Note purchase offer in leiu of short sale,
Note purchase offer in leiu of short sale
In the note purchase offer in lieu of short sale, the details of the company are mentioned and it is addressed to the loss mitigation representative of an institution. This is with regards to the short sale request where the person informs that based on the conversation had on the date mentioned, they are sending the offer letter. The offer letter informs of the discounted note purchase which is made against the mortgage which is held by the borrower.
In this letter, the person informs that they are ready to tender a deposit which will be non refundable which is to be deemed as good faith so that the investor can postpone the foreclosure sale of the property which has been mentioned earlier in the letter. In this document, it also says that they require an agreement which is signed before the funds are sent and then based on the lending criteria they are submitting to the institution two different offers in terms of the timeframes as well as in terms of the funding dates.
The first offer normally closes the entire transactions within a quarter and the second informs of the date that the closing can occur and the purchase amount which will be paid.
They also inform of the details of the transactions when the response is received and they also mention about the calculations, the interest cost, fees, property condition and holding time.
Incase the financial institution would like they are ready to furnish the details as well.
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