First Time Home Buyers in Boulder: Inspection Deadlines Guide
An inspector is like a person spotting a landing for a buyer before he/she jumps. Therefore, inspection deadlines are some of the most crucial deadlines to be aware of in the Colorado contract.
There are three deadlines in the Colorado real estate contract for inspection: Inspection Objection, Inspection Termination and Inspection Resolution.
- The Inspection Objection Deadline in the contact is the date that an inspector or any specialists – roofer, HVAC, plumber, electrician, etc. must come out to the property to check out all the nooks and crannies. By 11:59 pm on this deadline the buyer/buyer’s agent must submit a list of what he/should would like fixed or what amount of credit at closing he/she would like in order to fix the issues found – a renegotiation request.
- The Inspection Termination Deadline is new to the contract in 2019 and is a deadline in case you do not want to object to the inspection but instead want to just bail on the contract – the landing looked too rocky or you just got too scared to jump.
- The Inspection Resolution is the deadline for the seller and the buyer to agree on a compromise based on the list submitted in the Inspection Objection. If no agreement is reached by this deadline the contract automatically terminates. If a contract falls apart it is usually at this deadline. And It is for this reason sellers pay close attention to these deadline dates when considering accepting an offer.
To have a strong offer, especially in a multiple offer situation, here are the inspection contract tricks – least extreme to most extreme:
- Tight Deadlines: A tight Inspection Objection Deadline (a few days after getting under contract) and a tight Inspection Resolution Deadline (1-2 days after the Objection Deadline) usually makes an offer more appealing to the Seller. Remember, most contracts that fall apart do so because of inspection. Sellers would rather the contract fall apart sooner rather than later so they can put the house back on the market. Before writing the offer with tight deadlines it is essential that the buyer or the buyer’s agent make phone calls to inspectors/specialists to see the earliest possible date they can come out to the property and if possible the buyer or agent should reserve a spot even before the offer is accepted. A tight deadline is not useful if no (good) inspector is able to complete it on time.
- Scratch the Resolution: Take out the Inspection Resolution Deadline in the dates and deadlines section of the contract. Essentially what the buyer is communicating to the seller is that he/she will not haggle with the seller on inspection – the buyer will either take the property at the price the buyer offered/in the condition the home is in or the buyer just won’t take the house. From most sellers’ perspectives this is great – the seller has a price locked in and/or the seller will not need to rush to get anything fixed making the process more hassle-free.
- Bring the inspector to the showing: If you can anticipate a craze over a certain property arranging for an inspector to go to the showing with you enables you to forgo putting an Inspection Objection Deadline in the contract because the buyer knows before submitting the offer if the landing is soft or hard. The risk of this option is the buyer is paying for the inspection yet doesn’t know if he/she will succeed in getting under contract.
The more you know upfront about the Boulder buying process and the tricks you might need to pull to get under contract in a tight market, the easier the process is when you jump in.
Have a specific buying questions, reach out – no stings attached!
Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you’re looking for someone to guide you through the real estate process in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour.
Thanks, Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com