melissa boyer

Your Local Realtor with National Connections

I am a designated residential real estate specialist (RRES) experienced in homes with acreage, horse properties, and residential real estate.  If you are looking for a dependable agent to help with buying, selling, or investing in real estate, I'd love the chance to earn your business!  Call (314) 565-2369 today!

Foreclosures and Short Sales

A "Short Sale" happens when a home's owner requests for the lienholder/s to accept a short payoff on the current loan(s) on the property. If you are looking to buy a short sale, Melissa can help you understand the specific term of a short sale property.

If you need to sell your home because you need to move for your job or can no longer afford your mortgage, or you owe more on your home than you can sell it for and you wish to save your credit score for the standard 100 penalty points, a short sale may be the best option for you.

Buying a short-sale comes with certain risks that are not for everyone. Short-sales will close whenever the lien-holder(s) loss mitigator assigned to your case picks up the file and decides to work it. Several times we will be switched to different loss mitigators and thrown to the back of the pile ,even though we have an offer on the table.

Things that the bank will want to consider before deciding are:

  • What the home is worth? This is to make sure that they are not taking too low of an offer. Often times the bank's data is off from what real world data is telling us. As a Buyer's Agent, I scope this out ahead of time for you before you get too attached to a home. I also look into the seller motivation and listing agents experience with short-sales. All of this will come into play as we wait for the approval(s).
  • The bank will also be concerned about getting sued later by you or the seller. They cover themselves by selling the homes as-is, with no disclosure, and transfer with a special warranty deed. I protect you, along with the Title company, from any complications because of the banks behavior.
  • The Listing Agent could have more than one bank to deal with if the Seller had more than one lien on the home. Once the First lien-holder approves, we will have to get approval from the 2nd. The first lien-holder approval letter is usually only good for 30 days. So we would then need to go back to the 1st to get an extension after getting the 2nd lien-holder's approval.
  • I have seen this process take 5-7 months. I have also seen the home sold on the court house steps during the process of requesting a short-sale, because one department at the bank is not in step with another. I have also seen the Seller's lose motivation and decide to let the home go to foreclosure instead of completing the process. We need the seller's cooperation through the whole process in order to be successful.