If your offer was accepted and all contingencies were met (including lender approval) you have a contract to buy. If you back out, you could lose the earnest money. Read your contracrt, or ask your Realtor. Concerning the "How Long" question - it depends. In my experience, many weeks can go by with no news. As the buyer, you have no control over this process, except to present the best offer you can. Even after lender approval, there could be a "gotcha" that delays the process more. (For example, a tax lien suddenly appearing - can't close until there is some resolution...)
Best of luck! - Tue Sep 1 2009, 13:32