Looking to buy St Louis real estate, many people ask, “what’s a Short Sale?”
Funny thing, it should be renamed a “Long Sale” as it is a real-estate sale and purchase that can take much longer than normal. In the St. Louis real-estate market — not hit like others — still has many of these coming up all over.
The best definition of a Short Sale or Short Payoff is If a person sells their home for less than the total amount owed on the mortgage and the mortgage company is willing to allow the sale to take place and also pay out realtor commissions and title fees.
In the St. Louis, Mo the market is not as rough as others but short sales are still available for the buyers.
In the attached article Making an offer on a short sale? What you need to know it really outlines what is needed when trying to purchase a Short Sale.
As a Buyers Agent our job is to locate the great deals and assist in the negotiation & purchase transaction. A short sale takes a lot of patience and coordination. The banks and sellers require the purchase to be “As-Is” they will do no repairs or inspections. They also want the buyer to be very qualified to buy and you must have more than a pre approval.
Your flexibility is needed in a short sale purchase because often it can take 2 months or more. At that time, the Lien Holder (the seller’s bank) is doing multiple appraisals, having the seller prove their hardship, and even negotiating a separate settlement with the seller. During the long wait, some buyer’s say, “you’d think they’d want to sell it!” That is true, but the processing takes time, and banks are FLOODED with requests to do short sales now.
To sum up the St. Louis real-estate market is still offering some great deals and yes it’s share of Short sales. Being equipped with knowledge of the process, a good buyer’s agent, and lots of patience is required. If the process is successful it can mean instant equity for the new home owner! To limit your selections only to short sales may not be beneficial as there are many Great Deals in general out there, but short sales should be considered and in the long run can really pay off!
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