Colorado Springs Real Estate Contract Guide – Home Inspection
The next step in the process is for the buyer to review the condition of the home. Most home buyers will hire a professional home inspector to perform a home inspection for them (although this is not legally required).
Inspectors (should) look at the following:
- Roof condition
- Windows working
- Siding/Exterior condition
- Electrical all correct and working
- Plumbing correct and working
- No code violations
- Appliances in good working condition
- Permit history
- Signs of structural problems
- Test for hazardous materials like: Lead paint, mold, radon, etc…
The majority of the time, the home buyer will submit an inspection notice which allows the home buyer to request that the home seller correct items that they consider hazards or defects in the property. The home seller may choose to agree to fix all items, no items, a subset of items, or offer an alternate scenario to compensate the buyer for the defects. If the home buyer and home seller cannot come to mutual agreement in writing, the contract automatically terminates at no penalty to the buyer.
Timeline – The inspection should be done as quickly as possible, within the first 10 -14 days. Leave a couple days for resolution so seller has time to get estimates if necessary.
Colorado Springs Real Estate Buyer:
- Review disclosures before your inspection so you can ask the inspector to review any concerns/questions you have have.
- Be sure your inspector is certified. You don’t want some quack that doesn’t know what they are doing.
- Be sure they are insured. If they damage the property (like put their foot through the ceiling while on the roof or in the attic), you are ultimately responsible to fix it if they don’t.
- Ask for: Health and safety items, code violations to be fixed, Everything should work (no broken windows, stoves should work, etc…)
- Avoid: The cosmetic stuff. It just goes with the territory, comes across as petty, and obstructs you from getting the important things fixed because the seller thinks you are being unreasonable. You are buying a used house.
Colorado Springs Real Estate Seller:
- The buyer can terminate for any reason…even if they don’t like the smell in the home. So don’t start packing until you get through inspection resolution.
- If you know about it you can’t hide it (and you can’t ask your Realtor to hide it either…they could lose their license). If the other party finds out you hid something from them and can prove it, you can be sued!
- Be prepared to get a list of repair requests. Inspectors will always find something doesn’t matter how new your house is. They have to make the buyer think they were worth it afterall. 🙂
- Be willing to fix the health and safety items. The other items should be evaluated case by case.
- If during the inspection they make you aware of problems with your house, and you refuse to fix, if the contract falls, you have to disclose that moving forward to a new buyer. It’s required by law (and it sucks).
If you have a specific question not covered on this site, please contact me.