Can anyone tell how long it takes to get approval for a loan? I’m in the process of buying my second park and the first one I purchased was seller financed. Thanks in advance.
Typical they tell you forty five days but it’s really 2 months. In my experience.
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At least 30 days. Takes a while.
I always do a 90 day escrow.
30 day books and records inspection, plus my physical.
after the first 30 days and I’m happy. I send the bank their $5k loan processing fee and order the appraisal.
The appraisal and bank inspections will take 30-45 days.
The bank will need all 60 of those days to get the loan closed.
I also include in my offer the following:
“Seller agrees to extend escrow to accommodate lender requests and delays” Some seller counter it out, but some do not. Deal is always contingent on loan funding. I never go hard on my money based on lender financing the deal. The deal is always contingent on financing.
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Thank you guys! I appreciate it.