Heres the deal, we went to the bank this morning, the bank tried to call the lawyer to get a closing date, (lawyer was in court) so we couldnt set a date today, however that is in the works. The loan officer said they "we're preparing the packet." So my question is what is the "packet"?
We have already done all inspections, appraisals, title search, etc. This week we will do our final walk-through and get our closing date. What are the odds that we will actually close on this house? Just to put my mind at ease! Thank you guys so much. You have helped me so much throughout this process!
2007-10-22 05:33:29 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It sounds like things are progressing with the usual minor bumps in the road. Unless you have a loan commitment that dies at sundown, things should work out OK.
2007-10-22 05:37:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The packet is most likely the closing documents (the loan documents, deed, HUD closing statement, and all the disclosures required by the laws of your State, your lender and your title company).
These are the documents you will sign at the closing statement, and there will be quite a nice stack!
It sounds like you are going to close unless you find a problem at the final walk through - but the documents need to be completed first, and that should be done any day now.
Good luck and best wishes.
2007-10-22 05:44:13 · answer #2 · answered by venicefloridarealtor 4 · 1⤊ 0⤋
"Preparing the packet" simply means that the lender is preparing all the legal documentation you will need to sign at closing, including loan docs and title work docs. Unless you do something weird to potentially screw your credit rating prior to close, your chances are excellent to close.
HINT: Don't go out there and charge a bunch of new furniture for your house prior to close. Keep your financial situation as close as possible to what it was when you were approved.
2007-10-22 05:43:35 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
The package is all the closing documents that you have to sign. If the lender has already begun preparing these then you have been totally approved. It is now down to the attorney to set the closing date, then the lender can finish preparing the package with the date in it and send it to the attorney. You should be fine, just keep trying to contact that attorney.
2007-10-22 05:41:36 · answer #4 · answered by lepr0kan 5 · 0⤊ 0⤋
The package is the bank's loan documents. No closing without that.
2007-10-22 05:45:40 · answer #5 · answered by open4one 7 · 0⤊ 0⤋
the packet is all the papere they got from you and the ones you will ahve to sige they put them all in a file called the packet.....you will close on time they would have let u know of any issues
2007-10-22 05:41:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋