I've recieved letter saying that the SS has been withdrawn because there is sufficient funds from sale of the property. Have anyone done this kind of case before? Please let me know. Any comments will be appreciated. Thanks.

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Do you have more than one loan?  If you have enough equity to pay off the loan then it is not a short sale, if you have enough to pay off the first and not the 2nd, then whatever is left over after paying off the first goes to the 2nd and the first is a regular sale not a short sale.

That's right. One lien may not be short... watch the HUD's. :)

Did the sale also cover the seller's closing costs and brokage fee? 

yes.

If there's equity, it's not a short sale.  Congrats on avoiding a potentially lengthy short sale process!!  Interested in knowing how this wasn't known before it was even listed or, at the latest, after the sales contract was fully-executed.

I guess i should go with traditional sale. not a s/s. thanks

I am guessing that you are not a real estate sales agent. I think you should look for an experienced agent (Realtor) to help guide you through the sales processs (short sale or traditional)  and to work with you to determine the liens on your home, valuation, etc. I would do this as soon as possible to prevent possible damage to your financial position.

Mike his profile says he is an agent.  Wonder where the broker is and what the broker would think about this?

 

You can't do a short sale when there is equity.  It is not possible.  The lack of equity, or negative equity, is required to do a short sale.  Now, if the bank has overvalued the Property and is saying that there is equity when you know there is no equity because the actual value of the Property is lower, then that is different.  What you have there is a valuation dispute.

E C Hong, where did your information come from?  Do you know the payoff amount on the loan? Is there more than one loan?   Are there any liens on the property.

Do the NET proceeds equal more than the payoff amount(s) ?

What made you think this was a short sale?

Very confused :(

 

EC -

1) How much is owed on all loans combined for the property.

2) Has the Seller stopped making payments? - If yes, how many payments behind are they?

3) What is the contracted selling price - the amount agreed to an executed on the Purchase Agreement?

 

Maybe we can all figure this out for him / her together :-)

One more item.  What value did the bank set for the property (if known)?

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