So you finally went under contract? Congrats, that is a feat in the Denver real estate market! As soon as you go under contract on a home, a lot happens all at once. One of the first things you should consider is performing an inspection on the home. Home inspections are a way for the buyer to perform their due diligence on your new home’s systems and health and safety codes.
Although a home inspection is not mandatory, it is recommended. A home inspector will do a thorough inspection of the home and present an inspection report upon finishing. They will fall any items that may be problematic.
You will have the opportunity to ask the seller for items to be fixed or replaced.The inspection must be completed and seller notified of any issues you would like resolved by the inspection objection deadline. This date can be found in the Colorado Purchase and Sale contract. In the current Denver real estate market, this deadline is typically a week to ten days after going under contract.
The other important deadline in the contract is the inspection resolution. This is where the seller and buyer agree on a resolution of the inspection items. The agreed upon terms are going to differ in every transaction ranging from the seller not doing any work and the buyer taking the home as is to concessions or work to be completed by the seller. This is a pivotal point to lean on your real estate agent’s expertise and negotiation skills.
