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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

$190,000
4 Beds ⋅ 2 Baths ⋅ 23022387 MLS ⋅ ACTIVE Status
APPROVED AT LIST PRICE! Home has lots of potential! Waiting for your finishing touches. Short sale subject to lienholder approval. Property being sold as is. Seller to do no warranties, repairs or inspections.

4 Reece Drive, O'Fallon
$184,900
22072789 MLS ⋅ ACTIVE UNDER CONTRACT Status
Brick duplex in sought after Ellendale neighborhood location near Maplewood. 1-Bedroom 1 Bath units with a total of 1848 sq ft. Lot is 4059 square and has off-street parking. 1st Floor unit rents at $675 monthly with a lease end date of 2/28/2023 2nd Floor unit is vacant for showings with access to the basement. DO NOT DISTURB 1st fl. tenant. Property to be sold in its current as-is condition.

7117 Rabenberg Place, St Louis
$175,000
3 Beds ⋅ 2 Baths ⋅ 22076612 MLS ⋅ ACTIVE Status
Approved Short Sale Price is $175K. This spacious 3 bedroom 2 full bath home offers good sized patio in rear with a nice level lot backing to woods and common ground. Enjoy the view of the open space. Great convenient location with wonderful access to major roads and area amenities but situated on quiet street in established area. Nice curb appeal with brick front, concrete driveway, updated front and rear exterior doors, thermal windows, low-maintenance vinyl siding and enclosed soffits plus 2-car garage. Features include: Master Suite w/private bath, 2 Guest Bedrooms, Formal Dining Room, Formal Living Room, large Family Room w/fireplace. Breakfast room w/huge bay window for ultimate view of privacy and nature. Kitchen w/center island w/breakfast bar, great natural light and additional recessed lighting. Full basement for future expansion of living space. Tremendous opportunity for investor or owner occupant desiring built-in sweat equity for future return. Sold As Is. Needs some TLC.

4350 Tanglebrook Drive, Black Jack
$159,900
3 Beds ⋅ 2 Baths ⋅ 23004152 MLS ⋅ ACTIVE UNDER CONTRACT Status
SHORT SALE: Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. All offers subject to lien holder(s) approval. Buyer proof of funds or pre-qual letter and addendum to contract is required. Submit all offers on Special Sales Contract with Short Sale Rider. No trespassing- Shown by confirmed appointment only. Per seller: Roof replaced and HVAC updated within last 2 years. Dishwasher is broken, Basement may leak at southwest corner.

2255 Wheatfield Drive, Florissant
$125,000
1 Beds ⋅ 1 Baths ⋅ 23023249 MLS ⋅ ACTIVE UNDER CONTRACT Status ⋅ 5330-5360 Pershing 01 Amendme BLDG.
Fantastic condo renovation, impressive stately curb appeal, gated community w/abundant character & charm! Offering timeless historic beauty yet boasting modern conveniences w/exceptional luxurious detail. Located on inviting tree-lined street in popular DeBaliviere Park Area of the magnetic CWE... easy walk to Forest Park & all the amenities this bustling Area has to offer! Close to Wash U campus, BJC, hospitals. Premium finish, gorgeous wood cabinets, stunning granite counters, stainless appliances, ceramic tile floor, refrigerator included. Large great rm w/striking wood floors & abundant windows for streams of natural light. White 6-panel doors/trim, fresh paint, spacious master w/large walk-in closet, stylish upgraded bath, great deck. Fabulous carefree lifestyle w/simple elegance, secure access, gated lot/1 assigned parking spot, washer/dryer in unit included. FHA/VA approved, Pets allowed w/approval. Short Sale-Sold As Is w/no repairs or inspections by seller yet is move-in ready

5360 Pershing Avenue Unit #7A, St Louis
$115,000
3 Beds ⋅ 2 Baths ⋅ 23030112 MLS ⋅ COMING SOON Status
Come and see this cute brick bungalow located on a quiet street in Old Town Ferguson!! This home is a perfect starter home for a first time homebuyer. This property is being sold as is as a short sale.

131 S Hartnett Avenue, St Louis
$114,900
3 Beds ⋅ 2 Baths ⋅ 23014884 MLS ⋅ ACTIVE UNDER CONTRACT Status

1660 Cobblestone Creek Drive, Florissant
$100,000
3 Beds ⋅ 2 Baths ⋅ 23025928 MLS ⋅ ACTIVE UNDER CONTRACT Status
Property is being sold as a short sale. Seller to do no repairs, inspections, or improvements. All terms of contract are subject to the banks approval. Seller prefers to have no showings without accepted contract. Payoff quote has been requested from the bank and purchase price may increase due to confirmed payoff balance.

2095 Lindsay Lane, Florissant
$99,000
2 Beds ⋅ 1 Baths ⋅ 22072082 MLS ⋅ ACTIVE UNDER CONTRACT Status
Please, no show until 12/14/2022. This brick bungalow was remodeled in 2005 by previous owner. The remodel included tilt in thermal insulated windows, updated kitchen and bath, roof, furnace and central air. It is on a quiet dead end street with no traffic to speak of.

4616 S 38th Street, St Louis
$80,000
2 Beds ⋅ 1 Baths ⋅ 22071639 MLS ⋅ ACTIVE Status
Quality abounds with this lovely home in need of some TLC. This is a short sale. $4,000.00 short sale fee to be paid by buyer at closing. This house is being sold as-is, with seller to make no repairs or warranties. New list price is previously approved by lender. Please submit all offers on special sales contract along with SS rider and buyer POF.

3541 Itaska Street, St Louis
$76,900
1 Beds ⋅ 1 Baths ⋅ 23001773 MLS ⋅ ACTIVE UNDER CONTRACT Status
Negotiating a Short Sale with the Lender.

1195 Rue La Chelle Unit #1195, St Louis
$74,500
3 Beds ⋅ 1 Baths ⋅ 23008498 MLS ⋅ ACTIVE UNDER CONTRACT Status
SHORT SALE: Property sold "as-is" in current condition. No repairs, warranties, disclosures, or inspections provided by seller. All offers subject to lien holder(s) approval. Buyer proof of funds or pre-qual letter and addendum to contract is required. Submit all offers on Special Sales Contract with Rider. Needs TLC, not updated, needs Tuckpointing, basement water leak, some Plaster issues, carpet not usable, appliances unknown, unsafe railing, smoke damage , water damage.

2829 Sulphur Avenue, St Louis
$65,500
22008617 MLS ⋅ ACTIVE Status
This is an investors dream!! Nice two family that you can receive great rents on or live in one side and rent the other! Located in a up a coming area that is getting nice rents. Also, this is as-is deal seller will not do any repairs. The 2500 short sale fee to be paid by buyer at closing. Thanks

2708 Keokuk, St Louis
$61,900
2 Beds ⋅ 2 Baths ⋅ 23012503 MLS ⋅ ACTIVE UNDER CONTRACT Status

1330 Sunview, O'Fallon
$60,000
3 Beds ⋅ 2 Baths ⋅ 22076425 MLS ⋅ ACTIVE UNDER CONTRACT Status
Freshly leased single family home in Jennings. Closing will need to be 3/8/2023 or after. Lease expires 12/31/2023. Tenant is paying $995/mo + ALL Utilities. DO NOT DISTURB TENANTS. This 3 bedroom 2 bathroom 1.5 story home has been recently renovated and has central heating/cooling w/ window units in 2nd floor bedrooms for extra comfort. Occupancy Inspection w/ the City of Jennings has been completed and passed.

7061 Idlewild Avenue, St Louis
$51,600
3 Beds ⋅ 1 Baths ⋅ 22068874 MLS ⋅ ACTIVE UNDER CONTRACT Status
SHORT SALE: Property sold “as-is” in current condition. No repairs, warranties, disclosures, or inspections provided by seller. All offers subject to lien holder(s) approval. Buyer proof of funds or pre-qual letter and addendum to contract is required. Submit all offers on Special Sales Contract with Rider. Needs TLC, not updated, needs foundation work, new roof, moldtype, broken appliances. Some plumbing needed, waterproofing of basement needed.

3205 Regal Place, St Louis
$50,000
2 Beds ⋅ 1 Baths ⋅ 23004317 MLS ⋅ ACTIVE UNDER CONTRACT Status
AS Is Sale, Home needs work but has great potential* Kitchen needs flooring to make it shine , cabinets & appliances are fine* large living room with a fireplace &hardwood floors* Mechanic's dream 2 car oversized detached garage, basement partially finished with bonus room. Bring your drywall mud & paint brush & you can add this to your portfolio or live in an affordable home.

425 Scenic Drive, Riverview
$50,000
2 Beds ⋅ 1 Baths ⋅ 22069473 MLS ⋅ ACTIVE UNDER CONTRACT Status
Located on a one way street of tidy brick houses, check out this affordable two bedroom charmer. New flooring recently installed in most rooms. The main level features two bedrooms, full bath, good sized kitchen and a bright, sunny living room. The basement features a finished family room, and the rest of the area for convenient storage space and laundry. The basement walks out to the attached one car garage for ease of carrying in groceries and other items. The Urban League Weatherization Program was done in 2015. Home is city code compliant, but is other wise being sold in "as is" condition and does need a new roof and other repairs. Sewer line was completely replaced with PVC seven years ago. This is a short sale and as such all offers are contingent on lien holder approval.

5542 Era Avenue, St Louis
$35,999
22008568 MLS ⋅ ACTIVE Status
This is a investors dream!! Nice two family that you can receive great rents on or live in one side and rent the other! Located in a up a coming area that is getting nice rents. Also, this is as-is deal seller will not do any repairs. The2500 short sale fee to be paid at closing by buyer. Please feel free to drive by. Thanks

5894 Wabada Avenue, St Louis
$32,000
3 Beds ⋅ 2 Baths ⋅ 22075933 MLS ⋅ ACTIVE UNDER CONTRACT Status
This is an as is SHORT SALE. 3707 Palm is investors dream and is in need of a full gut rehab. This spacious home is located on a quiet street in North St. Louis City. Buyer is to pay a 3rd party performance fee of $3,995 separate from purchase price.

3707 Palm Street, St Louis
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