Short Sales in Colorado Springs: Let’s Talk About Your Options

If you’re looking at your mortgage balance and wondering, “How am I supposed to sell?”—take a breath. You don’t have to figure it out on your own.

A short sale may be worth exploring when selling your home wouldn’t bring in enough to pay off the mortgage. It isn’t the right fit for everyone, but understanding it can make the next conversation a whole lot less overwhelming.

We’re starting a four-part series for Colorado Springs homeowners. Today, let’s keep it simple.

So, what is a short sale?

It’s a sale where your mortgage lender or servicer agrees to accept less than the full mortgage balance from the sale proceeds. You and a buyer agreeing on a price isn’t enough. The lender still has to approve the short sale.

And “short” describes the money coming up short. It doesn’t promise a quick closing.

Will I still owe money afterward?

This is a big question to ask before you move forward. The amount left unpaid is called a deficiency. Whether you could still be responsible depends on the law and your written agreement. Don’t assume sale approval means the remaining debt disappears. Have an attorney review those terms before closing.

Let’s start with your actual numbers

Before deciding you need a short sale, we can look at what your home may sell for and what you could have left after selling costs. An online estimate doesn’t tell the whole story.

You’ll also want to contact your mortgage servicer about the options available for your loan. If you’d rather stay in your home, tell them that. A HUD-approved housing counselor can help you work through the options, too.

You don’t need a perfect plan to reach out

If you’re worried about selling, message our team and say “Can we talk about my options?” We’ll start with your home, your timeline, and your questions—not a sales pitch. We can help with the real estate side while your lender, attorney, and tax professional address their pieces.

Not ready to talk about your own home? Ask us to add you to our newsletter for Colorado Springs market updates, practical real estate tips, and local events worth putting on your calendar.

Coming Monday: what to gather before requesting a short sale.

Source: Consumer Financial Protection Bureau. Reviewed October 15, 2026. General information, not individual legal, tax, or lending advice.