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What is Third Pary Approval? (foreclosure, loan, homes)

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Old 03-25-2008, 09:02 AM
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Default What is Third Party Approval?
I have been looking at Michigan listings and some say with third party approval...I have no idea what they mean. Does anyone know? Thanks so much.
Last edited by diamondgirl45; 03-25-2008 at 09:40 AM..
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Old 03-25-2008, 12:37 PM
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I think that refers to homes that are in foreclosure. The foreclosing bank may have to approve the price that the seller and buyer agree on before the deal can go forward.
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Old 03-25-2008, 01:11 PM
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Today, most banks require an appraisal for the loan value of a home based on the condition of the home, especially when it comes to foreclosed homes. Independent appraisers base their apprasials not only on the condition of the home but the demographic and/or geograhical economic conditions applicable to the home. An independent appraiser takes these things into consideration where as the bank appraiser would not.
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