Looking for a Foreclosure?

Here is a list of Foreclosed Homes For Sale in St. Louis

 

For a list of the current foreclosed homes for sale in St Louis MO, please fill out the form below and an updated list will be automatically sent to you for FREE. There is never any cost or obligation. Updated lists will be sent monthly.

Buying a foreclosure in St. Louis isn’t for everyone – they often tend to require a lot of work and updating. However, if you are a handy person or you simply like projects, then a foreclosure may just be the right fit. On the flip side, buying a foreclosure can be a great opportunity to purchase a home for under market value and fix it up over time to increase the equity you have in the home.

Are you an investor? Then foreclosures might be the perfect addition to your investment portfolio. If you are looking for multi-family units then there are specialized lists for multi-family units that are in foreclosure. If this is something of interest, please contact me directly for this list. You can shoot me an email at shannon@livingtowergrove.com and I’ll create a specialized list for you.

If you are interested in additional information about a specific property or would like to view a property, please contact me directly.

FAQ about foreclosures in St Louis

What are foreclosures?

Foreclosures are properties that have been repossessed by a lender (bank) for lack of the mortgage payment. Foreclosure proceedings can take a long time from the time a bank takes possession to the time they hit the market for sale. Why? Great question, different banks have their own processes on how they go through the process to get the home listed for sale to the general public. Banks don’t exactly have a reputation for efficiency in the real estate world!

How do I buy a Foreclosure?

There are many different processes for making an offer on a foreclosure. Some homes that have been foreclosed on go to an auction and other you have to make an offer on a specific site. Yet others are similar to any other home that you would buy where you submit an offer through your real estate agent using a special sales contract.

What is a special sales contract? A special sales contract is used when you are buying a property ‘As-Is’, meaning that the owner (and in the case the bank) will do no repairs and no occupancy inspections.

In most cases you need a real estate agent to make an offer for you.

What is the difference between a foreclosure and a short sale?

First, a short sales implies that the actual owner of the property is selling the property.  A short sale is when a bank agrees to allow an owner to sell their property for less than what they owe on the property. The owner has to prove some sort of hardship to be approved for a short sales.

A foreclosure is when the bank has already taken possession of the property and the bank is selling the property.

What do I need to know about buying a foreclosure?

There is usually a lot to know, which is why it’s always best to seek the advise of a real estate agent. However, to understand if a foreclosure is right for you, here are some things to consider:

  1. Usually foreclosures are sold “as-is”, meaning the bank will not make any repairs and does not guarantee the condition of the property.
  2. You can still do inspections, and you should! However, the inspections are for your knowledge only as the seller/bank will make no repairs.
  3. Utilities are usually off. So if you are looking at a foreclosure, it’s always good to come with a flashlight. The owner/bank will not turn the utilities on for inspection. If you want the utilities on for inspections, this is usually done at the buyers expense. If you decide not to buy the property, you will not be reimbursed for this expense.
  4. Usually foreclosures need work. The amount of work will vary greatly from one property to another. However, you have to remember, if the owner didn’t have money to pay their mortgage they likely didn’t have money for the upkeep of the house. Some houses are in still good shape, but may just need updating. Other houses need everything from A to Z. There is no way to know this until you take a look at the property itself and you usually need a real estate agent to view a property.
  5. Making an offer on a property can vary from the standard way of doing things. So it’s important to be patient.
  6. Be aware that you may not be able to get financing for a property, so it may require an all cash deal. Most banks will not lend you money or give you a mortgage for a home that is not in a livable condition. Now, with that said there are lending programs that will allow you to borrow money for the mortgage AND for improvements. For more information on these programs speak with a real estate agent or a mortgage broker.

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St Louis City Realtor

Shannon St. Pierre – REALTOR®

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CELL: 314-583-0070

Shannon@LivingTowerGrove.com

OFFICE:

7350 Manchester Rd

St. Louis MO 63143

314-802-0797