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
The current owner has enjoyed this lovingly cared for, family home for 45 years. It is now time for a new owner to make this home their own. Providing abundant living spa...
- 5 Beds
- 3 Baths
- 18060684 MLS
- ACTIVE UNDER CONTRACT 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
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
A RARE OPPORTUNITY to get in this Highly Desired West County Neighborhood. Listing is a potential short sale property to be sold AS-IS. Cash or conventional buyers are pr...
- 4 Beds
- 3.5 Baths
- 18092198 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
Sprawling ranch in the desired Monterra Subdivision. This home features 3 bedrooms and 2 baths on the main level and a sleeping area and full bath in the lower level. Th...
- 3 Beds
- 3 Baths
- 19020162 MLS
- ACTIVE Status
CITY CLOSE & COUNTRY QUIET. 4.67 acres with a Million dollar view! Overlooks the Meramec River, Aberdeen and Crescent Farms Golf Courses, and Hidden Valley. Spectacular...
- 7 Beds
- 5 Baths
- 18040382 MLS
- ACTIVE UNDER CONTRACT Status
New approved value! Short Sale Approved list price. Can close quickly with this offer. Will accept nothing less. Sold "AS-IS" 2-story entry foyer. Large formal living and...
- 4 Beds
- 2.5 Baths
- 18090465 MLS
- ACTIVE UNDER CONTRACT Status
Quality abounds with this lovely split level. This home is in need of some updates and TLC. This is a short sale. $4,000.00 short sale fee to be paid by buyer at closi...
- 2 Beds
- 2 Baths
- 19024090 MLS
- ACTIVE Status
Quality abounds with this lovely 2 story located in Southridge Pines neighborhood. This is a short sale. $3,500.00 short sale fee paid by buyer at closing. Inspections ...
- 4 Beds
- 2 Baths
- 18015487 MLS
- ACTIVE UNDER CONTRACT 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
*Property is a Possible Short Sale and Subject to lien-holder approval. Home is being sold in AS IS condition. Owner will not make repairs, perform any inspections or pro...
- 3 Beds
- 3 Baths
- 18010189 MLS
- ACTIVE UNDER CONTRACT Status
Quality abounds in this lovely atrium ranch. This is a short sale. $3,500.00 short sale fee paid by buyer at closing. All inspections are a buyers fee and for their kn...
- 4 Beds
- 3 Baths
- 18010775 MLS
- ACTIVE 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
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 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 Status
None
- 4 Beds
- 3 Baths
- 18062529 MLS
- ACTIVE UNDER CONTRACT Status
This is a great opportunity to get a newer home in St. Louis City. With a little cosmetic upgrades this can be a great home for a large family. This a short sale in pro...
- 2 Beds
- 2.5 Baths
- 19015355 MLS
- ACTIVE Status
Great opportunity to update a home and make it your own in Ladue Schools! This multi-level home is ready for your design and plan! This is 3 bedroom 2 bath home in a ...
- 3 Beds
- 2 Baths
- 18095286 MLS
- ACTIVE UNDER CONTRACT Status