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Short sale proceeds

home appraised at 20 thousand and it sold for 32 thousand. this is a short sale. Where does the 12 thousand difference go?


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After any fees or costs associated with it are deducted, the remaining proceeds are supposed to go to the owner (borrower).

Posted 2009-11-30T17:31:33Z
EJK was invited by Yedda to answer this question.

 

What the home appraised at should not have any bearing on this senario.  If the home sold for $32,000 and that was what was owed, or even more, to the owner's lender, the $32,000 went to the lender.   The question here should be, how much was owed to the owner's lender?

Posted 2009-12-04T02:13:33Z
MaryEllen, Realtor was invited by Yedda to answer this question.

 

It depends on what the lender agreed to. What the property appraised at really has no value on this. If the lender didn't agree to the short sale prior to the actual sale all proceeds from the sale are due to the lender and you are still responsible for the deficient balance.

Posted 2009-12-14T15:03:44Z
Kate was invited by Yedda to answer this question.

 

www.smithsells.com\

Doing the Right Things, in the Right Ways, for the Right Reasons!

The appraisal amount vs sales amount has nothing to do with a short sale.  On a short sale the morgagee CANNOT recieve proceeds from the sale.  All proceeds go to the lender.  Why was a short sale even done on the property.  Obviously the loan amount is more than the appraised amount and the sales amount.    

Posted 2009-12-17T14:44:36Z
Kathy was invited by Yedda to answer this question.

 

www.smithsells.com\

Doing the Right Things, in the Right Ways, for the Right Reasons!

The appraisal amount vs sales amount has nothing to do with a short sale.  On a short sale the morgagee CANNOT recieve proceeds from the sale.  All proceeds go to the lender.  Why was a short sale even done on the property.  Obviously the loan amount is more than the appraised amount and the sales amount.    

Posted 2009-12-17T14:44:47Z
Kathy was invited by Yedda to answer this question.

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