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St Louis Real Estate

 

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

17863 Argonne Estates  Drive, Florissant image
17863 Argonne Estates Drive, Florissant $575,000 ▲

LOOK AT THIS LITTLE MANSION! Soaring ceilings and an open floor plan, fully finished basement, over-sized rear entry 3 car garage and a separate circle drive way, gorgeou...

  • 4 Beds
  • 4.5 Baths
  • 19072917 MLS
  • ACTIVE Status
9085 Dunn Rd, Hazelwood image
9085 Dunn Rd, Hazelwood $450,000 ▼

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
506 Pinehurst Woods  Court, O'Fallon image
506 Pinehurst Woods Court, O'Fallon $349,000

Welcome home to this very well maintained 5 bedroom, 4 bath home with an oversized 3 car garage! You will love the updates this home provides, the awesome private backyar...

  • 5 Beds
  • 3.5 Baths
  • 21012498 MLS
  • ACTIVE UNDER CONTRACT Status
4501 Lindell Unit #8B, St Louis image
4501 Lindell Unit #8B, St Louis — Lindell Terrace $250,000 ▲

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 Status
37 Lewis  Place, St Louis image
37 Lewis Place, St Louis $164,900 ▼

Welcome home to 37 Lewis Place, a 2.5 story five bedroom home that features over 2300SF living area. This home is located in the Lewis Place Neighborhood of St. Louis Cit...

  • 5 Beds
  • 2.5 Baths
  • 19050187 MLS
  • ACTIVE UNDER CONTRACT Status
11660 Mark Twain, Bridgeton image
11660 Mark Twain, Bridgeton $135,000

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
1670 Oakwood, O'Fallon image
1670 Oakwood, O'Fallon $125,000

Property is a short sale subject to bank and VA approval.

  • 3 Beds
  • 2 Baths
  • 20052606 MLS
  • ACTIVE UNDER CONTRACT Status
11493 Altozano  Lane, Florissant image
11493 Altozano Lane, Florissant $120,000

Well maintained 3-bedroom 2 bath home!! Home features, spacious rooms, hardwood flooring, main floor family room, 2 car garage, partially finished lower-level offering lo...

  • 3 Beds
  • 2 Baths
  • 21015496 MLS
  • ACTIVE UNDER CONTRACT Status
309 Clayton Crossing  Place Unit #C, Ellisville image
309 Clayton Crossing Place Unit #C, Ellisville — Clayton Crossing Village $119,900

Don't miss this fabulous opportunity to build some sweat equity. This desirable West County condo has 2br's, 2 full baths & approximately 1,076 sqft of living area. The o...

  • 2 Beds
  • 2 Baths
  • 20048231 MLS
  • Clayton Crossing Village Bldg.
  • ACTIVE Status
5417 James River  Drive, Florissant image
5417 James River Drive, Florissant $115,000 ▼

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
2020 Washington  Avenue Unit #203, St Louis image
2020 Washington Avenue Unit #203, St Louis — 2020 Lofts $112,000 ▼

SHORT SALE. Enjoy the wall of windows overlooking Washington Ave. in this Sporting News loft. Large 1 bed/1 bath with all the Bells and Whistles. 42” cherry cabinets, g...

  • 1 Beds
  • 1 Baths
  • 18070631 MLS
  • 2020 Lofts Bldg.
  • ACTIVE Status
Florissant image
Florissant $102,500 ▼

Property to be sold AS-IS Seller to make no repairs or pay for any inspections. Handyman Special updates needed. Foundation Issues. The lender is requiring contractor bid...

  • 3 Beds
  • 2 Baths
  • 20086028 MLS
  • ACTIVE Status
1135 Aubuchon  Street, Florissant image
1135 Aubuchon Street, Florissant $90,000 ▼

3 Bedroom, 2 Bath brick home located in a nice neighborhood. This house is a fixer upper. Owner started rehab and never finished.

  • 3 Beds
  • 2 Baths
  • 21011134 MLS
  • ACTIVE UNDER CONTRACT Status
1014 Fontaine, St Louis image
1014 Fontaine, St Louis $87,000 ▼

Check out this 3bd 1 1/2 bth in Bellefontaine. Currently rented for $775 a month w/ lease to term December 2021. This is a possible short sale. Tenant willing to move wit...

  • 3 Beds
  • 1.5 Baths
  • 21014263 MLS
  • ACTIVE Status
23 Chauser, St Peters image
23 Chauser, St Peters $80,000

Possible Short Sale being negotiated with bank.

  • 3 Beds
  • 2.5 Baths
  • 20016071 MLS
  • ACTIVE UNDER CONTRACT Status
1443 Coolidge, St Louis image
1443 Coolidge, St Louis $75,000 ▼

This is your chance to live in a charming home in beautiful University City, MO! 2 bedroom and 2-bathroom home is perfect for your family. From the stunning hardwood flo...

  • 2 Beds
  • 2 Baths
  • 19047508 MLS
  • ACTIVE UNDER CONTRACT Status
1240 North Florissant  Road, Calverton Park image
1240 North Florissant Road, Calverton Park $70,000

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
1500 Golden  Drive, St Louis image
1500 Golden Drive, St Louis $69,000

APPROVED SHORT SALE!! This 3BR 1 BA is a FABULOUS CATCH! Located on a quiet street, surrounded by beautiful trees for plenty of shade on an oversized lot. NEW HVAC April...

  • 3 Beds
  • 1 Baths
  • 20087605 MLS
  • ACTIVE Status
2704 Walton  Road, St Louis image
2704 Walton Road, St Louis $48,000 ▼

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
210 North 17th  Street Unit #1410, St Louis image
210 North 17th Street Unit #1410, St Louis — Blu CitySpaces Condominiums $35,000

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.
  • COMING SOON Status
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Premier Realty Exclusive has provided the above Real Estate Encyclopedia for informational purposes only. Any legal matters discussed are provided with the understanding that any legal questions or problems experienced need to be brought to the attention of a real estate attorney. The best way to learn about real estate is the interaction a prospective real estate customer can have with expert Realtors.  In addition to the experience and knowledge of the Realtor,plus the interaction and questions that come up, Realtors at Premier Realty Exclusive offer information on specialists in lending, appraisals, inspections, surveying and insurance agents.  All professionals are provided as a service are screebed and have a proven record of experience throughout real estate transactions.

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