How Many “Active” Short Sales are Under Contract?
Four thousand Twin Cities short sales — the number of “Active” such listings on MLS right now — certainly sounds like a lot.
At least until you dig a little deeper.
It turns out that roughly half of those are under contract.
Because the bank(s) haven’t signed off yet, the convention is to continue to show those as “Active” on MLS, but add a small “c” next to the listing to give prospective Buyers a heads up that there’s a deal in progess, but it’s contingent on third-party approval.