Colorado Springs Real Estate Buyers Guide – Buyer Contract Tips
Great! You found a house, you are ready to write an offer! What are some things you should be focusing on now? Here is a summary of buyer contract tips for you to review to make sure you have the best chance for success.
Make sure your Realtor goes over your contract with you before you sign! This is a 16 page (at last count) LEGALLY BINDING document that OBLIGATES you to perform or you lose your earnest money and could in fact get sued if the wrong box is checked. 95% of the contracts that come across my desk from other Realtors have errors…don’t just assume that the contract is written correctly. You are the one that is held to the contract…not your Realtor.
Your Contract Cliff Notes:
- CHECK WITH YOUR LENDER before you write the offer to make sure they can close in the amount of time the Realtor is writing the contract for. If the lender doesn’t perform in time, it is YOUR FAULT.
- Inclusions – Did you want the swing set? Were the washer and dryer supposed to stay? What about the Fridge? Home Warranty included? Etc… Once that contract is signed, you can’t go back.
- Inspection time – 10-14 days (longer for rural properties) Ask for as much time to get inspections done as the seller will possibly allow. There are a lot of things to check out and you want to make sure you have to for a thorough investigation of the property.
- HOA/Title Documents – 7-10 days. You want to make sure that you are OK with the rules of the neighborhood because they are enforceable.
- Appraisal Deadline – 3 weeks (or more) Be sure that your realtor gives you enough time to get the appraisal done AFTER the inspection. You don’t want to pay for an appraisal on a house you don’t want to buy.
- Loan Conditions Deadline – As late as the seller will possibly allow. Hopefully just a couple days before closing. This is your last chance to get out of the contract without losing earnest money.
Focusing on these key areas will allow you to have time to safely navigate the contract process and have time for all your discovery. Want a pro in your corner? Contact me.
REMEMBER: Don’t do anything to change your credit until after closing. Don’t put a bunch of stuff on your credit cards, don’t buy anything on credit. If you must, ask your lender first!
If there is something I haven’t covered or you have questions, please feel free to contact me.
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