Home Inspections in Summit County
As part of the Purchase Agreement, there is a section in the standard Colorado contract that addresses home inspections. As the purchaser, you are protected from any items that may be found during an inspection that may preclude you from wanting to move forward with the purchase of your home or condo. The Purchase Agreement has an Inspection Objection deadline, a date for which the Buyer and Seller agree that an inspection will be performed by and an official notice will be given to the Seller of items that the Buyer would like corrected per the inspection.
The Buyer will pay for the home inspection and will contact the inspection company directly. Your realtor can give you a list of a few inspection companies in your area. You can choose any that you wish and may want to call each and ask for references.
A standard home inspection covers many items, but not all items can be seen or detected by the home inspector. For example, electrical issues inside walls, termites (unless visible with exterior beams and other woodwork), mold behind walls, old/rusted piping, and more cannot be seen or identified. There are certain specialists that can be called in if you as the Buyer are concerned with any items that may require one. The specialists would need to perform their work and give you a report prior to the Inspection Objection deadline so if you are not satisfied with their findings, you can request the Seller remedy the situation, or give financial credit at closing to compensate for such.
Some of the specialists you may want to hire are:
- Structural Engineer
- Mold Specialist – Limited mold tests can be performed by a home inspector for an additional cost; however, they cannot determine all mold and all areas that it may be found
- Roof Contractor – Inspectors can visually see the condition of a roof and give their opinion on anticipated age and life expectancy of current roof; a roof contractor can give you a better opinion of age and cost to replace, which may be to the Buyer’s advantage when negotiating
- Septic Company – They can see if the septic system is in good condition and the last time it was emptied; a Buyer can negotiate to have it pumped as part of the Purchase Agreement
- Water Company – They can give a water report stating the quality of the water; based on finding, a Buyer may or may not want to proceed with the sale of a particular home
- General Contractor – If a home needs extensive renovations, you as the Buyer may want a professional to give you an idea of estimated costs
Other tests that an inspector can perform for an additional cost are infrared testing, which can help detect water leaks behind drywall, and radon tests. These are performed by putting a machine in the home (usually the basement) for a period of at least 48 hours will all doors and windows left closed during the duration of time.
After a home inspection is complete, the inspector will give the Buyer an Inspection Report. The report is separated by rooms in the homes and is usually accompanied with pictures and a summary of items that may need addressing. Now the Buyer gets to decide if they want to proceed with the sale, or if they want to request the Seller to remedy any or all items. A good realtor will help you navigate through the Inspection Report to understand all of your options. Many times, items aren’t as big as they seem since most any issue can be resolved with the right professional.
Once you and your realtor go through the Inspection Report, an Inspection Objection form will drafted with the requested fixes by the Buyer for review. Many times specific items will be asked to be fixed prior to the closing date by the Seller at the Seller’s expense. Other items it may be asked the monetary compensation be given. Seeing a mix of the two is not uncommon. It is not uncommon to request professionals to give bids for estimated repairs, like replacing a window, and then submit this estimate along with the Inspection Objection to the Seller.
In the Purchase Agreement is a date for an Inspection Resolution. This is a form the Seller fills out with his or her realtor stating what items will be fixed and by what date and/or any monetary compensation that he or she is willing to give. If the Buyer agrees to the Seller’s Inspection Resolution, the Buyer(s) will sign and the sale will continue to proceed. If the Buyer and Seller do not come to an agreement, the contract will automatically terminate and Buyer and Seller will go their separate ways.
Knowing these home inspection facts should help the Buyer feel comfortable proceeding with making an offer to purchase their property of choice since they can always do their due diligence in the form of a home inspection even after they are under contract.