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
Potential short sale. Awesome custom home. 6810 sqft on the main and upper living areas and 9110 total living area. 23 ft and 12 ft ceilings on 1st floor. 9ft ceilings on...
- 5 Beds
- 7.5 Baths
- 19005784 MLS
- ACTIVE UNDER CONTRACT 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
Custom 1.5 story home w/ approximately 4800 SF of prime 3.02 acre lot. Stately 2-story entry foyer w/ elegant sweeping staircase make for a dramatic first impression. Ent...
- 3 Beds
- 4.5 Baths
- 20000779 MLS
- ACTIVE UNDER CONTRACT Status
Absolutely beautiful home with gorgeous landscaping and 3 car garage. Home is located on a cul de sac. This home has soo much living space. Kitchen has granite counter...
- 4 Beds
- 2.5 Baths
- 19074401 MLS
- ACTIVE Status
AMAZING 4 bedroom, 3 1/2 bathroom CUSTOM built home on over 1 ACRE of land with a central location. Pattonville Schools! Pictures do all the talking, custom millwork, ...
- 4 Beds
- 3.5 Baths
- 19022221 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
Handy man special!! Get sweat equity deal. Home is in overall good shape, basically needs all new flooring due to dogs in home. Great 2 story home with 3 car garage in s...
- 4 Beds
- 2.5 Baths
- 20001988 MLS
- ACTIVE UNDER CONTRACT 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
This is a short sale. All offers will be reviewed on or after January 15th, 2020. 4 BEDROOM 3 FULL BATH. BRICK STONE ELEVATION WITH LOWE TILT IN WINDSOR WINDOWS- ARCHITEC...
- 4 Beds
- 3 Baths
- 19088023 MLS
- ACTIVE UNDER CONTRACT Status
Home has been very well taken care but needs a fast sale. Home also needs new carpet/flooring. Large great room ranch with 4 bedrooms and 3.5 baths. Divided Bedroom flo...
- 4 Beds
- 3.5 Baths
- 19059103 MLS
- ACTIVE UNDER CONTRACT Status
Quality abounds in this beautiful 2 bed 2 full baths. Located in desirable Dorsa Lofts building. This loft has the perfect location in downtown, features updates throug...
- 2 Beds
- 2 Baths
- 20018950 MLS
- Dorsa Lofts Condo Bldg.
- ACTIVE Status
SHORT SALE OPPORTUNITY! APPROVED AT LIST PRICE! Gorgeous 15 year old 2 Story Home. Walk into the open Foyer w/ a separate Living Room to the left and a half bath to the ...
- 4 Beds
- 2.5 Baths
- 19083700 MLS
- ACTIVE Status
APPROVED SHORT SALE! Beautiful open ranch in wentzville school district. Main floor laundry and a partially finished walkout basement just waiting for you to add the floo...
- 3 Beds
- 3 Baths
- 20002622 MLS
- ACTIVE UNDER CONTRACT Status
OPEN Sunday 1-3! NEW PRICE! Enjoy the ambience of sought after Pasadena Hills with its tree lined streets and 3 parks, including one with a pond and walking bridge, and ...
- 3 Beds
- 2 Baths
- 20000649 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
Rehab Special AS-IS Short Sale Sale.
- 2 Beds
- 1 Baths
- 19073548 MLS
- ACTIVE UNDER CONTRACT Status
Tenant occupied, no showings at this time.
- 4 Beds
- 1.5 Baths
- 20009266 MLS
- 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 Status
Nice 3 bedroom 2 bath house located in Maryland Heights. Pattonville Schools.
- 3 Beds
- 2 Baths
- 19068951 MLS
- ACTIVE Status
Pre-approved SHORT SALE OPPORTUNITY at final phase of lienholder acceptance! Just minutes from the I-70 with easy access to shopping & restaurants. This 3 bedroom, 2 bath...
- 3 Beds
- 2 Baths
- 19084608 MLS
- ACTIVE UNDER CONTRACT Status