SmyczeBiełowieza

I doubt that it means approval by the buyer’s bank, because some buyers buy cash and have no bank. Alternatively, for buyers who need to get a mortgage, obviously they need a bank’s approval, and there’s no reason for a real estate listing to say that, because that statement would be apply to everyone who’s buying with a mortgage.

I think the statement refers to the seller’s bank. But I can’t figure out why the seller’s bank would have to approve a sale.

Does anyone know what’s the rationale for a statement like this?

Thanks.
Thanks for the suggestions, but it seems unlikely to me that this wording refers to bank approval of the buyer. It is always true that a buyer getting a mortgage needs bank approval. Why would a listing or an advertisement waste the words to emphasize something obvious. This wording does not appear in every listing, only a limited number. I think it has some specific meaning concerning the situation of the seller. The answers here suggesting that this is a pre-foreclosure situation for the buyer seem more likely to me.Submited by:Erik

I’m currently renting an apartment and want to purchase a home. I first need to get pre-approved for a home loan so I know what type of house I can afford. What should I look for in a bank when considering a home loan? Should I stay with the bank I currently have a bank account with or look at other banks also? If I contact a bank, are there specific questions I should ask to know if they’ll give me the best loan offer?

By: ☆skyblue

About the Author: