Buyer's Guide
Buyer's Guide
Buying a Home - The Process
Establishing Your Home Purchase Criteria
Buying a home in Greenwich--or any other community is a process where there
are basic and essential steps to follow. The first is setting realistic
expectations. That means determining how much you intend to spend, the style
of the home, the number of bedrooms and baths and the optimal amount of
property you want around your home.
Once the budget and other variables are confirmed, a quick examination of
the market should be made to learn if the goals that have been set are
achievable or need be re-evaluated. Such a re-evaluation may mean making
some concessions about the home that is realistically within your reach. You
might need to lower your expectations about the number of bedrooms, baths,
living space, location, among many other considerations.
Learning About Neighborhoods and Available Homes
Once realistic expectations are set, a buyer should learn about the
neighborhoods that he or she wished to consider and start look at
properties.
Evaluating Home Choices
When a suitable property is found that appeals to a buyer, it’s reviewed
with the buyer the advantages and disadvantages the property presents as
relevant to the buyer’s criteria as well as any re-sale considerations. Also
reviewed are the comparable sales, the market trends and conditions and
recommendations on suggested value and negotiating strategy. Making an
OfferOnce buying strategies are decided, an offer is made.
The Accepted Offer
Once an offer is accepted, then a Offer-to-Purchase document is exchanged
between buyer/seller brokers and the property immediately goes to directly
contract, skipping any binder step found as customary in communities other
an Greenwich. Using the contract information from this offer to Purchase the
seller’s attorney drafts a sales contract and delivers it to the buyer via
his/her/their attorney.
The Buyer's Real Estate Attorney
The buyer's real estate attorney communicates directly with the seller's
attorney to work out the contract. In addition the buyer's attorney does a
title search and other legal due diligence.
Buyer Inspections--Post Accepted Offer
As the sales contract is being finalized, the buyer engages a qualified
building inspector and other examiners to perform a series of tests to
ensure the integrity of the home and property.
The Final Phase of Contract
Provided that there are no problems with the inspections and the legal work,
the buyer meets with his/her/their attorney to review and sign the sales
contract and leaves a money deposit. The buyer’s attorney delivers both to
the seller’s attorney. The seller's attorney reviews it with the seller, and
the seller signs the contract. If there are any contingencies at contract
signing, they are resolved subsequently and the property should be ready to
close.
The Closing
The day of the closing, the buyer completes a walk-through of the property
to ensure that everything is in the order with the home and property before
they take possession at the closing. After the walk-through all parties
proceed to the closing location which may be the lender's offices, the
mortgage-holder's offices or the offices of the attorney for either the
buyer or the seller. At the closing the deed and money gets exchanged and
the closing is complete.
Still have questions about purchasing a home in Greenwich?
Contact Edward Mortimer for tips on buying your next home in the area or start your own Greenwich CT real estate search here!