On a house for sale's listing, what does this mean?

"All Binders Off Short Sale Approved"

Re: On a house for sale's listing, what does this mean?

the house has an approved short sale with the bank.. meaning that it's no longer available... (although I will say that nothing is final until you go to closing)

Re: On a house for sale's listing, what does this mean?

I thought it meant the opposite.

The house was in contract, but it fell through. "All binders off" means it's back on the market; it is not "bound" to anyone now and is free again.

I think that what you wrote should read as two sentences: "All binders off. Short sale approved." As in, "We had an accepted offer, but it didn't work out. Oh, and P.S. it's a short sale."

Re: On a house for sale's listing, what does this mean?

Re: On a house for sale's listing, what does this mean?

"All binders off" means the house is available again, as previous posters stated.

"Approved short sale" means that the house is a short sale, and the bank is aware that the house is on the market and for how much it is listed. Often, agents will take a short sale listing, but won't communicate with the bank or even tell it that the house is listed -- let alone the asking price. This becomes a problem when a buyer makes an offer, only to find out that the bank had no idea the property is being sold, and in fact wants a much higher price for the property. As most people are aware, a short sale means that the homeowners owe more on the house than the house is actually worth in the current market. Thus, they are "short" and the bank needs to approve the sale.

It is a much better practice for the real estate agent who lists a short sale to be in contact with the bank, get input on the list price, etc. Although short sales can be a good deal, many buyers (and agents) are hesitant to look at short sales because they can be complicated and take a lot of time to be approved. Unfortunately, many deals fall through in the end, especially if the listing agent isn't familiar with the process.

It provides some reassurance to buyers and selling agents if the short sale is an "approved" short sale, because it means the bank is already involved and the list price has meaning. That's why listing agents put that in the listing. It essentially means the listing is "approved," not an actual deal (although previous posters correctly noted that the bank will need to approve any specific deal as well).

Hope this helps!
Christine