Buying in Stratford and wondering if you should include a home sale contingency in your offer? You are not alone. Balancing protection and competitiveness is one of the hardest parts of buying in Fairfield County. In this guide, you will learn what the main contingencies mean, how they typically work in Connecticut, and how to write a strong offer without taking on unnecessary risk. Let’s dive in.
What a contingency does for you
A contingency gives you a clear, time-limited way to back out or renegotiate if certain conditions are not met. The contract spells out the deadlines and what happens if the condition fails. Sellers use the timing and strength of your contingencies to judge how reliable your offer is, so getting these right matters.
The four key contingencies in Stratford
Inspection contingency
This lets you hire licensed inspectors to evaluate the home. You can order a general home inspection and, if needed, specialty checks like radon, septic, lead, mold, structural, or pest. In many Connecticut contracts, you have 5 to 14 calendar days from signing to complete inspections and submit repair requests or cancel. Reports are often delivered within 24 to 72 hours of the inspection.
How it affects your offer:
- Shorter windows, like 5 to 7 days, help your offer compete. Longer windows protect you but may be less attractive to a seller.
- Waiving inspections entirely is risky because surprise repairs add up fast.
Ways to draft for safety and clarity:
- Spell out the inspections you will do and that the seller must allow access.
- Define remedies up front: repairs, credits, price reduction, or the right to terminate.
- Consider “as-is with the right to inspect.” You accept the home as-is but can cancel if a major defect is found. This is safer than a full waiver, but still less appealing to sellers.
- Define “material defects” or set a dollar threshold to reduce disputes.
Mortgage contingency
A mortgage or loan contingency protects you if you cannot secure financing on agreed terms by a set deadline. Typical approval windows are 21 to 45 days, with many lenders issuing a commitment in about 30 to 45 days. Timing depends on your loan application, the appraisal, and underwriting.
How it affects your offer:
- A strong financing contingency protects you but adds uncertainty for the seller.
- A firm lender pre-approval and a shorter contingency period can make your offer more competitive, though it increases your risk if financing falls through.
Ways to draft smart:
- State the loan type and, if negotiated, a maximum interest rate or payment limit.
- Agree to apply promptly and pursue the loan in good faith.
- Clarify whether the contingency covers changes in loan amount or only a full denial.
Appraisal contingency
If your lender requires an appraisal and the value comes in below the purchase price, an appraisal contingency gives you options. Appraisals are often scheduled and delivered within 7 to 21 days after the lender orders them.
How it affects your offer:
- An appraisal contingency that allows cancellation protects you if values do not match the price.
- Waiving the appraisal contingency or agreeing to cover a gap up to a set amount can help you win in a tight multiple-offer situation, but it increases your cash requirement.
Ways to handle a low appraisal:
- Ask the seller to reduce the price, or offer to cover a gap up to a set dollar amount.
- Request a reconsideration of value if you have supporting data, though changes are rare.
- If you kept the appraisal contingency, you can terminate if terms allow.
Lender reality: Most lenders will not fund above the appraised value unless you increase cash to close.
Home sale contingency
A home sale contingency means your purchase depends on selling your current home. Common forms include contingent until your home is under contract and contingent until it closes. Timelines often run 30 to 60 days. Many sellers will require a kick-out clause that lets them keep marketing the home and, if a better offer comes in, gives you 48 to 72 hours to remove your contingency.
How it affects your offer:
- This is often the least attractive contingency for sellers, especially if your home is not yet listed or under contract.
- You can improve your position by showing your home is listed and actively marketed, setting short but realistic deadlines, and agreeing to a kick-out clause.
Buyer and seller protections:
- Buyers: specify days to go under contract and to close your sale, and ask the seller to cooperate with scheduling.
- Sellers: include a short kick-out period and keep the home available for backup offers.
- Alternatives: consider a bridge loan or HELOC if available to remove the contingency entirely.
Connecticut closing basics buyers should expect
In Connecticut, most residential closings are handled by attorneys. After you go under contract:
- Your attorney orders a title search and municipal lien search.
- Your lender orders the appraisal and completes underwriting.
- The seller’s attorney prepares the deed and payoff figures.
- Once title is clear and you have a loan commitment, the attorneys schedule closing, often in the attorney’s office.
Common timing in Connecticut is 30 to 60 days from contract to closing, but it varies by lender speed, inspections, appraisal scheduling, and attorney availability. Earnest money is typically held in an escrow account by the listing broker or an attorney, with the agreement spelling out how it can be released or forfeited. Attorneys also handle recording the deed and mortgage with the town clerk after closing.
For Stratford buyers, expect the standard Connecticut attorney process. Proactive coordination among your agent, lender, and attorneys can keep things on schedule.
How timelines shape negotiations in Stratford
Here are common timeline strategies and their tradeoffs. Choose based on your risk tolerance and the current level of competition.
Buyer-protective
- Inspection: 10 to 14 days
- Mortgage: 30 to 45 days
- Appraisal: tied to mortgage, often 14 to 21 days
- Home sale: up to 60 days to closing
- Pros: strong protection. Cons: less competitive.
Balanced and competitive
- Inspection: 7 days
- Mortgage: 30 days with a strong pre-approval
- Appraisal: 14 to 21 days
- Home sale: consider only with proof and a short kick-out period
- Pros: competitive while keeping core safeguards.
Seller-favorable
- Inspection: 5 days or right to inspect only
- Mortgage: 21 days or no contingency if cash
- Appraisal: offer gap coverage up to a set amount
- Home sale: often not accepted
- Pros: most attractive to sellers. Cons: higher buyer risk.
Write a competitive but protected offer
Use this quick checklist before you submit:
- Get a current lender pre-approval that names the lender and loan type.
- Offer a meaningful earnest money deposit. Amounts vary by market, often 1 to 5 percent of the price.
- Set a specific inspection window and outline how you will deliver repair requests.
- Decide on appraisal protection. Keep the contingency or offer gap coverage up to a number you can afford.
- If you must include a home sale contingency, show proof your home is listed or under contract and agree to a short kick-out.
- Offer a flexible closing date to match the seller’s move if you can.
Mistakes to avoid
- Waiving essential contingencies without a clear cash plan for surprises.
- Missing contingency deadlines. Late notice can mean losing rights under the contract.
- Leaving terms vague. Undefined “material defects” or cure periods lead to disputes.
- Waiting to order the appraisal. Delays can push closing.
- Skipping attorney guidance on contract wording. Connecticut is an attorney-closing state and legal clarity matters.
How The Kasey Team helps you win
You need local insight and disciplined execution to balance protections with a winning offer. The Kasey Team pairs neighborhood expertise in Stratford with a full-time transaction coordinator who tracks every contingency date and document. The team’s lender and inspector connections help you schedule fast, clean inspections and secure a solid pre-approval. With verified production, CENTURION recognition, and a process built for speed and clarity, you stay protected without losing your edge.
Ready to plan a smart offer strategy for Stratford? Start a conversation with stacy pfannkuch and get a step-by-step plan tailored to your timeline.
FAQs
What is a home sale contingency in Stratford?
- It makes your purchase dependent on selling your current home within a set time. Sellers often require a kick-out clause so they can accept another offer if you cannot remove the contingency quickly.
How long do inspections and reports take in Connecticut?
- Inspection windows are commonly 5 to 14 days from contract, with inspection reports delivered in about 24 to 72 hours after the inspection.
How fast can I get a mortgage commitment?
- Many lenders issue commitments in about 30 to 45 days, but some buyers set a 21 to 30 day contingency period to compete. Timing depends on your application, appraisal, and underwriting.
What if the appraisal is lower than the price?
- You can negotiate a price reduction, pay the difference in cash, seek a reconsideration of value, or cancel if your appraisal contingency allows it.
How long is a typical contract-to-closing timeline in Stratford?
- Many Connecticut deals close in 30 to 60 days, depending on lender speed, inspection and appraisal scheduling, title work, and attorney availability.
