How much longer

[smiles123456]

We have just bought a new house, have the mortgage offer and are ready to exchange, Our buyers recentley dropped out but we were able to complete the chain quickly as luckily got an investment buyer. This chap has other properties but still needs to obtain a small mortgage - i know its bit like asking how long is a piece of string, but has anyone else ever dealt with an investment buyer/how long did it take??

[almcd007]

He will usually have a mortgage broker working for him and a mortgage can be secured in a couple of days. His first step is to have the offer accepted by yourselves. Secondly he needs to get a valuation of the property and thirdly the valuer reports to the mortgage company usually within a couple of days. If all is OK and the valuation comes back OK the lender will usually offer him the mortage - again within a few days. There is no need why you shouldnt be asking his respresentative (solicitor or estate agents) why no-one has been intouch to value the property within 7 days of the offer being accepted.

Dealing with an investment buyer usually works better as they know the business well and the chain usually ends or starts with them - they are not relient on anyone else - but the process is the same.