is being sold as-is. Showings end 08/...

3 Beds
2 Baths
21055183 MLS
ACTIVE UNDER CONTRACT Status

5418 Partridge Avenue, St Louis $49,900

INVESTOR SPECIAL!! LETS THIS BE YOR CASH COW! This could be a opener occupy or rent both units out for aultimate return. Each units are spacous with 2 bedrooms and 1 bath...

21084645 MLS
ACTIVE Status

1401 Redman, St Louis $40,000

Quality abounds in this great opportunity. Property is being sold as-is. This is a short sale, $4,000 short sale fee to be paid by buyers at closing. Property will be av...

3 Beds
2 Baths
21056161 MLS
ACTIVE UNDER CONTRACT Status

1011 Renshaw, St Louis $39,000

Quality abounds with this lovely ranch in desirable Forest wood neighborhood. This is a short sale, $4,000.00 SS fee to be paid by buyer at closing. This property is to...

2 Beds
1 Baths
21089287 MLS
ACTIVE UNDER CONTRACT Status

1649 Summer Run Drive Unit #31, Florissant image

1649 Summer Run Drive Unit #31, Florissant — Summerwood Condo Ph Two $35,000

Short Sale. CASH offers only. Spacious two bedrooms and two full baths. Large master bedroom features a large walk in closet. Living room features a wood-burning fire pla...

2 Beds
2 Baths
21013559 MLS
Summerwood Condo Ph Two Bldg.
ACTIVE UNDER CONTRACT Status

7314 Canton Avenue, St Louis $27,900

Short sale pending back approval.

3 Beds
1 Baths
21079596 MLS
ACTIVE UNDER CONTRACT Status

9968 Valley Drive, St Louis $25,000

Don’t miss this CHARMING, ALL BRICK home with HARDWOOD FLOORS throughout! This 2 bedroom home has many updates including an updated plumbing stack and condenser for the ...

2 Beds
1 Baths
21030183 MLS
ACTIVE UNDER CONTRACT Status

4733 S Broadway, St Louis $19,900

SHORT SALE: Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. All offers subject to lien holder(s) app...

4 Beds
2 Baths
21068425 MLS
ACTIVE UNDER CONTRACT Status

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