Alhambra Real Estate

During this time your agent will probably be busier than ever. Your agent will facilitate the process all the way through settlement by keeping in touch with all parties, ironing out problems, expediting the loan process, arranging inspection, running papers across town, coordinating appointment date. You can help speed up the process by signing the contract promptly and making any repairs required as soon as possible.

   Your sales contract can specify how long you're willing to wait, but it must be realistically based on the time lenders are taking to process loans.

   Depending on the type of financing your buyer is applying for, a typical waiting period can be any time between 30 and 60 days, but sometimes more or less. Some lenders can even give same-day approval with electronic mortgage underwriting, which relies on credit-scoring statistical models. Basically, you must wait as long as it takes the lender to approve the loan. The difference in waiting time largely depends on whether it is conventional loans or goverment-backed FHA/VA loans.

   Conventional. Typically this financing is obtained in the shortest time, depending on appraisal caseload, amount of time needed for credit check and other lender requirements. With conventional financing, escrow can be closed in 30 days or sooner.

   FHA/VA. Appraisals, credit check, verifications of employment and deposits are always done first. After the property meets specifications and all documents are received by the private lender, the loan is usually sent to FHA or VA for approval. Some lenders have "direct endorsement" and "VA-automatic" where applications do not need to be sent to FHA or VA. If approved, survey and termite inspections are ordered. Total time may be up to 60 days.

   After the mortgage loan has been approved, your agent will help arrange with you and your buyer a date, time and place for settlement. During this loan approval period you will begin making preparations to move, and final plans once a settlement date is set.

   For further assistance with any other real estate needs, please feel free to give me a call at 800-221-9998x122 or email me.