short offer to 2nd good condition
Short offer to 2nd good condition
In the short offer to 2nd good condition, the dated agreement is drawn up, with the name and address as well as the phone numbers and fax numbers of the company mentioned. It is addressed to an institution where the phone and fax numbers of that institution are mentioned as well. The heading is that it draws to attention the Loss mitigation representative’s name.
This agreement letter mentions that the undersigned party would like to purchase the property which is mentioned and the funding will not suffice to pay the second deed of trust in totality. It also states the % value of home sales which have decreased in the previous few months or year. It also states the average holding time of the area and the percentage increase in the properties which are on the market which are under expired listing.
Also, the details of repairs which the property will need are then mentioned and it states that the sellers will move out without bringing the loan current. The undersigned has also signed an agreement with the owners and pending with the institution which is written to, is the deed in escrow. The letter goes on to state that the first deed of trust is being foreclosed and that the sellers will be filing chapter 13 as per the advice of their attorney but the undersigned asked them to desist knowing that the institution written to would desire that the matter be resolved.
It also states the amount of the net funding to the bank at the closing of the second deed of trust.
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