Buyers Guide

Whether you’re a first-time buyer or an experienced homeowner, finding the right home for you in Greenwich can be overwhelming. There’s so much to consider— home prices, mortgage rates, the closest schools, and even your commute.

Working with a local Greenwich REALTOR® provides the in-depth knowledge, careful planning, and expert guidance you need to make the process as smooth as possible. In this guide, we’ll walk you through every step of your home search, from finding your Realtor to closing the deal.

Understanding Buyer Representation & Agreements
An Overview of the Home Buying Process
Financing & Mortgages
The Role of Appraisals & Home Inspections
Fair Housing & Buyer Rights
Steps Between Signing & Closing
Frequently Asked Questions (FAQs)
Resources & Next Steps

Understanding Buyer Representation & Agreements

Buying a property in Greenwich is a significant investment, and forming a contractual relationship provides personalized guidance, negotiation support, and market expertise throughout the process. A written representation agreement outlines expectations, helping to establish a transparent and committed partnership between you and your REALTOR®.

What is a Buyer Representation Agreement?

A buyer representation agreement is a contract between a homebuyer and a real estate agent that defines the agent’s responsibilities, compensation, and the scope of services provided. Having a signed agreement gives you peace of mind knowing your agent is fully dedicated to finding you the right home, negotiating the best price, and protecting your interests.

Key Terms & Negotiating a Representation Agreement

Types of Buyer Representation Agreements:

Exclusive Agreement – You work with one agent exclusively, ensuring full representation and dedicated service.
Non-Exclusive Agreement – You can work with multiple agents, though commitment and services may be limited.

Examples of Negotiable Terms:

Compensation Rate & Structure – Can be paid by the seller, the buyer, or a combination of both.
Agent Duties – Level of service, from property searches to contract negotiations.
Agreement length – Typically covers a set period of home search and purchase.
Geographical Area – Can apply to an entire state, city, or even an individual property.

How a REALTOR® Helps You in Greenwich

Local expertise – Insight into Greenwich’s most sought-after neighborhoods, amenities, and market trends.

Market access – Get early access to exclusive listings and properties.

Negotiation skills – Your REALTOR® works to make sure you pay the right price while securing favorable terms in your purchase.

📖 Learn more: NAR Consumer Guide: Written Buyer Agreements

An Overview of the Home Buying Process

Buying a home in Greenwich is an exciting journey, but it requires careful planning and strategy to secure the right property. From determining your needs to negotiating a strong offer, each step plays a key role in ensuring a smooth transaction. Here’s what you need to know.

Step 1: Determine Your Homeownership Goals

Before beginning your home search, it’s essential to identify your priorities:

Must-have features – Consider the number of bedrooms, outdoor space, home office needs, or proximity to schools.
Ideal locations – Greenwich has a variety of neighborhoods, from waterfront estates in Belle Haven to walkable townhomes in central Greenwich.
Budget considerations – Understanding your price range and factoring in property taxes, maintenance, and HOA fees will help narrow down your options.

Step 2: Secure Pre-Approval for a Mortgage

Getting pre-approved for a mortgage is a critical step before beginning your home search:

Why it matters – Pre-approval strengthens your buying position and shows sellers you’re serious.
Loan types – Greenwich buyers may explore jumbo loans (common in high-end markets), conventional loans, FHA loans, or adjustable-rate mortgages.
Down payments & financing – Understanding local lending requirements ensures a smooth financing process.

Your Greenwich REALTOR® can connect you with trusted lenders to guide you through financing options.

Step 3: Begin Your Home Search

With financing in place, it’s time to find your perfect home:

The Greenwich MLS – The most comprehensive resource for active and coming soon listings, offering real-time updates on available homes.
Working with a REALTOR® – Beyond MLS listings, a local Realtor can provide insights into market trends and leverage their relationships with other Realtors to ensure a smooth transaction.
Touring homes – From luxury waterfront estates to downtown condos, your REALTOR® will help you evaluate properties based on value, location, and future appreciation potential.

Step 4: Make an Offer & Negotiate

When you find the right home, your REALTOR® will guide you through making a competitive offer:

Understanding contingencies – Offers may include home inspections, financing, or appraisal contingencies.
Earnest money deposit – A deposit that shows your commitment to purchasing the home.
Competitive offer strategy – Your Realtor will suggest terms that best align with your needs and motivations for purchasing the property.

📖 Learn more: NAR Consumer Guide: Buying Your First Home

Financing & Mortgages

Financing a home in Greenwich requires an understanding of mortgage options, loan qualification requirements, and associated costs. Given Greenwich’s luxury market, buyers often encounter unique financing scenarios, including jumbo loans and competitive bidding environments. Working with a local lender who understands the Greenwich market can help make your home-buying process less stressful.

Understanding Mortgage Options

Buyers in Greenwich have access to a variety of mortgage products, each designed to suit different financial situations. Conventional loans are a common choice for buyers with strong credit and stable income, while jumbo loans may be necessary for high-value properties that exceed conforming loan limits.

Government-backed options, such as FHA and VA loans, can be beneficial for those who qualify, offering lower down payments and more flexible credit requirements. Adjustable-rate mortgages are another option, particularly for buyers who anticipate selling or refinancing before the initial fixed-rate period ends.

Pre-Approval vs. Pre-Qualification

Pre-approval is a must for serious buyers. Unlike pre-qualification, which is an informal estimate of borrowing power, pre-approval involves a thorough financial review by a lender. This process evaluates key factors such as credit score, debt-to-income ratio, and employment history. Sellers often prioritize offers from pre-approved buyers, as it signals financial readiness and reduces the risk of financing falling through.

Down Payments & Closing Costs

Greenwich’s high-end market means down payment requirements can vary significantly based on the type of loan and property price. Conventional loans typically require at least 20% down, while jumbo loans may require an even higher percentage.

In some cases, buyers may qualify for loans with lower down payments, but this often comes with private mortgage insurance (PMI). In addition to the down payment, buyers should budget for closing costs, which can include attorney fees, lender charges, home inspections, title insurance, and prepaid taxes. These costs generally range between 2% and 5% of the home’s purchase price.

Finding a Trusted Lender

Working with a local lender familiar with Greenwich’s real estate market can be a valuable asset. Local lenders often provide more personalized service, quicker processing times, and competitive loan options tailored to the area’s unique market conditions. Establishing a strong relationship with a lender early in the home-buying process can help move the transaction along from pre-approval to closing.

📖 Learn more: NAR Consumer Guide: Mortgages & Financing

The Role of Appraisals & Home Inspections

Understanding the Appraisal Process

An appraisal is a critical step in the home buying process, especially in Greenwich, where property values can vary significantly based on location and amenities. Lenders require an appraisal to quantify if the home’s market value aligns with the loan amount. This assessment protects both the lender and the buyer from overpaying.

Several factors influence an appraisal, including the home's location, overall condition, recent comparable sales, and current market trends. In Greenwich, luxury properties, waterfront homes, and historic estates may require appraisers with specialized local knowledge to determine an accurate valuation.

If an appraisal comes in lower than the agreed purchase price, buyers and sellers may need to renegotiate. Buyers can dispute the appraisal, request a second opinion, or negotiate a price adjustment with the seller. Your Greenwich REALTOR® can help navigate this process and provide relevant market data to support a fair valuation.

📖 Learn more: NAR Consumer Guide: The Appraisal Process

Why Home Inspections Matter

A home inspection is an important step to uncover potential issues that may not be visible during a walkthrough. While not required by lenders, inspections provide buyers with a clear understanding of the property’s condition before finalizing the purchase. In Greenwich, where homes range from historic estates to newly built residences, inspections help identify structural concerns, maintenance needs, and safety hazards.

Typical inspections in Greenwich include:
✅ Foundation, roofing, and HVAC systems
✅ Pest and mold inspections
✅ Waterfront property considerations such as flood risks and seawall stability

If an inspection reveals problems, buyers can negotiate repairs, request a credit toward closing costs, or, in some cases, walk away from the deal. A Greenwich REALTOR® can help buyers interpret the inspection report and develop a strategy for addressing any necessary repairs before closing.

📖 Learn more: NAR Consumer Guide: Home Inspections

Fair Housing & Buyer Rights

What is Fair Housing?

Fair housing laws exist to protect buyers from discrimination when purchasing a home. These laws ensure that all individuals, regardless of race, color, national origin, religion, sex, disability, or familial status, have equal access to housing opportunities.

Fair housing laws help maintain transparency and integrity in every transaction. Sellers and agents must adhere to these regulations, providing equal opportunities to all buyers and avoiding any practices that could be considered discriminatory.

How Working with a REALTOR® Protects You

A Greenwich REALTOR® is committed to upholding fair housing laws and ethical business practices. They make sure that every buyer is treated with fairness and professionalism throughout the purchasing process.

If any discriminatory practices arise, a REALTOR® can guide buyers on how to report violations and take appropriate action. Working with a REALTOR® not only safeguards buyer rights but also promotes a more inclusive and equitable housing market.

📖 Learn more: NAR Consumer Guide: Fair Housing

Steps Between Signing & Closing

What Happens After Your Offer Is Accepted?

Once your offer is accepted, several important steps must take place before closing. The mortgage approval process is finalized, ensuring all financial conditions are met. Your lender will verify income, assets, and credit history to secure your loan.

A home inspection is scheduled to assess the property’s condition, and an appraisal is conducted to confirm its market value. During this period, you will also review key documents, including the purchase agreement and closing disclosures. As the closing date approaches, a final walkthrough is scheduled to verify if the home is in the expected condition and that any agreed-upon repairs have been completed.

What to Expect on Closing Day

Closing day is when the home officially becomes yours. You will meet with your attorney, lender, and possibly the seller to sign all necessary legal documents, including the mortgage agreement and title transfer. Final closing costs, such as attorney fees, lender fees, and property taxes, will be paid at this time.

Once all paperwork is completed and funds are transferred, ownership is legally recorded, and you will receive the keys to your new home. This marks the final step in the buying process, allowing you to move forward with confidence in your new Greenwich property.

📖 Learn more: NAR Consumer Guide: Steps Between Signing & Closing

Frequently Asked Questions (FAQs)

1. How long does it take to buy a home in Greenwich?

The home-buying process in Greenwich typically takes between 30 to 60 days from the start of the search to closing. The timeline can vary based on factors such as market conditions, financing approval, and the complexity of negotiations.

Buyers who are pre-approved for a mortgage and work with an experienced REALTOR® may be able to close more quickly, while those involved in multiple offer situations or contingencies may experience delays.

2. What if I have to sell my current home first?

Many buyers in Greenwich need to sell their current home before purchasing a new one. In this case, contingent offers allow buyers to move forward with a purchase while still marketing their existing property. Another option is a bridge loan, which provides short-term financing to cover the gap between selling and buying.

3. Do I need an attorney for closing in Greenwich?

Yes, Connecticut law requires an attorney to oversee all real estate closings. The attorney reviews all legal documents to verify if they are properly executed, funds are transferred correctly, and the transaction complies with state regulations. A real estate attorney will also review contracts, address title concerns, and coordinate with lenders to finalize the closing process smoothly. Working with an experienced local attorney can help avoid last-minute issues.

4. How much should I expect to put down as a deposit?

In Greenwich, most homebuyers put down 5% to 20% of the purchase price as a deposit, depending on the loan type and financial situation. High-value homes often require larger down payments, and cash offers typically provide stronger negotiating power. Your lender can help determine the best down payment strategy for your needs.

5. What are closing costs, and how much should I budget?

Closing costs typically range between 2% to 5% of the home's purchase price. These costs include lender fees, attorney fees, title insurance, and home inspections. In Greenwich, luxury properties and unique financing situations may result in slightly higher closing costs. Your REALTOR® and lender will provide an estimate based on your specific transaction.

6. Do I need a home inspection?

While not legally required, a home inspection is highly recommended to identify any issues before closing. In Greenwich, inspections may also include assessments for mold, radon, and water quality, especially in older homes or waterfront properties.

7. What happens if issues arise during the home inspection?

Your agent should be a skilled negotiator, protecting your best interests while ensuring the transaction moves forward smoothly. Ask how they handle counteroffers, contingencies, and potential buyer objections.

8. How competitive is the Greenwich real estate market?

Greenwich’s real estate market is highly sought after, offering a diverse range of homes to suit every lifestyle and budget. From charming neighborhoods to waterfront properties and homes near top-rated schools, there’s something for everyone. Inventory levels can be low, making multiple-offer situations common.

9. Can I buy a home in Greenwich as an investment property?

Yes, many buyers purchase properties in Greenwich as investments due to its strong rental market and high property values. Investors should consider factors like rental demand, short-term rental regulations, and potential tax benefits. A REALTOR® can provide insights into the best neighborhoods for investment and expected returns.

10. Why should I work with a Greenwich REALTOR®?

Greenwich REALTORS® bring local expertise, market knowledge, and a network of over 1,200 sales professionals. By working with an experienced agent, your home receives maximum exposure on the Greenwich MLS, targeted marketing, and expert negotiation.

📖 Learn more: NAR Consumer Guide: Ten Questions to Ask a Buyer’s Agent

Resources & Next Steps

Buying a home in Greenwich is an exciting journey, and having the right resources can make the process smoother. Whether you're looking for expert guidance, market insights, or the best way to find and purchase your home, we’re here to help you succeed.

Explore Active Listings on the Greenwich MLS

See what’s currently on the market and find your dream home on the Greenwich MLS. Conduct a Property Search here.

Contact a Local Greenwich REALTOR® Today

Connect with a trusted local expert who understands the Greenwich market and can help you navigate every step of the home-buying process. Find a REALTOR® here.