Top REALTORS - Market Expertise - Proven Results - Low Commission
1. Organize Home Buyer Finances
Check your credit report and credit score. CT banks and mortgage companies will use this information to determine if you qualify for a home loan, and your interest rate. Home buyers should have enough funds for a down payment, from 10% to 20% is ideal. Home buyers should also have enough funds for closing costs, which could vary depending on your home loan type.
2. Mortgage Pre-Qualification
Contact a bank or mortgage company to get pre-qualified for a home loan. This can be done over the phone or in person. They may perform a credit check, and ask basic financial questions. They will inquire about your income, liquid assets, and overall debt. If a home buyer qualifies, the bank will issue a pre-qualification letter that can be used when making offers on a CT property.
3. Home Buyer Needs vs Wants
List all features you absolutely need in a home. This helps your CT REALTOR eliminate homes that won't work. Some features are easy to identify through a listing but some aren't. A 15 minute conversation can save everyone 2-3 hours of showings. Then, list features you want but could compromise. Your price range will always limit your choices, so keep an open mind for the possibilities.
4. Finding the Right Home in CT
There are buyers who find the perfect CT home very quickly while others take a little longer. There is no standard. If your REALTOR knows your needs and wants, they can narrow the search to only homes that meet your criteria. In some markets this could mean going from hundreds of listings, which is impractical to see in person, to dozens instead. Communication is key.
5. Negotiate the Deal
Negotiating a deal takes skill and experience. Our CT buyer agents are well trained to advise you on the best strategy, and have proven records of successful negotiations. Price is certainly one of the main items. But other terms are often as important. Our buyer agents can negotiate items to be repaired, or credits to be given at closing, seller concessions, or closing cost assistance.
6. Mortgage Contingency
If you are buying a CT home with a mortgage, it's advisable to include a mortgage contingency clause. This contingency will give you an opportunity to secure a home loan. If you can't secure a home loan during the agreed upon period, you can cancel the deal, and have your deposit returned. You can also request an extension, which can be granted at the home seller's discretion.
7. CT Home Inspection
For most buyers in CT an inspection contingency should be part of the offer, although there are exceptions. Your home inspection should be conducted by a CT licensed professional. They can conduct building and mechanical inspections. If the property has a septic system or well water, they can also be tested. Other tests include radon, termite, lead, and asbestos.
8. Final Home Walk-Through
Just before closing, your REALTOR will take you to a final walk-through. This will allow you to verify the home is in the same condition as when you inspected it. You should also confirm all agreed upon repairs were made. The property should be free of seller's belongings, and it should be broom clean, with exceptions. Any issues can be handed by your CT attorney at closing.
Closing is the final step of the CT home buying process. Last minute issues can be resolved at closing. Home buyers will sign all their mortgage documents, and pay the remaining portion of down payment and closing costs. The CT attorneys will prepare documents related to transfer of title, and will record it with the Town. Buyers walk away with the keys to their new home.
MYTH: Large Companies Have Best Listings
In CT, real estate companies participate in Multiple Listing Services (MLS). Most CT homes for sale are entered into an MLS, and are not exclusive for the listing company to sell. Modern Edge Realty can show any listing from any company that is on CMLS. We can help you schedule showings, make an offer, negotiate a deal, and eventually buy these properties. It is an advantage to have your own buyer agent, and expert representation. Plus, our commission is typically paid by the home seller.
MYTH: Save Money With No REALTOR
Buyers without representation are more likely to overpay for a home. A REALTOR acting as the buyer agent will provide advice, and their professional opinion of the property's fair value. They are trained professionals that can better negotiate a deal on your behalf. Their commission is typically paid by the seller. Plus, if you choose the listing agent as your buyer agent, this makes them a dual agent. CT law may prevent dual agents from recommending an offer price, among other restrictions.
MYTH: Bad Credit, No Down Payment
Although credit history is important, CT banks and mortgage companies look at several other factors before deciding to approve or deny a mortgage. These include buyer's income, employment history, assets, liabilities, amount of down payment, rent payment history, and etc. Buyers with poor or no credit might still qualify for a mortgage. As for down payment, some mortgages only require 3.5% of purchase price, but some restrictions apply, and they require mortgage insurance.
Commission rates are negotiable and can be different for each transaction. Not all properties and/or transactions will qualify for all services under
this seller low commission rate. Please ask one of our real estate agents for more details and restrictions that may apply.
All information is believed to be accurate but it is not warranted. You should verify all information independently. Equal Housing Opportunity.
If your Connecticut real estate property is currently listed with a Connecticut broker, it is not our intention to solicit other Connecticut brokers' listings.
If you are a buyer currently under contract with a Connecticut broker, it is not our intention to solicit other Connecticut brokers' clients.
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Areas covered: Stamford. Norwalk. Wilton. Westport. Weston. Fairfield. Easton. Bridgeport. Trumbull. Stratford. Shelton. Monroe. Milford.
Counties covered: Fairfield County, New Haven County, CT, Connecticut.