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
- 4.0 Baths
- 18009418 MLS
- ACTIVE Status
TRUSTEE SALE & MUST SELL! This gorgeous home is located in the highly sought out Kirkwood area. The features of the home will allow for comfortable living & an easy move-...
- 5 Beds
- 4.5 Baths
- 18061133 MLS
- ACTIVE Status
Amazing 1.5 story home, with 6 bedrooms, 4 full baths and 2 half baths located on a cul-de-sac in the sought after Legends Golf Community neighborhood. Huge two story gre...
- 6 Beds
- 5.0 Baths
- 18045998 MLS
- ACTIVE Status
Gracious home offering 4,000sq ft+ w/ 3 levels of living space on 3+ acres located w/in minutes of Hwy 44. Grand Entry w/ formal Dining Room, Sitting Room/Office, Living ...
- 4 Beds
- 4.5 Baths
- 18036422 MLS
- CONTINGENT SHORT SALE Status
Possible Short Sale! Here's your chance! Dramatic 1.5story floorplan in Marquette schools! 3-car garage! Backs to heavy trees with full walkout and two decks and scre...
- 3 Beds
- 2.5 Baths
- 18060106 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
- 2.0 Baths
- 18015487 MLS
- CONTINGENT SHORT SALE Status
Amazing opportunity to own a great home in a desired area of Kirkwood. This 3 bedroom 2 bath home has so much potential. Property being sold as-is via short sale.
- 3 Beds
- 1.5 Baths
- 18065223 MLS
- CONTINGENT SHORT SALE Status
Property sold As is - Approved short sale!
- 4 Beds
- 3.0 Baths
- 18071125 MLS
- CONTINGENT SHORT SALE Status
None
- 4 Beds
- 3.5 Baths
- 18070138 MLS
- ACTIVE 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
- 3.0 Baths
- 18010775 MLS
- CONTINGENT SHORT SALE Status
Great short sale opportunity. Beautiful house, Great location. Recently remodeled home in the Lemp Brewery section of Benton Park, less than a block away from Cherokee St...
- 4 Beds
- 3.5 Baths
- 18003267 MLS
- ACTIVE Status
Great opportunity to live in Webster Groves, This is a 3 bedroom 1.5 bath house with just under 1400 sqft of living area. Home is being sold-as is. Seller to do no inspec...
- 3 Beds
- 1.5 Baths
- 18066706 MLS
- CONTINGENT SHORT SALE 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
- 2.0 Baths
- 18066866 MLS
- ACTIVE Status
Meticulously cared for 3 bedroom 2 bath, 2 car garage ranch in Francis Howell. Smoke free, original owner, Eat-off-the-floor clean! Private park-like yard backs to neig...
- 3 Beds
- 2.0 Baths
- 18034121 MLS
- ACTIVE Status
A SHORT-SALE OPPORTUNITY HUGE Price Reduction !!!! ALL OFFER Being considered!! 1 acres, your own private retreat, brick home, includes entry foyer, 3 bedrooms, Large m...
- 3 Beds
- 2.0 Baths
- 18038882 MLS
- ACTIVE Status
All brick 3 bedroom ranch on a cul-de-sac lot*Close to Highways 94/364/70*Main level family room with fireplace*Covered patio*Walk-out basement*Large fenced yard with she...
- 3 Beds
- 1.5 Baths
- 18007645 MLS
- ACTIVE Status
Suburban living in north county. A large 3 bedroom/ 2 and a half bath home in Barrington Downs. Master suite complete with Jacuzzi tub and separate shower on the main flo...
- 3 Beds
- 2.5 Baths
- 18072640 MLS
- CONTINGENT W/KICKOUT Status
Est. 1941 Northampton 3 bedroom / 1 bath home - lots of space here. Hardwood floors throughout. Updated kitchen w/granite countertop, stainless appliances and a good size...
- 3 Beds
- 1.0 Baths
- 18064687 MLS
- CONTINGENT SHORT SALE Status
Beautiful historic brick home in Pasadena Hills with FIVE bedrooms and 2 full baths! SLATE roof! Alll the charm you expect in this gorgeous neighborhood. Lots of opportun...
- 5 Beds
- 2.0 Baths
- 18029119 MLS
- ACTIVE Status
Property being sold AS-IS. Short Sale. Great opportunity to live in a very desired area of South City. This home has great curb appeal. Inside you will find almost all t...
- 3 Beds
- 1.5 Baths
- 18024742 MLS
- CONTINGENT SHORT SALE Status