In buying a house the buyer has the right (does not have to have one) to have the home they have under contract inspected. If they choose to do that they hire and pay an inspector to go and fully review the house. Future blog posts will address this aspect but today this is about what happens after the inspection. When the buyer is complete they will often submit an Inspection Notice to the seller with a list of items to be corrected before they agree to purchase the house. At this point the seller can agree to what is asked for, not agree to do anything or provide an alternative resolution. It is important for the buyer to know, as much as possible, the condition of the house and what they are getting into. Sellers are obligated to disclose anything they know about the house on their Sellers Property Disclosure. What is important for both parties is to do your homework or make sure your Realtor is getting good bids for you to make an informed decision.
You as the seller can make a decision to fix something after receiving a bid by phone. I personally do not recommend this as the person making that bid may not be able to physically see something that would make a difference not only in the bid amount but in the work needed to be performed whether it is a Code issue or simply the work necessary. What happens is that if the seller signs off to agree to fix something they have obligated themselves to fix it. I have seen it where a seller pays more than what they originally expected because of not getting a good enough bid for the work to be done.
In working to keep surprises to a minimum and a successful closing for the buyer and the seller it is an important detail that can be easily overlooked.
About the Author: Kelly Young
- Author's website: www.sellmyhomeincoloradosprings.com
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Kelly is an Associate Broker with Red Rock Realty. She has over 12 years experience in Real Estate in the Colorado Springs and Front Range region of Colorado. She represents buyers and sellers of real estate buying homes, land for sale, mountain getaways. Specific areas include: Black Forest, Broadmoor, Colorado Springs, Divide, Falcon, Downtown, Manitou Springs, Monument, Old Colorado City, Westside, Woodmen Hills and Woodland Park. You can reach her at 719-226-0126 or by clicking "email the author" above.
