The second offer to first lien holder lender is also known as the counter offer to the first lien holder lender.
This letter is written to the bank of America where it is stated that the borrower currently has the contract to purchase the property and they intend to purchase the property with cash and therefore they need to schedule the closing once it has been accepted by the Bank of America. In this the borrower also mentions that the property has a purchase price of the sum mentioned and that the amount is lesser than the balance amount outstanding of the mortgage.
The reason why there is the short sale is due to the repairs as well as damage which are incurred on the property. This could be either termites, not fully air conditioned, leaks or plumbing concerns, repairs to the building or the roof or that the property condition is poor or even that the area has low value currently.
The letter also informs the bank that the closing costs will be paid as well as the property will be purchased in an “as-is” condition and without any contingencies. The seller as a result of this will not be receiving the compensation.
As the borrower needs to fund the property they need the acceptance of the bank before doing so.
The letter also needs to detail the loan number, the name of the seller as well as the entire details of the property including the address.
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