Who sets the asking price for a short sale home on realtor.com and other advertisings?

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Can I assume that the bank has approved the listing price when I see a nice home pop up for much less than the other homes in the neighborhood? When the listing says Allow time for 3rd party approval does that mean the bank has not approved the asking price?
short sales are bad news guys!

2 Comments
  1. Reply
    jlf
    January 26, 2013 at 3:46 pm

    That’s exactly what the “3rd party” reference means. And realtor.com is just a database not necessarily accurate or up-to-date. You’ll have to consult the MLS for that area for more accurate information. All short sales are subject to the seller’s lender approval. Expect a long wait if you try to buy a short sale.

  2. Reply
    acermill
    January 26, 2013 at 4:26 pm

    The listing price may or have been lender approved in advance. And chances are that if the home seems underpriced, it has NOT been approved. Lenders do not approve prices substantially below market value. There are no requirements that any such price be approved in advance. Thus, some sellers ‘go fishing’ hoping that a buyer will bite on the low price and then somehow raise their final offer.

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