Offer to second lien holder Lender

Offer to second lien holder Lender

The offer to second lien holder lender is a letter which is sent to the financial company and in it the person who is buying the property informs that they have the property which is under contract which is to be purchased. This property will be purchased in cash and therefore they request the financial company to schedule the closing once they have accepted it.

The details of the property such as the purchase price are mentioned and it also needs to be stated that this price is lesser than the mortgage balance which is currently held and that there is an agreement which they have come to along with the first lender.

It states that the short sale is due to various reasons and the conditions need to be explicitly mentioned. These conditions could be termite damage or that the place is not fully air conditioned or that there are plumbing concerns or leaks or repairs which need to be undertaken or perhaps the roof requires major repairs. It also needs to state that the condition is poor and that the comparable properties in the area have low value too.

The letter also states what is the net amount which is to be paid and that the buyer will pay the closing costs as well as will buy the property in an “as-is” condition and that too without any contingencies and the seller will not receive any compensation from the sale.

It also asks for acceptance from the company and states the details of the borrower as well as the loan number.

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Offer To Second Lien Holder Lender

Name,
Address, City, State, Zip Code
Phone   Fax

January 31, 2004
Greentree Financial
123 Greentree Way
Greenville, FL 84109
Dear Greentree Financial:
We currently have the property under contract to purchase. We intend to do this with cash, and would like to schedule a closing pending your acceptance.
The property supports a purchase price of $84,500 and this is less than the current mortgage balance. Plus, we have to come to agreement with the first lender.
The short sale is reflected from the following conditions:
• There is extensive termite damage to the property (CUSTOMIZE)
• The house is not fully air conditioned (CUSTOMIZE)
• There are major plumbing concerns and leaks (CUSTOMIZE)
• The home is in need of extensive repairs exceeding $8,695 (CUSTOMIZE)
• The roof is a major concern, and may have been structurally effected (CUSTOMIZE)
• The overall condition of the property is poor (CUSTOMIZE)
• Current comparables in the area reflect a low value (CUSTOMIZE)

The net to Greentree Financial will be $4,500. We will pay all closing costs, purchase the property “As-Is” where is with no contingencies, and the sellers are to receive NO COMPENSATION from the sale!
We’ll need to order funding on the property so please advise. Please call or fax an acceptance to XXX-XXX-XXXX.
Sincerely,

Name
XXX-XXX-XXXX

Reference Loan #: 12394
Borrower Name(s): Joseph Seller
Property Address: 123 Situs Way Situsville, CA 95927