How long does it take to get an approval for a mortgage

goldenangel1952 · Joined: 03 Jan 2008 Posts: 5 3.02 Dollars($)

We have two buyers and would like to go with the one that offers $5,000 more but we have two realestates because the court wanted it. Because the house has o be sold because my inlaws got an illigal mortgage on a house that I own one third without telling me. Only one agent was deceitful and signed one for less. Our lawyer got a check for only 5%. I don't think this buyer is safe. Should I take it now and see what happens or go with the other one.that wants to sign?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi goldenangel,

Welcome to the forum.

Why are you saying it an illegal mortgage? Can you please illustrate it a bit more so that we can give you a better answer?

Can you pay off the mortgage with the amount you will get after selling the property? I think as it is a mortgaged property, you should inform the lender about it.

BTW processing and closing a mortgage take 7 to 30 days. A loan officer may tell you more precisely about it.

Best of luck,
Larry

gmakerley · Posted: Fri Mar 21, 2008 2:19 pm Post subject:

i am totally confused by your post. i dont know whether to say go to one or the other, and im not sure i want to give that kind of advice, anyway.

as for how long it takes, it can be anywhere from a week or 2 to as much as 5-6 weeks, depending on how well staffed the lender is and how busy they are.

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