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Permalink Reply by Alyce Nelson on March 27, 2011 at 7:41am

Hi Sharon,  The investor is the one who actually put up the money for the mortgage.  To have your file put forward to the investor means the offer and supporting documents have met the first level of investor guidlines, so that is good.  How long it will take depends on the lender/investor… typically you are 30-45 days out from an approval letter.  It is not uncommon for an “investor” to take up to 30 days to review a file and render a decision.  Please know the decision may be a request for continued negotiation… if this is the case it has been our experience that each such round of negotiating typically adds another 2 weeks.  Once you have the approval typically you will have 30-45 days to close, 21-30 days if you disclosed you were a cash buyer.  If I were the agent I would [generically] be expecting a close of escrow in 8 to 12 weeks.  To be more specific, more would need to be known about the lender/investor/ratios/margins… For a few of the lenders out there, who do move quickly, you could be within a week of a decision/approval…  good luck

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Permalink Reply by sharon herling on March 28, 2011 at 11:43am

Thanks so much Alyce!! I have been told the further you go in the process, the less likely it will be rejected.....would you agree that most who reach this point are successful? I know I am just asking for any kind of assurance that this will fly!!

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