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 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!