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
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- 0 Baths
- 21029234 MLS
- ACTIVE Status
Back on the market. In the final stage of valuation, the buyer could not wait anylonger. Location/charm within walking distance of Downtown Kirkwood, this 4BR home is ...
- 4 Beds
- 2.5 Baths
- 20022899 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 UNDER CONTRACT Status
ARE YOU SEEKING A NEW RENOVATION PROJECT? Come to 4363 MCPHERSON in the Historic CWE and take a look! Located on a serene cul-de-sac, the home was built in 1901 to showc...
- 4 Beds
- 4 Baths
- 21016823 MLS
- ACTIVE UNDER CONTRACT Status
Fabulous Southwest Garden 2 story home nestled on a quiet street within walking distance to parks, YMCA, restaurants on The Hill, Sublette park, and so much more! The mai...
- 3 Beds
- 2.5 Baths
- 21026157 MLS
- ACTIVE UNDER CONTRACT Status
THIS IS A MUST-SEE UNIT! $1,000,000 VIEW. St Louis Basilica, St. Louis SKYLINE, The Arch, Stan Musial Bridge, Fireworks, Sunrise, Sunset Even the rain is engaging. Glas...
- 1 Beds
- 2 Baths
- 21009365 MLS
- Lindell Terrace Bldg.
- ACTIVE UNDER CONTRACT Status
Excellent Investment Opportunity. Outstanding location in St. Peters near Mexico Rd. This split level has good sized kitchen, living room, 3 bedrooms, 1 bath, and a rough...
- 3 Beds
- 1 Baths
- 21050184 MLS
- ACTIVE Status
GREAT LIVING AND ENTERTAINING space in a superb Downtown location. Maple floors, exposed brick walls, large windows and 12+ foot ceilings. Private balcony. Unique sliding...
- 2 Beds
- 2 Baths
- 20047113 MLS
- ACTIVE UNDER CONTRACT Status
Welcome Home! This terrific 3 bedroom, THREE bath home is a must-see - walk into the combination kitchen and dining room, which offers plenty of counter and cabinet spac...
- 3 Beds
- 2.5 Baths
- 20053606 MLS
- ACTIVE UNDER CONTRACT Status
This property is an investors dream! Located in a AAA rated school district, 3 bedrooms with a possible 4th bedroom in the lower level gives plenty of living space. A hug...
- 4 Beds
- 1.5 Baths
- 21050003 MLS
- ACTIVE Status
Property is a short sale subject to bank and VA approval. Property being sold as-is on Special Sales Contract. Property has significant mold damage, significant structu...
- 3 Beds
- 2 Baths
- 20052606 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 Comp Purposes only
- 3 Beds
- 2.5 Baths
- 20032003 MLS
- ACTIVE UNDER CONTRACT Status
Possible short sale. Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. Inspections are for buyers inform...
- 3 Beds
- 2 Baths
- 20065793 MLS
- ACTIVE Status
Cute brick bungalow waiting just for you. 4bedrms and 1.5 ba. Large Living rm and Large dining rm. Eat in kitchen. There are 2 bedrms on the main floor and 2 bdrms on the...
- 4 Beds
- 1.5 Baths
- 21027835 MLS
- ACTIVE UNDER CONTRACT Status
SHORT SALE, INVESTORS OPPORTUNTIY! Home is sold as is and owner will do repairs. This home has HUGE protentional with a little TLC! This home has good bones just needs yo...
- 3 Beds
- 1 Baths
- 21041666 MLS
- ACTIVE UNDER CONTRACT Status
Don’t miss this 3 bedroom, 1 bath 1.5 story home in Ritenour. The main floor features 9ft ceilings, an office/sitting area, newer windows, bedroom 1 and a Jack N Jill bat...
- 3 Beds
- 1 Baths
- 20065802 MLS
- ACTIVE UNDER CONTRACT Status
POSSIBLE SHORT SALE! Here is your chance to get a downtown studio with an ARCH VIEW at a bargain! Could use some fresh paint and new flooring which is reflected in the pr...
- 1 Baths
- 21023338 MLS
- Blu CitySpaces Condominiums Bldg.
- ACTIVE UNDER CONTRACT Status
Back on the market. SHORT SALE - Investors, bring your offer! Property is walking distance to bus line, fast food and Family Dollar. Very close to highway 70. Re...
- 2 Beds
- 1 Baths
- 21007306 MLS
- ACTIVE Status
Cozy top floor condo available. In need of renovation but will make a great home or investment! Short sale! Buyer must agree to pay third part negotiation fee of 3995.00 ...
- 2 Beds
- 2 Baths
- 21039750 MLS
- Chapel Ridge Sec 2 Condo Bldg.
- ACTIVE UNDER CONTRACT Status