What is a Short Sale?
With many St Louis homeowners finding they owe more to the bank than the fair market value of their home, short sales have become more prevalent in real estate listings of most areas of the United States. A short sale occurs when the homeowner’s lender agrees to accept less than the outstanding balance on the mortgage as payment in full. While short sales are tools used to avoid foreclosure in many circumstances, homeowners who owe more they can get when they sell their home use short sales when they need to relocate for a job. Short sales have advantages for both the buyer and seller of a property, though the transaction differs from a traditional St Louis real estate sale. More about St Louis Short Sales
Pros & Cons of For Sale by Owner Listings
A For-Sale-By-Owner listing is a piece of property that has been listed for sale by the owner. Usually this type of listing will be slightly cheaper (but not always), but this is one of the only real benefits. However; you should watch out for the occasional St Louis home that is overpriced by a seller who either doesn’t know the value, or is hoping that you won’t know it. The negatives of a For-Sale-By-Owner listing include that the seller probably has no idea what he or she is doing, might not have filed for the proper paperwork, and won’t know about any taxes, liens or restrictions inherit with the property. For Sale by Owner listing sare best for people who know what they are doing and have purchased property before because there can be a lot of complicated paperwork involved. More about STL For Sale By Owner