What does it mean when a MLS listing says..

[Shannon H.]

"**SHORT SALE**2 FAMILY IN NEED OF SOME REHAB (1st unit). FENCED IN YARD, OFF STREET PARKING, PRIVATE PORCH OR PATIO FOR EACH UNIT. CONTINGENT UPON THIRD PARTY APPROVAL. SOLD AS-IS. $5,000 negotiation fee is due to short sale negotiator at closing - cannot be financed." and "Disclosures: ACCESS TO FIRST FLOOR ONLY ON FIRST SHOWING. SMOKE CERTIFICATE IS BUYERS RESPONSIBILITY. SOLD AS-IS, WHERE-IS, WITH ALL TENANTS. SELLERS MAKES NO WARRANTIES, EXPRESS OR IMPLIED AS TO THE CONDITION OF THE PROPERTY OR IT'S SYSTEMS."

[John Thedford]

Subject to the third party means the bank. Short sale means they HOPE to sell it for less than what is owed with the bank's blessing.