Under Contract Period

So you’re “Under Contract” on a home...now what??

First of all congratulations 🥳! You’ve found a home you love...you and the seller have agreed to a price and terms...and you have a closing date on the books. Now it’s time to get past a few checkpoints before getting your pen ready for the closing table.

Inspection. You will have the opportunity to have a third party Inspector come in to do a comprehensive evaluation of the home. You’re not necessarily looking for a home to be perfect, but you will want to pay attention to health and safety issues and potentially costly issues relating to the home’s structure, plumbing or electrical systems.

Title/HOA/Due Diligence Document Review. Your Realtor will make sure that you receive these applicable documents, understand them, and are okay with all of the details and terms.

Appraisal. If you’re purchasing the home with a loan, an appraisal is required by the lender. While the listing agent and your buyer’s agent have completed home valuations, an appraiser gets the final say in determining the home’s value. If it differs from the agreed upon sales price, your agent will walk you through negotiations.

Loan deadline. Your lender will give you a “clear to close” meaning they’ve reviewed, underwritten & approved your full loan file. Your lender and the title company will work together to finalize your closing costs.

The Colorado Contract to Buy and Sell Real Estate offers opportunities at all the above deadlines for the buyer to cancel the contract and get their earnest money back if any issues or objections arise!