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Welcome back, everyone. Today I am here to answer the question: “When is the home I buy really my home?”

This is a great question, and something everybody should know. In Connecticut and Fairfield County, it goes like this: We make an offer to purchase a home, and with that offer, we typically put a 1% binder in to hold the property.At that point, all the paperwork is sent to attorneys to draw contracts. After inspections are negotiated and contracts are done, a 2nd deposit is typically placed into escrow. At that point, the home is all but yours pending the approval of your mortgage and closing.

Now, this may get you thinking, “Can the buyer walk?” Well, of course they can, but buyers usually only walk for one of two reasons:

• An issue with the inspection
• If the buyer doesn’t get their mortgage

99% of the time, however, we will close the sale and the home will belong to the purchaser. If you have any questions for us, we would be glad to answer them. Just give us a call or send us an email, and we’ll get right back to you!