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Navigating The Home Buying Process

Step 1: Search for Homes. To begin your home search, we’ll utilize the most up-to-date service, the “Portal Feature” on connectMLS. We’ll set up a personalized portal within the Multiple Listing Service, ensuring that real estate listings matching your criteria are automatically emailed to you as soon as they hit the market. Additionally, you have the freedom to conduct your own searches and save preferred listings, granting complete access to all properties listed in Connecticut.

Step 2: Service Providers. Throughout the buying process, should you require any external services, we can connect you with a list of local professionals and companies, including lenders, attorneys, and inspectors. These providers have a proven track record of delivering superior services in their respective fields. Remember, using these providers is entirely optional; the choice is yours.

Step 3: Select A Lender. Once you’ve found your preferred lender, it’s time to apply for pre-approval. Your lender will review your financial documents, such as tax returns, pay stubs, bank statements, credit card statements, as well as information on student and auto loans.

Step 4: Comprehensive Attention. Your comfort is essential to us, so we’ll make sure to answer all your questions and provide you with ample material to make the home-buying process enjoyable and stress-free.

Step 5: One-On-One Personal Attention. We’re committed to being accessible to you at all times. Your calls will be prioritized, regardless of when you reach out to us.

Step 6: Flexible Scheduling. We understand the importance of your time, so we’ll accommodate your schedule to show you any desired homes at your convenience.

Step 7: The Offering Process. When you’re ready to make an offer on a home, we’ll guide you through the process with expertise and precision.

Step 8: Make An Offer. Your List N Show agent will assist you in determining the appropriate offer amount and which contingencies to include. To arrive at your initial offer price, your agent will provide a comparative market analysis (CMA), showcasing recent sale prices of similar homes in the area.

Step 9: Earnest Money Deposit. To demonstrate your commitment, you’ll submit an initial good faith deposit with your offer. The amount typically ranges from $3,000 to $10,000, depending on the home’s purchase price. Additionally, you may choose to offer an extra second deposit to strengthen your offer. Both earnest money deposits, totaling 1%–3% of the sale price, will be applied toward your downpayment. Please be aware that if you back out of the deal without a valid contingency, you might forfeit your earnest money deposit.

Step 10: Adding Contingencies To Your Offer. Contingencies are conditions that must be met for the sale to proceed smoothly. Here are the most common ones:

  • Financing contingency: Allows you to terminate the contract if you cannot secure a mortgage.
  • Home inspection contingency: Gives you the right to inspect the home and negotiate repairs if needed.
  • Termite or wood destroying insects contingency: Allows for inspection and negotiation related to any issues found.
  • Well & septic contingency: Provides the opportunity to inspect and negotiate any necessary repairs.
  • Radon gas contingency: Allows for inspection and negotiation concerning radon issues.
  • Sale contingency: Links the purchase to the sale of your current home.
  • Home appraisal contingency: Ensures the offer is contingent on a satisfactory appraisal value.

Step 11: Negotiating. After you submit your offer, the seller will review it with their agent and may accept, decline, or present a counteroffer. Don’t worry if you encounter a counteroffer; it’s quite common. We’ll be there to help you negotiate the best possible deal and guide you through the process.

Step 12: The Closing Process. Once the terms are agreed upon, the closing process will begin, typically lasting 30 to 45 days. You’ll remain in close communication with your List N Show agent, lender, and attorney during this time.

Step 13: Home Inspection. Upon execution of a contract, you’ll schedule a home inspection, unless you’ve waived the home inspection contingency. The inspector will assess the home’s condition and identify any major issues, giving you the information needed to negotiate for repairs and come to a resolution.

Step 14: Home Appraisal. If you’re obtaining a mortgage, the lender will order a home appraisal. Should the home not appraise at the contract price, you might have the option to reevaluate the deal or renegotiate with the seller.

Step 15: Financing. If you encounter any issues securing a loan and have a financing contingency in place, you can terminate the contract and reclaim your earnest money deposit.

Step 16: Closing Costs For Buyers. At the time of the closing, you’ll be responsible for covering the lender and third-party fees, which typically amount to 2%–5% of the sale price.

Step 17: Final Walk-Through. Before the closing, we’ll conduct a final walk-through to ensure the home is in the same condition as when you made the offer, and any agreed-upon repairs have been completed. This step also verifies that everything included in the sale is still present in the home.

Step 18: Attend the Closing. Congratulations! You’ll attend the closing, receive the keys, and officially move into your new home.