Property Q&A in East Boston>Question Details

Lisa, Other/Just Looking in East Boston, Boston,...

what does subject to 3rd party approval mean?

Asked by Lisa, East Boston, Boston, MA Sun Mar 22, 2009

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This question is about this property: http://www.trulia.com/property/1076439503-113-Faywood-Ave-Ea…

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Today, it is most likely a short sale transaction. This is where the seller/owner needs permission from the lien holder(s) (there could be two mortgages) to sell their home for less money than what is owed on it.

There are other instances but much less likely where you would see that. It could be an estate that is subject to a license to sell. Most likely, it is a short sale. They are very prevalent in today's market place.
0 votes Thank Flag Link Sun Mar 22, 2009
Lisa,
This typically means that the asking price is a "short sale" meaning, the asking price is less than is owed on the property. The short sale process can be a bit tricky, and the time frame is usually quite a bit longer than a "traditional" transaction.
Good luck!
--J
0 votes Thank Flag Link Sun Mar 22, 2009
Hi Lisa,

In this day and age it most likely means your dealing with a short sale, which means after an Offer is made the bank has to approve the Offer. Or it means that there is another person besides the seller involved in the transaction ie. an estate, where the family makes the decision or the attorney involved.

Third party is any person besides the seller who makes the decisions.

Hope this helps.

Good luck,

Nancy
0 votes Thank Flag Link Sun Mar 22, 2009
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