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 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
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 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 Status
Incredible value! Gorgeous full brick front 2 story with 3 car garage. Giant 4200+ sqft floor plan featuring all of today's most desired upgrades/options. There's hardwoo...
- 4 Beds
- 3.5 Baths
- 19086505 MLS
- ACTIVE Status
New Price!!! Beautiful curb appeal. Nestled in a quite cul-de-sac street. Nice and spacious open floor plan. Large home with 6 bedrooms and 3.5 baths. Great interior flo...
- 6 Beds
- 3.5 Baths
- 19034867 MLS
- ACTIVE UNDER CONTRACT 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
SO MUCH HOME FOR THE MONEY! Soaring ceilings and an open floor plan, fully finished basement, over-sized rear entry 3 car garage and a separate circle drive way, gorgeous...
- 4 Beds
- 4.5 Baths
- 19072917 MLS
- ACTIVE UNDER CONTRACT Status
SHORT SALE....SUBJECT TO LIEN HOLDER, MORTGAGE INSURER, INVESTOR FINAL WRITTEN APPROVAL. HOME TO BE SOLD AS IS SELLER WILL NOT PAY FOR REPAIRS OR INSPECTIONS. Gorgeo...
- 4 Beds
- 3 Baths
- 19087003 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
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 Status
This is an "as is sale". Seller is to do no repairs. Submit your Highest & Best offer "Short Sale Contract w/ short sale rider".
- 4 Beds
- 2.5 Baths
- 19044654 MLS
- ACTIVE UNDER CONTRACT 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
Nice 3 bedroom, 2 bath ranch style home with vaulted ceilings and a fireplace. This home is situated on a large level lot! Basement is ready for your finish! Offered as ...
- 3 Beds
- 2 Baths
- 19025359 MLS
- ACTIVE UNDER CONTRACT Status
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
Come see this charming, clean ranch in the Mehlville School District perfect for your family. There is an eating area off the kitchen with French doors leading out to the...
- 3 Beds
- 1.5 Baths
- 19048669 MLS
- ACTIVE Status
SHORT SALE. Three bedroom, 2 bath ranch style home. Home features over 1700 sq ft with vaulted ceilings in the living room and dining room. Master bath has been update...
- 3 Beds
- 2 Baths
- 19006320 MLS
- ACTIVE UNDER CONTRACT Status
Short Sale must use special sales contract and write Property to be sold as is, seller to do no inspections nor offer any warranty. Offer is contingent upon written appro...
- 4 Beds
- 2 Baths
- 19071501 MLS
- ACTIVE Status