Colorado's real estate contract provides the buyer opportunity to obtain a home inspection. Most home buyers will hire a professional inspector, but they can choose to inspect the home own their own. As a seller, we recommend that you have your home pre-inspected before ever listing your home. There are a lot of mechanical systems and structural components that the common home owner doesn't fully understand and if there are any small problems it's better to have them repaired before you show your home. Otherwise, you will find yourself running around, trying to find contractors that can repair the problem quickly once they are discovered by the buyer's inspector or delay the closing or worse the buyer terminates the contract.
As a result of the inspection, the buyer can submit an Inspection Objection to notify the seller of items that need to be repaired. Typically these are major mechanical, structural, or safety problems with the home, however, some buyers are more picky than others. The seller then can decide to repair the items, terminate the contract, or offer a different resolution to the buyer before the Inspection Resolution deadline. A few examples of other resolutions are sellers will often offer to lower the purchase price or increase seller concessions versus making the actual repairs or offer a home warranty. If the seller and buyer do not come to terms prior to the Inspection Resolution deadline the contract is terminated.
If you decide to make repairs as a part of the Inspection Resolution, it's very important the repairs are completed quickly and per the contract. Exterior repairs can be difficult in Colorado during the winter, so don't procrastinate to complete the work as it can cause delays in closing and cost you additional money.Next Step: Other Deadlines