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 Status
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
SHORTSALE! Just around the corner from Bellerive Country Club, you will find this spacious ranch style home with an open floor plan that boasts 4 beds,2 & 1/2 baths,newer...
- 4 Beds
- 2.5 Baths
- 19040844 MLS
- ACTIVE UNDER CONTRACT Status
Needs a little TLC. A great place to add your cosmetic touches too. Great Lower level. Office/3rd Bedroom in basement
- 3 Beds
- 2.5 Baths
- 19087307 MLS
- Amberleigh Bldg.
- ACTIVE UNDER CONTRACT Status
Back on the Market - no Fault of Seller! New Price!!! Beautiful curb appeal. Nestled in a quite cul-de-sac street. Nice and spacious open floor plan. Large home with 6 b...
- 6 Beds
- 3.5 Baths
- 19034867 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 UNTIL MONDAY JANUARY 20TH. SO MUCH HOME FOR THE MONEY! Soaring ceilings and an open floor plan, fully finished basement, over-sized rear entry 3 car garage an...
- 4 Beds
- 4.5 Baths
- 19072917 MLS
- ACTIVE 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 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 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 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 UNDER CONTRACT Status
Really nice 4 bedroom, 2.5 baths home. This house is in good shape - only needs minor updating. Close to schools, shopping, parks etc. Make your appt. today.
- 4 Beds
- 2.5 Baths
- 19085088 MLS
- ACTIVE UNDER CONTRACT Status
**Home being SOLD AS-IS and as a SHORT SALE. List price has already been approved by lienholder** Here is your chance to own this 3 bedroom 2 bath ranch house in a nice...
- 3 Beds
- 2 Baths
- 19090829 MLS
- 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 UNDER CONTRACT 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 Status
OPEN Saturday, 12-2 AND Sunday, 1-3pm! Enjoy the ambience of sought after Pasadena Hills with its tree lined streets and 3 parks, including one with a pond and walking b...
- 4 Beds
- 2 Baths
- 20000649 MLS
- ACTIVE Status
Nice neighborhood. Foundation has cracks almost throughout. See Seller's Disclosure. Short Sale must use special sales contract and write Property to be sold as is, selle...
- 4 Beds
- 2 Baths
- 19083121 MLS
- ACTIVE UNDER CONTRACT Status
POSSIBLE SHORT SALE!!! Instant Equity! Newer Roof, Gutters, Garage Door, Dual System HVAC, Hot Water Heater, Windows, Front Door, Full Kitchen Remodel on this Spacious Ho...
- 5 Beds
- 2.5 Baths
- 19060644 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