Home Buying in Citrus Grove>Question Details

Dianne, Home Buyer in Glendale, CA

What does "Bank Approval 240k." at the end of a listing mean? Is this yet another code for a short sale?

Asked by Dianne, Glendale, CA Mon Jul 6, 2009

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Keith Sorem’s answer
That is a great question.
I would depend on the listing and what it says. Based on just your post, I would assume that this is a short sale and the dollar amount is how much the bank is willing to sell the property.
You might be interested to learn that there are some new rules pertaining to Realtors and the terms that are allowed and not allowed in marketing listings. Effective June 15th Realtors are not allowed to state in "public remarks" (the descriptions that you, the buyer, can read), terms that relate to the financial status of the property.

An example would be "not a short sale" or "REO" or "Not an REO". The financial status of the property is related to ownership, which is handled in a way that makes the marketing of the property more uniform.
0 votes Thank Flag Link Mon Jul 6, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Hi Dianne,
Most likely it means that the Bank had an offer and approved the sale of the property for $240,000. The listing agent is letting you know what the bank is comfortable with, as far as the selling price.
0 votes Thank Flag Link Mon Jul 6, 2009
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