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What Does It Mean In the Listing When It Says "Third Party Approval Required"
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dgtlsunshine
LIF Infant
Member since 12/05 217 total posts
Name:
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What Does It Mean In the Listing When It Says "Third Party Approval Required"
All
I am looking through listings and I keep seeing "Third Party Approval Required" in the description of the house.
What does this entail?
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Posted 5/15/07 2:37 PM  |
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Prudential Douglas Elliman Real Estate
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funtime
LIF Infant
Member since 10/06 373 total posts
Name:
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Re: What Does It Mean In the Listing When It Says "Third Party Approval Required"
Perhaps the property is owned by an estate or partnership, etc. where the owner would need to get permission from whoever else has a part ownership.
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| Posted 5/15/07 2:43 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: What Does It Mean In the Listing When It Says "Third Party Approval Required"
w/o seeing a listing I am guessing it means they want you to be approved for the mortgage via a third party instead of i.e., your friend who is a mortgage broker.
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| Posted 5/15/07 6:30 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: What Does It Mean In the Listing When It Says "Third Party Approval Required"
Posted by MrsT
w/o seeing a listing I am guessing it means they want you to be approved for the mortgage via a third party instead of i.e., your friend who is a mortgage broker.
thats what I was thinking as well.
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| Posted 5/16/07 10:44 AM |
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dgtlsunshine
LIF Infant
Member since 12/05 217 total posts
Name:
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Re: What Does It Mean In the Listing When It Says "Third Party Approval Required"
Thanks Ladies
I was wondering if maybe the house was in foreclosure or something and the bank has to agree to the price or something, but I guess what you all are stating makes more sense.
I'm not sure how the foreclosure process works and wondered if maybe this was one.
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| Posted 5/16/07 12:52 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: What Does It Mean In the Listing When It Says "Third Party Approval Required"
Posted by dgtlsunshine
Thanks Ladies
I was wondering if maybe the house was in foreclosure or something and the bank has to agree to the price or something, but I guess what you all are stating makes more sense.
I'm not sure how the foreclosure process works and wondered if maybe this was one.
You are talking about a short sale. In that instance the bank does have to agree to accept a lesser amount for the house than what is owed. It's not just up to the seller and buyer to agree on a price so the bank would be the 3rd party that has to approve the amount.
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| Posted 5/16/07 1:34 PM |
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