Kathy A. Torline-Nordstrom
ERA Herman Group Real Estate
Serving Colorado Springs
Colorado Springs Short Sales
Want a list of all of the short sales on the market? Email Kathy at [email protected]
Is it too late to purchase a short sale home in Colorado Springs? Now since the market has turned, are they all gone?
I did a quick search in the MLS today, and there are still 396 short sales listed for sale, and there are currently 3822 homes for sale. That equates to 10% of the listings are short sales. Now even though that is down substantially over where it was a couple of years ago as I think it was close to 35% several years ago, there are still short sales out there, but this varies immensely in different neighborhoods:
As the housing market has started to recover in Colorado Springs, some of the homes that would have been short sales are no longer short sales. Also, I think some banks aren’t very eager to accept short sales, as they may think the house is going to be worth more in 9 months vs. now; maybe the bank just decided to let a property foreclose.
- Black Forest 2 short sales
- Briargate 9 short sales
- Central area 10 short sales
- East area 14 short sales
- Fountain area 35 short sales
- Northeast area 10 short sales
- Northwest area 3 short sales
- Northgate area 1 short sale
- Old Colorado City area 2 short sales
- Powers area 11 short sales
- Southeast area 21 short sales
- Southwest area 5 short sales
- Monument area 2 short sales
- West area 2 short sales
As you can see from the information above, there are still some short sales on the market, there are more in Fountain and the Southeast area of Colorado Springs than other areas of town.
If you decide to purchase a short sale, make sure they are the right fit for you:
- How soon do you need to move? (They aren’t quick)
- Will your financing work for the property? (They are typically sold as-is and the seller doesn’t have the money to repair anything.)
- Do you need to lock in your interest rate? (Again, they aren’t quick.)
- Do you absolutely love the house? (If so, you need to realize not all short sales close and not all short sales are accepted by the lender)
- Is your Buyer’s agent experienced in short sales? (If not, find a different agent.)
- Short Sale Addendum help answer questions
- Are Colorado Springs short sale disclosed?
- BPO’s can kill a short sale
- The 2nd can blow the deal