Approval Letter Language - Your thoughts?
Hello all...
I just received an approval letter from Citi and the language regarding Deficiency seems a bit vague to me. I was hoping to get your thoughts:
"Upon receipt of the NET PROCEEDS and a COPY OF THE FINAL SETTLEMENT
STATEMENT, CitiMortgage, Inc. will give a full release and reconveyance of its lien as
agreed, and no deficiency judgment will be instituted."
Transaction Details:
Las Vegas, Nevada
Amount Owed: $380,000 (Conventional)
Purchase Price: $113,000 Cash
Comm: 6%
Offer to Approval: 41 days
I appreciate any feedback...thanks!
Azim
Replies to This Discussion
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Permalink Reply by Kent Dills on
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Sounds like both a release of lien and waiver of deficiency to me. But, I'm not a real estate attorney in Nevada and you should absolutely recommend/advise the seller to have one look at this! ;-)
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Looks good to me - say THANK YOU and close it !
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Permalink Reply by Jeff Payne on
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Looks pretty clear to me too. Close it!
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Permalink Reply by The Negotiator on
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Gotta love those letters! Way to go!
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