Re: Official Letter of Acceptance? - Posted by Matt (MPD) IL
Posted by Matt (MPD) IL on June 24, 2004 at 15:14:25:
Meant to reply to this last night yet but got caught up on a few things.
Don’t let the dollar amount get to you. Money is money to a bank and they don’t care if it’s $14 or $14mil. Either way they want the same paperwork and your same dedication to working with them.
If your lender is laid back as you say, simply call your loan officer and ask them precisely for what they’d like to have back to put in their files. 9 out of 10 they’ll probably want your signature on their offer letter. If they ask you to draft a response on your letterhead you’ll of course need to reference all of their outlined terms or include a copy of it as an addendum to your letter. Either way the lender has made an offer to you and in order for it to go forward they want you to accept it formally.
My lender will call me with the terms on each deal before submitting his offer letter and since they don’t change much from deal to deal anymore I just sign that copy and send it back.
Check with your attorney if you feel there might be something you’re overlooking. Talk with your accountant to verify the numbers on the deal. Don’t take my word that whatever the lender wrote is a good deal, because I’d obviously have no clue, nor is that what we talked about anyway.
Make yourself comfortable with the deal first before you worry about what to sign and how to draft it. After that, if you want to move forward and you are still unsure as to what your lender wants, just give them a quick call and tell them that you are ready to move forward but you need to know how they want you to respond. They’ll tell you in no uncertain terms exactly what they’ll accept and you’ll be off and running.
Best of luck.