Active short sale listings in the elevateMLS region
A short sale happens when a homeowner sells their property for less than what they owe on the mortgage, with the lender's approval. The lender agrees to accept the reduced payoff rather than go through the foreclosure process. For buyers, short sales can offer below-market pricing - but they require patience. The lender must approve every offer, which can add weeks or months to the closing timeline.
Right now 22 of the 4,900 active listings in the Pikes Peak MLS (0.4%) are short sales. If you were expecting a 2008-style bargain bin, this is why it doesn't exist: roughly 103,000 area homeowners hold mortgages at rates between 3% and 4.6%, and years of appreciation left most owners with six-figure equity cushions. Distress requires owing more than the home is worth and being unable to pay. Almost nobody here fits both.
Where the real discount lives in this market: 63% of recent closings included a seller concession (median $9,500), and 62% of active listings have cut their price. The savings most buyers are looking for on this page are actually negotiated at the offer table on ordinary listings.
Interested in a short sale?
Short sales require an experienced agent who understands lender negotiations and timeline expectations. Rob Thompson has helped buyers navigate distressed properties across the Pikes Peak region.
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