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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