|
|
| *Ostroff, Fair and Company>>>Renting & Real Estate |
How long does it take to get a Bridge Loan? |
We have found a house we want to buy and our offer has been accepted. However the seller (real estate investor) has a previous "verbal agreement" w/ a couple that if he receives another solid offer (OURS!), he would give them 3 days to get a bridge loan. They haven't sold their home. I am worried they will be able to do this!! Does it take a few days to get approved for this type of loan? Do online lenders do these type of loans? They have til Monday morning which only leaves one business day this week- Fri. Any insight appreciated. Depends on the broker, and no I dont see an internet company doing it this quickly. I will give you an example. I went to do a loan application and they said we are sorry my wife leaves tomorrow for Iraq. I said tomorrow? I said what time? They said 5pm. It was 10am in the morning. They said we really need it can you wire the papers? I said no I can do it. Before I left the house I had title, appraisal, insurance ordered. I left at 11am from their house. Did my own underwriting with DU. When I got back to my office title was done, insurance was in, and I was waiting on the appraisal. Somebody I knew. Had that at 4:00pm had docs the next morning at 10:00am. Yes I pulled in tons of favors. But I have taken a loan at 9am and closed them at 5pm. Its possible but you better be damn good. 3 days is a joke, thats simple. Sorry I know its not what you want to hear. Just pray they went to a bank instead of a broker that knows what they are doing. If I can get title, appraisal, credit, approval, conditions, signed off conditions and docs in less then 24 hours. Any idiot can get an approval in 3 days. Source(s): 30 years mortgage real estate exp. It takes just as long to get a bridge loan as it does a regular loan. see profile...I never sell anything online. |
| Tags |
| Canada Taxes Australia Taxes Small Business Renting & Real Estate Personal Finance Investing |
Finance Categories--Copyright/IP Policy--Contact Webmaster |