Buying a home in a competitive market often requires buyers to be creative and find ways to make their offers stand out among the rest. For some buyers, this means dropping certain contingencies. But before you consider this approach, it’s important to understand what each contingency means and what you risk by waiving one or more in your offer.
The decision to remove a contingency is an important one with many implications so you should always consult with your agent and lender.
Closing costs are the fees that need to be paid at the time of closing for the services of the lender and other third parties, such as appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. Your lender will provide you with a loan estimate prior to closing which will include estimated closing costs, but there are a few things you should know about the different closing costs in CT and NY.
The typical timeline to close for financed deals is 45-60 days. Cash deals can close in as little as 30 days. There are many important steps that need to be taken in between an accepted offer and closing.