PURCHASE BID SECURE FINANCING
The importance of Purchase bid secure financing
When someone bids as a buyer to purchase a property they have to show that they have finances to do so. They can arrange for a purchase bid secure financing letter from the lender who can agree to finance the deal if at all the proposed offer gets accepted by the buyer.
The lender agrees to finance the deal by having a deed of trust or by securing a mortgage from the buyer who is seeking the finances from the lender.
The letter that is legally binding must contain the name of the two parties that are engaging in the selling and purchasing of the property with the date and the exact description of the property along with its location.
The documents must also contain the terms and conditions that are implied by the lender, the rate of interest and the interest per se payable by the borrower and the amount that the borrower is eligible for as discount for the brokerage.
The document must also specify the cooling off period wherein if the borrower is not able to arrange for the finances in a certain time period then the deal gets cancelled and any deposit that has been made by the buyer is returned in full. This amount will either be returned to the buyer or be dispersed among the seller and their broker as per the agreement that was made in the initial phases of the bidding.
This document should be signed by both the seller as well as the purchaser with date.
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