What Is the Home Buying Process in Greenwich CT?

Buying a Home in Greenwich: Step by Step

Whether you're a first-time buyer or an experienced homeowner relocating to Greenwich, understanding the local process will help you move with confidence. Here's how it works.

Step 1: Choose a Buyer's Agent

Working with a local buyer's agent is the best decision you can make in Greenwich. A good agent will:

• Provide deep knowledge of Greenwich's nine neighborhoods and their price dynamics
• Access off-market and coming-soon listings before they hit the public sites
• Advise on fair pricing based on recent comparable sales
• Negotiate on your behalf and manage the process through closing

In most transactions, the seller pays both agents' commissions, so buyer representation comes at no cost to you.

Step 2: Get Pre-Approved

Before you start touring homes, get pre-approved for a mortgage (or prepare proof of funds for cash purchases). This accomplishes two things:

• It tells you exactly what you can afford
• It signals to sellers that you're a serious, qualified buyer

In Greenwich's competitive market, sellers and listing agents expect buyers to have financing lined up before making an offer. A pre-approval letter from a reputable lender strengthens your position.

Step 3: Search for Homes

Your agent will set up a customized search based on your criteria: neighborhood, price range, home size, lot size, school district, and commute preferences. Beyond the MLS, a well-connected local agent will also know about:

• Off-market listings (homes being sold privately)
• Coming-soon properties that haven't been publicly listed yet
• Pocket listings shared among agents before going live

In Greenwich, a meaningful percentage of transactions happen outside the public market, particularly in the luxury segment.

Step 4: Make an Offer

When you find the right home, your agent will help you craft a competitive offer. Key components include:

• Offer price based on comparable sales and market conditions
• Earnest money deposit (typically 1-2% of the purchase price)
• Contingencies: inspection, financing, appraisal
• Proposed closing timeline
• Any special terms (inclusion of furnishings, flexibility on move-in date, etc.)

In a competitive situation, your agent's negotiation skills and market knowledge become especially valuable.

Step 5: Home Inspection

Once your offer is accepted, you'll typically have 10-14 days to conduct a home inspection. In Greenwich, inspections often include:

• General structural and systems inspection
• Septic system inspection (many Greenwich homes are on septic, not sewer)
• Well water testing (if applicable)
• Radon testing
• Termite/pest inspection

Based on inspection results, your agent may negotiate repairs, credits, or price adjustments with the seller.

Step 6: Secure Financing

During this period, your lender will:

• Order an appraisal of the property
• Complete underwriting and final loan approval
• Lock in your interest rate
• Prepare closing documents

Cash buyers skip this step but still need to wire funds and prepare proof of funds documentation.

Step 7: Closing

Connecticut uses attorneys, not title companies, to handle real estate closings. This is a key difference from many other states. Both the buyer and seller have their own attorney.

At closing:

• Your attorney reviews all documents and handles the title search
• You'll sign the mortgage documents and transfer funds
• The deed is recorded with the Town of Greenwich
• You receive the keys

The typical timeline from accepted offer to closing is 45-90 days, depending on financing, inspections, and any negotiations.

Tips for Greenwich Buyers

• Start with schools: If you have children, your elementary school preference may narrow your neighborhood search
• Move quickly: Well-priced homes in the $1.5M-$4M range sell fast
• Budget for closing costs: Expect 2-4% of the purchase price in Connecticut
• Consider flood zones: Waterfront and near-waterfront properties may require flood insurance
• Visit at different times: See the neighborhood on a weekday, weekend, and during commute hours

I've guided buyers through this process for over 40 years. If you're considering a move to Greenwich, I'd love to walk you through it.

Martha Z Jeffrey | Sotheby's International Realty | (203) 964-7800 | marthazjeffrey.com