what is 3rd party approval required?

Asked by Tara, Gettysburg, PA Fri Dec 7, 2007

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5
T.E. & Naima…, Agent, Dallas, TX
Mon Dec 10, 2007
Anyone who has an interest in the property other than the buyer and the seller on the sales contract can be a 3rd party.

If it's an estate, the buyer, the executor of the estate, and the third party may be all the children.
In a short sale, the buyer, the seller, and the seller's mortgage company is the 3rd party.
In a divorce situation, the buyer, the seller, and the 3rd party could be an ex that is still on the deed.

Many scenarios exist..
2 votes
Darin Provost, Agent, Portland, OR
Fri Dec 7, 2007
In this situation there is usually a property in foreclosure and a third party (bank) will require approval of an accepted offer.
Web Reference:  http://www.darinprovost.com
2 votes
Chris, Home Buyer, Virginia
Fri Feb 1, 2008
It means that you need to throw a great big party three times to try and sell the house. Hopefully, the seller will be so wasted that they'll take any price you offer.
1 vote
Pam Winterba…, Agent, Danville, VA
Sun Dec 9, 2007
Another possibility for a third party may be a relocation company's approval for one of their transferee's.
1 vote
Deborah Madey, Agent, Brick, NJ
Sat Dec 8, 2007
Other times a third party approval may be required could include a short sale or some type of estate settlement.

Not all short sales are in foreclsoure. In a short sale, the sale price will result in insufficient funds to pay the mortgage in full. The lender must agree to take less than the full amount due on the loan. This can take several weeks to several months in some cases. Lenders will only take less than the payoff amount if that is their best financial choice. If the lender believes there is a way to collect the full amount due on the loan, a short sale will not be approved.
1 vote
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