Home Buying in 11968>Question Details

Dynastyinc, Home Buyer in Brooklyn, NY

what is a thrid party house listing mean?

Asked by Dynastyinc, Brooklyn, NY Thu Mar 3, 2011

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In a typical sale, you have the buyer and seller (both of which could be multiple people but still a two party agreement). It sounds to me like this is probably a short sale. if you're unaware of how a short sale works, it is when a seller needs or wants to sell their home and they owe more to the bank than their home is worth in the current marketplace. In those instances, the bank is the third party and has to approve the sale before the contract is considering fully executed.

Ralph Windschuh
Associate Broker
Century 21 Princeton Properties
0 votes Thank Flag Link Fri Mar 4, 2011
The thrid party's approval works on the contract as seller's contingency.

Seller can cancal the deal if the third party does not approve the contract even Seller sighed already. It works as well as Buyer's contingency.

0 votes Thank Flag Link Thu Mar 3, 2011
Third party approval could mean it is a short sale, pre-foreclosure, and the lender must approve the offer; it could mean the owner(s) is in bankruptcy and needs court approval.
0 votes Thank Flag Link Thu Mar 3, 2011
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