After almost 8 months, file has been sent to investor for approval-now how long?
After a long nearly 8 months of countering, appraisal coming in low and just plain stress, we found out on Friday that the file has been sent to investor for approval and tenants were given notice that it would be quick. But how quick? Does anyone know really how long it will take for approval? 1 week, 2 weeks, what? And does this mean that since it has been sent to investor that we are in the clear of not getting any more counters? We could still potentially close by June 30th according to our lender but we would need to get approval like now. Does anyone have any experience in how long it took once it was with investor? Thanks in advance!
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Brooke - It could take 1-2 weeks or MORE depending on who the investor is. They might come back with a term or other requirement, such as requesting another value. They might review and ask the seller for a note- again causing a few week delay. It might be a private investor who is MIA for a while. Hopefully, whoever is handling the short sale will "tickle" the negotiator once a week with "gentle" reminders to move this along for you.
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Permalink Reply by Kimberley Kelly on
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My Shorts have varied with B of A's investors from 24 hours to 5 days and 1 took several weeks. I called every single day. THat's about all you can do..
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