Posts by electricsailor87

Kimberly Nguyen said:Look, I’m speaking in broad strokes here... if it’s already been ten days since you submitted that mortgage application, an appraiser should have reached out to you by now to schedule the property inspection. In fact, they really ought to have finished the valuation already...
Honestly? Just grab your buyer and head down to the local Chase branch. Look them in the eye and demand to know exactly what stage the application is in and get a realistic timeline, especially since you’ve got another buyer waiting in the wings. Generally speaking, residential loan processing can drag on for about a month to six weeks, provided the paperwork is airtight and the borrower's credit isn't a total mess.

Hey there... finally, some movement. I called Chase yesterday and basically told them I had another buyer lined up and was ready to pull the deal unless they sped things up. After that, they promised to get it sorted ASAP. Then, somehow, just three hours later, the buyer calls me saying Chase reached out to them and the loan is approved. They even said an appraiser is coming by today to check out the house, so we can go ahead and meet at the notary to finalize the contract. Thank God. I guess I don't know if my little phone call actually nudged them along, but it looks like the nightmare might be ending. We'll see. I'm hoping it won't take more than twenty days to get the funds released, because once that appraisal hits, everything should move pretty quickly.

crimsonseal13 said:So, you're saying your wife didn't realize she should tell him he was appraising the wrong place while he was taking pictures?! I honestly don't get it...😕

Besides, you could have easily just gone to a different mortgage lender and asked for the same thing. I don't know why you stuck with them for a whole year.

Hey everyone... can someone help me out here? I'm selling my apartment to a buyer who's taking out a mortgage through Wells Fargo to pay me. From what I can gather, he's got about $20,000 sitting in two different savings accounts intended for this, and Wells Fargo needs to cover the remaining $30,000. I've been waiting over a month and a half just for his savings to hit the Wells Fargo account. We finalized the contracts a week ago—we haven't notarized them yet because they told us not to bother until the loan actually gets approved. It's been ten days since we handed over all the paperwork, and there's still no sign of approval. Wells Fargo keeps saying things take time and need to pass through various departments. I don't quite understand how they can even consider approving a loan when they haven't even done the appraisal on my place yet. To be honest, after reading some stuff on this forum, I'm starting to think my buyer is being jerked around. It feels pretty sloppy, and I'm worried I'll be stuck waiting forever only for them to deny the loan at the last minute. I'm actually considering canceling the whole deal. I have another buyer ready to go who would give me a $25,000 deposit and handle the rest through a standard bank loan without all this mess—no complicated savings plans involved. Does anyone know how long this agony usually lasts? Like, how long from submitting the application and docs until the money is actually paid out, or even just getting a yes or no? This whole situation is making me pretty nervous. The buyer gave me a $500 deposit, but on my end, I'm losing out on a beach house because Wells Fargo won't get moving.