By Ulrich,
Investing in Real Estate in Steamboat Springs will, most likely, be one of the most important financial decisions one will make in their lives. Hopefully it will also become one of the most rewarding decisions. It always surprises me that when making these investments how many people try to save money by foregoing items like a home inspection. At Buyer’s Resource we strongly urge our clients to spend the extra money for this inspection. The cost can range from $250.00 for a condo to $500.00 for a normal size single family home. Even on new construction it is surprising what items a good inspection can identify.
A good home inspector is certified in a variety of fields and disciplines. Look for certification from ASHI: American Society of Home Inspectors, NACHI: National Association of Certified Home Inspectors. Additional certifications include NEHA: National Environmental Health Association, AARST: American Association of Radon Scientists and Technologists. There are even home inspectors who are qualified in Thermo graphic imaging. Using a special camera to locate areas in the home where exterior cold air can enter or warm interior air can escape.
Once the home is inspected the potential Buyer will receive a comprehensive report outlining all of the items inspected and areas of concern. There may be indications that would alert one to conduct additional inspection from people who’s area of expertise would qualify them for such and inspection, an engineer or well and septic inspector for example.
Once the inspection is complete it is important to conference with your Exclusive Buyer’s agent and identify what items are of concern and whether it is best to terminate the contract at this point or ask that certain repairs be performed. On the “Dates & Deadlines” section of the Colorado Real Estate Commission approved form the deadline is identified as to when one must submit an Inspection Objection. This is followed by the Inspection Resolution Deadline which typically is within a week of the Objection. This is the date that the inspection items issues should be fully resolved so that one can continue with the contract.
Once the Seller receives the Inspection Objection asking them to resolve the items identified they have a few options. They can simple refuse to correct any items, they can choose to correct some or all of the items or they can offer a dollar amount in compensation that will be deducted from the contracted price. Ultimately the Buyer will have the choice to accept or reject what the Seller has proposed.
