Buying

Buyer Timeline

01

Meet with Julie

Allow me the opportunity to unpack your needs, better understand your goals and begin to outline all of your options. We will discuss the size, budget, “feel,” style and location of your future home and will explore potential needs such as schools, proximity to train, etc.

02

Get Pre-Approved

Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). I can connect you with several mortgage brokers to choose from. Based on your income and credit history, the mortgage broker will determine how much the bank is likely to lend you, which will help you determine the price range for your search.

03

Visit Properties

I will join you at viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home’s location and amenities. If you attend a public open house make sure to list me as your agent in order to allow for candid follow-up and also to keep off tons of unwanted email lists!

04

Negotiate

Once you have seen a home you like, I will prepare an offer to purchase including any considerations such as all-cash offer or mortgage pre-approval, proposed inspections, contingencies, and close date. The seller will likely return with a counter-offer price which you can choose to accept, reject, or you can further adjust your offer. Julie will provide advice throughout to ensure a well negotiated deal in your favor. If all goes well, ideally this process results in an Accepted Offer (”AO”).

05

Due Diligence & Inspections

Time is of the essence and you will move quickly to secure an engineer’s inspection and any other desired and required inspections. During this period, the seller has only made a verbal, non- binding agreement to sell the property to the buyer. The faster this process happens, the sooner you can move towards a binding agreement.

06

Sign Contract &
Put Down Deposit

The seller’s attorney will draft a contract of sale and deliver it, along with the seller’s title insurance policy and copy of any existing survey, to your attorney. If any changes are requested, the seller must agree to these changes. Signed contracts are then returned to the seller's attorney with a contract deposit (typically 10%). Once the seller signs, their attorney acknowledges receipt of the deposit monies, and a copy is returned to you. You are finally under contract.

07

Complete Loan Application

Your loan agent will schedule an appraisal of the property. Your completed mortgage loan application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed contracts. The bank then works as quickly as possible to issue the clearance to close. If your deal includes a financing contingency, it is imperative that this is completed within the time frame allotted in the contract—typically 30 days.

08

Transfer Utilities

Prior to closing, the utilities which may include electricity, natural gas, and propane should be transferred into your name. You will assume the billing as of the closing date. Other services to transfer include trash removal (private in Greenwich), internet, lawn care, irrigation, septic, and well service etc. and any cable/wifi services. The current homeowner will furnish a service providers list as a starting point (in Greenwich, the attorneys are responsible for transferring public water billing).

09

Final Walkthrough

A final walk-through of the property is performed just prior to closing. The walk- through confirms that no damage has been done to the home since the time of the inspection and that the major systems and appliances are in working order, as specifically outlined in the contract.

10

Closing

Once all the conditions of the contract have been satisfied, the closing is held. The closing documents are signed, payment is exchanged, and you receives the keys to their new home!

Key Terms

  • An AO is the moment when a buyer and seller reach an agreement on price and terms, but in Greenwich, no binder is exchanged. Therefore, the deal is not binding until the contracts are fully executed.

  • Assessment of the property’s market value, for the purpose of obtaining a mortgage or insurance. Performed by a licensed appraiser and/or insurance agent.

  • Value placed upon property by the tax collector for property tax purposes. Greenwich has one of the lowest property tax rates (AKA “mill rate”) in Connecticut!

  • Buyers who are confident in their ability to get approved for their mortgage may choose to waive any financing contingency, but they still go through the appraisal and approval process. All cash buyers plan to pay 100% in cash.

  • Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, and title insurance.

  • A document issued, by law, 72 hours before closing, which lists the financial settlement between Buyer and Seller, and the costs each must pay.

  • Certain criteria that have to be met in order to finalize the sale. Contingencies can be financial in nature or related inspection items.

  • Contracts are signed, deposit monies delivered, but the seller (or buyer, or often both) have certain conditions that must be met in order to move the contract to “pending” status. Both parties are protected during the contingent contract phase.

  • The buyer and seller both have signed the legally binding contract and the deposit monies (typically 10%) have been sent to the sellers attorney to be held in escrow until closing.

  • The percentage of an individual's monthly gross income relative to the amount of debt owed.

  • Dual agency occurs when both the listing agent and the buyer's agent belong to the same brokerage.

  • The buyer reviews the house just before closing to make sure everything is in the condition that is expected and contingencies have been met.

  • The buyer employs an expert to conduct a formal review of the property to find visible issues that may need repair. In addition to a general home inspection, the buyer will often engage pool, septic, well, and roof inspectors as desired. Buyers should complete inspections as quickly as possible as sellers are unlikely to extend a protected due diligence period, if any, in Greenwich.

  • The percentage of the overall purchase price that is being borrowed by the buyer. Ex. If a buyer takes $1.26mm on a $1.8mm home then they put down 30% in cash and the LTV equals 70%.

  • A period of time (written into the contract) during which the buyer has the opportunity to secure financing —typically 30 days. If the buyer is unsuccessful, the deposit is returned and the contract is void.

  • Advanced approval from a bank or other lending institution for a home mortgage. The buyer provides a full financial picture and documentation to the lender, and goes through a preliminary underwriting process. Pre-Approval is critically important for a buyer to understand their true purchasing power and make their offer more attractive to sellers.

  • Potential buyers provide an overall financial picture and mortgage brokers provide an estimate of what level of loan you will likely be pre-approved for. While this may be a helpful preliminary step for long range planning, a pre-qualification is of no value in the buying process. A pre-approval is what is needed.

  • Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property. The buyer’s attorney generally secures title insurance for the buyer and this can be a very significant percentage of the closing costs.

Tools & Support

Compass tools to help you find your next home

Collections lets you compare multiple properties—their size, neighborhood, amenities—within a central visual workspace. I can monitor market activity in real time, stay in constant contact, and invite collaborators to join in on our search discussions.

Compass Search Our platform can sort by a wide range of features and amenities to pinpoint the perfect home. Plus, discover exclusive Compass listings you won’t find anywhere else and receive real- time notifications of new homes with customized Saved Searches!

Coming Soon and Private Exclusives What buyer isn’t looking for an edge over the competition? Browse unique properties that are only viewable on Compass.com and discover your future home before it even hits the market.

Greenwich, Connecticut is one of the most diverse and competitive real estate markets in the world. As a resident of over 30 years, with 20 years working in Real Estate, I understand that making the decision to buy a home here can be a particularly overwhelming decision. From understanding the different offerings of each neighborhood to planning for an inspection, I will guide and advise you during every step of the buying process. I will:

  • Provide real-time market insights powered by Compass, the largest brokerage in the country*

  • Leverage my experience and excellent agent relationships in order to find both on and off market listings to find homes that meet your unique criteria

  • Share my lifetime of local expertise to learn the best dry cleaner, the best sushi, where to get your beach pass. Which school option might be the best fit, which travel teams are nearby in each sport, etc.

  • Share my Team of Insurance brokers, mortgage brokers, specialized inspectors, roofers, contractors, attorneys, etc.

  • Get your offer accepted.

I can’t wait to get started on your Greenwich search.

#JulieKnows Greater Greenwich

GREENWICH, RIVERSIDE, OLD GREENWICH, COS COB

*Source: RealTrends article published April 2024 based on Closed Sales Volume for 2023