U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 12-28-2010, 12:30 AM
 
Location: New York City
2,809 posts, read 3,927,352 times
Reputation: 3073

Advertisements

thank you.
Quick reply to this message

 
Old 12-28-2010, 02:58 AM
 
10,653 posts, read 6,548,896 times
Reputation: 4665
That it's a short sale and the offer needs to run past the bank.
Quick reply to this message
 
Old 12-29-2010, 10:44 PM
 
Location: Arizona
214 posts, read 653,886 times
Reputation: 184
it means exactly what it says....it needs to go thru a 3rd party for approval...
Quick reply to this message
 
Old 12-31-2010, 03:32 PM
 
Location: New York
1,118 posts, read 2,191,093 times
Reputation: 746
Lenders today are so predictable.....lol...

"Third Party Approval" - here you go.

This is part of the short sale process. The homeowner owes more on the house than it can be sold for. This is called upside down on their loan...

The owner can't pay and is trying to get the lender to approve the sale and release the lien so someone else can buy it with a clear title even through the lender will not get all of their money.

The lender has to approve the homeowner asking for the short sale - they will try a modification to see if the house hold income supports the loan, if it doesn't, there is a good chance it will be approved.

A very serious mistake sellers, buyers do not understand. A Short Sale does not stop the foreclosure process. After a house is gone the loan is sold back to the investor if there are no buyers at an auction.

This week have spoken to three people in different states, who found out they no longer owned their home. Two used a Realtor do their short sale, and one did it on their own. I am not making this up - more and more I hearing Realtor's that are doing short sales. Are actually making it worst for the home owner. They lack the financial experience of knowing what the bank is looking for on the approval process. They also lack the experience of negotiation, moratoriums, and no further recourse. Their job is to sell and list homes, not just filling out paperwork and faxing it to the bank and waiting for the approval.

The Bank has to approve the amount of the offer. There are times even if you offer full price that does not ensure that you will end up with the house. When there is a requirement for a third party approval - a decision has to be made by an outside individual (company). That has no relationship to the situation.


Last edited by Modification Specialist; 12-31-2010 at 03:42 PM..
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top