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Inspections involve more negotiations
What happens after a home inspection?
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In Colorado (according to Colorado Real Estate Law) a potential home buyer has several options after an inspection. First of all, there is a specific form to use in Colorado, called an 
Inspection Notice. Per the information on this form, a buyer has 2 options after the inspection.
- Terminate the contract – the Colorado home buyer can terminate the contract because of unsatisfactory physical condition
- Notice to correct - the Colorado Springs buyer can ask the seller to correct or resolve unsatisfactory physical conditions of the property
- This can include one item, or as many items as the buyer wants to ask the seller to correct. (But it’s very important to note that this often becomes another negotiation process — as the seller may not want to correct all of them items the buyer has asked for.)
If the buyer and seller don’t come to terms on the inspection items, the contract terminates.
According to Colorado real estate contracts, “Pursuant to § 10.3 of the Contract, if Buyer and Seller have not agreed in writing to a settlement of the above matters on or before the Inspection Resolution Deadline, the Contract will terminate unless Seller receives written notice from Buyer withdrawing this Notice to Correct no later than before expiration of the Inspection Resolution Deadline.”
After the seller receives the inspection notice, the seller then has options on how to respond. The majority of times, the seller counters with items they are willing to get corrected.
The buyer has the option of whether to accept the counter on the inspection items or to reject it. Or the buyer can withdraw their request and proceed with the contract.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
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Appraisals are a crucial part of the home buying process
An important term for every Colorado Springs home buyer to understand is the “Appraisal“.
For a Free Home Owner Buyers Guide, Email Kathy at KTorline@msn.com
What is the definition of an appraisal?
An appraisal is an estimate or opinion of value of a specific property as of a specific date resulting from an analysis of the facts about that ![ExteriorMain[1]](http://coloradospringsvintagehomes.com/files/2010/04/ExteriorMain1-300x200.jpg)
property by a qualified impartial third party.
Who is an appraiser?
Appraisers are licensed and are held to strict ethical standards. They are a “third party” whose purpose is to give their opinion of the market value of a home.
Can a seller get their own appraisal done?
Yes, a Colorado Springs home seller may get their own appraisal done before selling the property to determine cost. This typically costs anywhere from $300-500. It’s important to note the Buyer’s Lender will not accept this appraisal but will request another to be done by their own contact.
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Relaunch of a blog site about Home Inspections
Resources for Home Inspection issues
Related Article: Appraisals and Inspections, 2 important steps for home buyers - Tips #11-15
I’m always on the lookout for new web sites that I can forward on to my Colorado home owners, and at the suggestion of Justin Smith, I checked out a site 
for US Inspect, which seems to be comprehensive resource on home inspections, by US Inspect . I read through a couple of the articles, and I especially liked the one on GFI’s; as this seems to come up in almost every inspection I attend. It was nice to see a comprehensive easy to understand blog on the topic.
One of the other things I really like about the site is the Basic Component and Systems of the Home Section. As an example, I loved the detailed description is had about Septic Systems, complete with pictures, links to Septic Terms, types of systems, and care of the system.
I also really liked the Radon Article, as it expands on some of the Radon articles I’ve posted on my blog site.
Go check it out, let me know what you think about the site. It seems like a good resource.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
Appraisals and Inspections, 2 important steps for home buyers
The following information is the fifth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #11 through 15.
For a FREE Buyer’s Guide, Email KTorline@msn.com
11. When making an offer to purchase a home, consider any minor repairs or defects when determining your offer 
price. If there are items you wish to be resolved at the time of purchase, include those items on the Purchase Contract.
12. Understand that the appraiser and the inspector are two different people. The appraiser is hired by the lender to determine whether sufficient market value in the property warrants making the requested loan. The home inspector is hired by the homebuyer to conduct a general home inspection, or a more specific inspection for environmental issues, such as lead-based paint, radon, asbestos, mold, etc.
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Home inspectors are NOT licensed in Colorado. and you should choose a home inspector who is a member of the American Society of Home Inspectors (ASHI). (See my previous post: One way to find a good home inspector)
13. Attend the property inspections. A good inspector will show you problems and potential problems with a property, but will also give you tips on how to care for a house.
