What are the typical procedures once acceptance letter is in hand. Is the seller involved any more after this step? Working on final stages of my first deal…just want to be prepared.
Yes! Seller is usually involved until the closing date. The seller will sing the closing papers and do normal closing. Title company will need the approval letter and singed contract to prepare the closing papers.
Usually approval letter will provide how the funding should be handled by title company and when the closing should be done by (date).
Good luck. Once you get approval letter… no more talks with Lender… you will do normal closing with Seller (at least here in Texas).
DFW
Just a quick follow on question, After the lender gives you an acceptance letter, how long is usually given to close? Is this dependant on the foreclosure date or is a new date set and who sets this date?
Thanks…understood…any one else?
Gregg: The acceptance letter should include the closing date. Lenders usually show what the penalty would be if you close after their date. You want to make sure that the lender didn’t mess up and have the foreclosure date before the closing date. Also, if your exit strategy is a double close, make sure your buyer can close by the lender’s closing date.