Short sales are scarce as our market has been very good in the Denver Metro Area over the last several of years. Short sales can still be worth taking the chance if you have the time and patience to wait.
Here are a few explanations of a short sale -
The listing agent sets the price of a short sale, and not necessarily what the bank will accept.
The bank will usually only set a price after they receive an offer.
The Seller is not always approved for a short sale. They have pages of information to send into the bank before the short sale process is accepted.
Not all short sale listings EVER close.
If you see a short sale that IS ACCEPTED by the bank, the time frame for closing should be a normal closing.
Some short sales can close in two months, and sometimes it takes 18 months, depending on the bank.
It is best to deal with a listing agent that is experienced in short sales, or has a negotiator assisting.
Here are the short sales that are available in the Denver Metro Area.