My approval took about 3 days, however I have heard if it taking a month.
Some things i will never understand. Why should it be the lenders responsiblity to contact the home owner and renegoiate the mortgage in the home owners favor. I understand people run into hardship issues but when are any home owners going to stop blaming lenders and take resposiblity for the fact that they bought too much house. We have all been there, when you pre-qual your client for $250,000 and of course the house they want is $285,000. The client and the realtor call and ask you to find a way so they can afford it. Next thing you know they are in an interest only adjustable. 3 years later trouble starts and fingers get pointed at everyone else. Then again maybe the media is making it worse they do tend to do that.
It sounds like you already know you priced it at the high end of the range your RE agent suggested and are worried. Remember, if your area is like most of the country it is a buyers market any many of them are looking for "the deal". Even if it is comped good is there something to make your's stand out and give them a reason to snatch it up or will they just wait until someone lowers their price and they get "the deal".
Depending on your market that might be difficult. Your Real Estate Agent might be able to help by looking at what recent very similar comps (same style, sq ft, within a mile) sold for.
Also it is important to know the rate on your current 1st mortgage. In today's mortgage market a 90% LTV investment property loan is likley to be consderably more expensive than it was 2 years ago.