Connecticut Home Buyers
Guide to Buying a House in CT
Connecticut Home Buyers Information
Guide to Buying a house in CT
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Home buying is one of if not the most important financial commitments you'll ever make. Buying a home in CT is more than a monetary transaction or investment; it's an investment that can affect the rest of your life. Buying Real Estate in Connecticut can not only create financial strength for you and your family, it can also create a wealth of opportunity for you to enjoy all the benefits that homeownership affords.
When looking to buy a house in Connecticut, where do you start?
First, Hire a Qualified Connecticut Real Estate Agent
Finding the right home for your family is not an easy task, whether you are a serious investor or a first time home buyer; make sure you hire a qualified agent. Your CT Realtor will guide you through the entire process making sure your best interests are protected. They will be able to help you sort through all the available inventory, not just homes listed on the MLS- Multiple Listing Service, but FSBO’s - For Sale BY Owner, REO’s Real Estate Owned Properties , Foreclosures and more.
CT Mortgage Pre-Qualification Process
One of the most important pieces in buying a home in Connecticut is often overlooked. In today’s economic climate it is more important than ever to know exactly where you stand financially. Working with a financial professional, broker or Direct Lender will give you a clear picture of not only what you can afford, but what your obligations are and what your credit score is. There are so many different programs available and working with an advisor ahead of time will help you navigate through the many different financing options, ultimately choosing the best option for you and your family.
Location Location Location
After becoming pre-qualified the next and most exciting part of the process is determining where in Connecticut you want to live. Take into account the school systems if applicable, commute times to work and recreation, access to highways and other amenities. Once you have identified an area, do a dry run at the times you will be commuting to see if the area really does fit your lifestyle. Check out the homes that are for sale in the CT neighborhood, what are they going for? What has recently sold, is it a declining or stable market. Is there growth potential? Attending an open house will also give you an idea of what is driving the prices of the homes in a particular area. Always mention that you are working with a real estate agent when you attend, offer their card to the hosting agent, it helps open the lines of communication and you might find out more about the home, which could come in handy later.
Making an Offer on a CT Home
Once you and your agent have identified the Connecticut home you wish to purchase and all the due diligence has been done, which includes checking the property disclosures, verifying tax information etc…it’s time to make the offer. Your agent will guide you through the process of not only what is appropriate to offer, but how to structure the deal in your best interest.
Before you submit an offer on a CT Home, make sure you read through the entire contract first. There are many variables that can affect how the seller values your offer as opposed to others they may receive. Some important factors to consider are:
What should I put down as a 1st deposit?
This is the initial amount that will accompany the offer and shows the buyer your level of interest in the property. The more you are willing and able to put down up front, the stronger the message you give the seller.
What home inspections are you requiring?
All buyers have a right to ask for a home inspection by a licensed professional indicating that the buildings and other improvements located on the property are structurally sound, and that the mechanical, electrical, and plumbing systems of any of the buildings are in good repair. Other common inspections are for termites and wood destroying insects, and other environmental issues such as lead, mold and radon.
What is the 2nd Deposit?
The second deposit
is the additional amount you will be putting into escrow as part of your offer. This is customarily due within 10 days of the offer and again shows your commitment to the seller of your intentions regarding their home. Again the more you put down, the “stronger” your offer.
How does financing a home work?
In a perfect world a home seller would like to see an all cash offer, but we all know in this economic climate that is not always possible or even practical. The amount you finance for your Connecticut home also plays a part in the strength of your offer. There are many programs available to homebuyers, and your lender can explain all your options. But from a sellers perspective, the most cash you have on the table the stronger your offer. For example someone who is willing to put 30% of the purchase price down and finance the remaining 70% would be considered stronger than a buyer who is trying to finance 100% of the purchase price.
What is the closing date?
The closing date
is the date that you would like to take title, or ownership to your new Connecticut home. Being flexible may not always be possible, but it does give the seller more time to make arrangements on their end and thus may give you an advantage if they are considering multiple offers.
What else is included in buying a house?
As part of the offer, you will have seen what the seller has agreed to include in the purchase. Items such as fixtures, appliances out-buildings, pool equipment etc will all be outlined. Many items are negotiable, and you may also ask to have things removed if you do not want them. This is all negotiable, and again plays a factor in the strength of your offer.
Making an offer on a Connecitcut home is just the beginning!
Once you make an offer on a home in CT, there is usually a counter offer and in many cases several rounds of negotiating to follow. Having a clear pre-thought out strategy for this phase is crucial towards getting the home you want at a fair and reasonable price. This includes not only the purchase price but all the variable mentioned above such as the deposit amounts, home inspection results, and closing dates to name a few.
Accepting a Real Estate Contract
Once all the terms of the real estate contract have been agreed to, you have a deal! Now is where your real estate agent can really help. Keeping in touch with your attorneys, the lender, the sellers agent are all important parts of the process. There are many variables that need to be kept on top of, like results of the home inspection and what needs to be remedied and how to negotiate a settlement if applicable. Meeting the financing commitments, and arranging the closing are all important issues that your real estate agent will guide you through.