St Louis Short Sales

St Louis short sales are definitely fewer and farther between than they were a couple of years back however, they are still out there and still often offer a great opportunity to a buyer.  A short sale is where a home is being sold by it’s owner at a price less than the current mortgage on it in the hope that the lender will agree to accept the proceeds from the sale and release the loan since the equity is simply not there to sell the home and pay off the loan.  Of course, there has to be some hardship with it as well and the owners have to prove they are in no position to pay the loan off in full otherwise it would not make sense for the lender to accept less than the full balance of the loan.

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