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. OFFERS MUST BE MADE ON SPECIAL SALE CONTRACT. Please attach Short Sale Rider to the Contract, Form #2176. In Special Agreements: "Buyer agrees to pay $5,800 t...
- 6 Beds
- 5.5 Baths
- 19044124 MLS
- ACTIVE Status
You are going to love your neighbors. This beautifully appointed home is only a stone's throw (or a short wedge) from The Legends Country Club. Just out your door and you...
- 4 Beds
- 3.5 Baths
- 19024575 MLS
- ACTIVE 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
Excellent opportunity to own a prestigious home that has a 1fl formal living room, dining room, great room, breakfast room and very appealing kitchen with a center Islan...
- 4 Beds
- 3.5 Baths
- 19031500 MLS
- ACTIVE UNDER CONTRACT Status
Beautiful historic home located in the heart of Benton Park. Complete renovation in 2008. Large rooms and high ceilings throughout. Fireplaces on 1st and 2nd floors. Spac...
- 4 Beds
- 3.5 Baths
- 19020005 MLS
- ACTIVE 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 Status
Have it all with this 2700 sq.ft. Windhaven home. First great feature is a gas fireplace in the 2 story living room. Property includes a formal dining room, den, office s...
- 4 Beds
- 3.5 Baths
- 18070667 MLS
- ACTIVE UNDER CONTRACT Status
SHORT SALE OPPORTUNITY! Fantastic opportunity to purchase a home in Hermans Orchard. This 4 bedroom, 2.5 bath home includes over 3,800 sf of living space. This open floor...
- 4 Beds
- 2.5 Baths
- 19032314 MLS
- ACTIVE UNDER CONTRACT Status
Great room ranch with vaulted ceilings. Open floor plan with 2 main floor bedrooms and 2 baths. Staircase to finished walk out lower level with family room and 2 addition...
- 4 Beds
- 3 Baths
- 19028229 MLS
- ACTIVE UNDER CONTRACT Status
LOOKING FOR A FANTASTIC FIND? WELL HERE IT IS! THE PROPERTY HAS 4 BDS., 2 FULL BATHS, ND 1,500.00 SQUARE FT OF LIVING SPACE, WHICH INCLUDES A COMPLETELY FINISHED WALK O...
- 4 Beds
- 2.5 Baths
- 19005081 MLS
- ACTIVE Status
Owner is in the middle of moving out, Inside photo's will be taken after move out. Ranch home offering formal living room with gas fireplace, family room, dining room an...
- 3 Beds
- 3 Baths
- 19040792 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
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
quality abounds with this lovely 2 story. This property is being sold as is. This is a short sale. $4,000.00 short sale fee to be paid by buyer at closing
- 3 Beds
- 2 Baths
- 19036086 MLS
- ACTIVE 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
This house is located on a nice cul-de-sac. The lot is 74' x 120' . The house needs structural repairs or would be a great lot for a new build. There is a new home on sam...
- 3 Beds
- 2 Baths
- 18066866 MLS
- ACTIVE UNDER CONTRACT Status
Back on market. Bank rejected the previous short offer. Price is firm and must be acted on quickly. This home features two 2-car garages. This property is being sold as-...
- 3 Beds
- 1 Baths
- 19003017 MLS
- ACTIVE Status
This large 3-bedroom, 2.5-bath home has a huge park-like backyard and a 4-car garage! Amazing custom upgrades include beautiful Brazilian cherry wood floors with oak inla...
- 3 Beds
- 2.5 Baths
- 19024545 MLS
- ACTIVE UNDER CONTRACT Status