How Long Does it Take to Buy a Property in North Florida?

If you’re like most people, you know that the amount of time it can take to buy a property depends on several factors. Financing, an appraisal, and several other things will affect the timeline. But on average, how long does it take to buy a property in North Florida? Here’s what you need to know.

First things first: Working with the right REALTOR® makes your whole property-buying experience a lot easier than it would be if you were flying solo. Your REALTOR can give you a more specific timeline that’s tailored to your situation, but in general, you can expect the process (after you’ve gotten mortgage preapproval and found the property you want, of course) to take about two months.

After you’ve found the property, you’ll put in an offer. The seller should respond within a few days (although some sellers take longer). Then, you’ll start prepping for closing day. That includes filing your complete mortgage application, providing your lender with your proof of income, and waiting on an appraisal.

What Kind of Proof of Income Do I Need to Buy a Property in North Florida?

Your lender will probably have a long list of documentation that it wants from you when you apply for your loan, and it might vary from what you see here. However, you can expect to have to provide:

Tax returns from the past two years
Pay stubs, W-2s or other proof of income
Bank statements and proof of other assets
Photo ID

Some special circumstances require additional documentation. For example, if you’re buying a property using money you received as a gift for a down payment, you’ll need gift letters. (Those show lenders that you’re not taking out a loan from friends or family – and that the money is, indeed, a gift that you don’t have to repay.)

After your paperwork goes through and the lender sends an appraiser to the property, things start moving a little faster. (Remember, though, it can take a month or more to schedule an appraisal.)

If there’s a home on the property, you can use that time for an inspection – in fact, you can have other parts of the property inspected, too, such as barns, water features or irrigation systems, and even the soil.

Are You Buying a Home or Land for Sale in Lake City?

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

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