Legal Question in Real Estate Law in Michigan

Real Estate Sale

We were trying to short sale our home in another state and our real estate agent claimed the property was sold at sheriff's auction just recently. However, the property sold for more than what we owed on the mortgage. But in his e-mail to us he stated if we don't find a buyer then we would be foreclosed on in Novemeber? How is this possible if the property sold for more than what was owed on it?


Asked on 5/20/08, 2:09 pm

1 Answer from Attorneys
James Jenkins Jenkins Law Center PLC

Re: Real Estate Sale

At the sale, it goes to the highest bidder. If more is received than to pay the debt, you should receive it, minus the sale costs. Check into that.

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Answered on 5/21/08, 3:29 am


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