Profile picture for user9125245

How long should it take for buyer to get loan?

A buyer and I agreed upon a price for our FSBO, but he needs to get financing. He went to his lender last Thursday and told me 2 days later that he had given them all the paperwork requested but didn't know how long the process would take.

We're still showing the house and are willing to take backup offers. About how long does the process take from initial loan application to confirmation of loan?
  • September 07 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for wetdawgs
If everything goes smoothly, it takes four to eight weeks.  
  • September 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

15-20 days Max. Here in the "Bay Area" a normal/most contracts are for a close of 30 days. Hence loan/appraisal contingencies are between 10-15 days. If a loan agent is committed and knows what he is doing we get approvals within those days and close escrow within 30 days!!
  • September 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The buyer should be able to get an answer from the lender if he is "Pre Qualified". Ask your buyer to give you a pre qual letter, this should not be a problem to get right away. I mean, right away. Length of time will depend on how quickly the buyer gets all paperwork to their lender and get into underwriting. Here in Kern County, the typical escrow period is 45 days.
If the buyer can't supply a pre qual letter from a lender....use caution, cause there's no reason he should not be able to supply that if he is using a reputable lender and he is a serious buyer.

Good luck,
Tesa Noonan, REALTOR
  • September 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Kim Kenefsky
I have a lender that can close in 2-4 weeks from start to finish. Please let me know if you want her info. These are things a real estate agent would be guiding you through if at least one of you had an agent. 
  • September 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.