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
- 5 Baths
- 18009418 MLS
- ACTIVE Status
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...
- 0 Baths
- 19047772 MLS
- ACTIVE Status
Check out 3D Matterport*Location/charm within walking distance of Downtown Kirkwood, this 4BR home is located in the Jefferson/Argonne Historical District.With over 2500S...
- 4 Beds
- 2.5 Baths
- 20022899 MLS
- ACTIVE Status
Escape from city bustle to your private retreat. Custom 2 story home on 3+ wooded acre cul-de-sac. 3car garage. Open floorplan. Neutral décor! Features abound: hardwood f...
- 5 Beds
- 4 Baths
- 19055960 MLS
- ACTIVE UNDER CONTRACT Status
LUXURY TOWN HOME ON MAIN STREET IN HISTORICAL ST CHARLES. Experience that instant "WOW" effect when you step in grand entry Foyer. The 2 sty Greatroom has a fireplace, re...
- 3 Beds
- 3.5 Baths
- 20038429 MLS
- Water Works Resub Bldg.
- ACTIVE Status
Beautiful 4 bedroom, 3.5 bath home in Wildwood. This is not your typical short sale house. This house is in good shape with just some minor TLC. Make your appointment tod...
- 4 Beds
- 3.5 Baths
- 20042532 MLS
- ACTIVE UNDER CONTRACT Status
NO SHOWINGS PROPERTY IS UNDER CONTRACT SO MUCH HOME FOR THE MONEY! Soaring ceilings and an open floor plan, fully finished basement, over-sized rear entry 3 car garage ...
- 4 Beds
- 4.5 Baths
- 19072917 MLS
- ACTIVE UNDER CONTRACT Status
Are you looking for a house that priced below the average sales price for the Neighborhood ? Then you have come to the right place !! Great living space, 4 bedrooms, 2.5 ...
- 4 Beds
- 2.5 Baths
- 19062538 MLS
- ACTIVE Status
Awesome 4 bedroom two-story w/hardwood floors as you enter this beautiful home!This home features 2 full bathrooms and 2 half bathrooms!,You will love the CROWN MOLDING t...
- 4 Beds
- 3 Baths
- 20017711 MLS
- ACTIVE UNDER CONTRACT Status
(Home is occupied - must have confirmed appointment) Three bedroom ranch home with two car garage and full basement; Eat-in kitchen, living room, separate dining room - p...
- 3 Beds
- 2 Baths
- 20029150 MLS
- ACTIVE UNDER CONTRACT Status
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...
- 5 Beds
- 2.5 Baths
- 19050187 MLS
- ACTIVE UNDER CONTRACT Status
quality abounds with this lovely ranch located in desirable Rockwood School District. This property is being sold as is, seller to do no repairs or warranties. This home...
- 3 Beds
- 1 Baths
- 19067709 MLS
- ACTIVE Status
TALK ABOUT POTENTIAL!! If you're an investor, this one is for you! This home has 4 bedrooms and 2 full baths, 8 rooms total with beautiful hardwood floors throughout! Att...
- 4 Beds
- 2 Baths
- 20033203 MLS
- ACTIVE UNDER CONTRACT Status
This property is 16 years young, has 3 bedroom., 2.5 baths, master bathroom suite on 2nd floorwith tub and seperate shower Jack and Jill bathroom. Plenty of walk in close...
- 3 Beds
- 2.5 Baths
- 19034089 MLS
- ACTIVE UNDER CONTRACT Status
Charming 1.5 Story is a great home for your expanding family. Large upstairs for possible extra bedrooms or bright and airy home office space. New carpeting and some har...
- 3 Beds
- 1 Baths
- 20028541 MLS
- ACTIVE UNDER CONTRACT Status
Sold AS-IS SHORT SALE. Short Sale price pending approval from lenders. Fannie Mae's appraisal came back at $120,000. Motivated sellers. 3 bed, 1 bath bungalow home wi...
- 3 Beds
- 1 Baths
- 20038712 MLS
- ACTIVE UNDER CONTRACT Status
Nice 3 bedroom 2 bath house located in Maryland Heights. Pattonville Schools.
- 3 Beds
- 2 Baths
- 19068951 MLS
- ACTIVE UNDER CONTRACT Status
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.
- 3 Beds
- 2.5 Baths
- 18004853 MLS
- ACTIVE UNDER CONTRACT Status
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...
- 1 Beds
- 1 Baths
- 18070631 MLS
- 2020 Lofts Bldg.
- ACTIVE UNDER CONTRACT Status
Excellent opportunity for a nice fixer-upper. Home has Living Room, Dining Room, Family Room, a bedroom and a full bathroom on the 1st floor along with a nice size kitc...
- 4 Beds
- 2 Baths
- 19071651 MLS
- ACTIVE UNDER CONTRACT Status