Offer Letter
This is a great forum, been reading all the posts, very informing.
I do have a few questions for the group. I am starting my first attempt at a short sale, and I was told I need to send an offer letter to the 2nd lender.
I will be contacting the first asking for thier short sale package, but the second does not seem to need it.
1. Is there a posted copy of an offer letter to the bank with the terms required?
2. Will the bank report the short sale as paid as agreed for the old owner, or will it be a write off?
3. If I am still working out the deal, and wanting to talk to the first, do I have to pay the second now, or will they wait till closing for thier money?
thanks for the help.
Victor
One other question.
Is there a posting of a CYA letter between me, and the old owner. A Letter alerting him of the possible tax consequence, and any other liabilities that might be incurred?
thanks