In the state of Colorado, our purchase agreement is designed with homebuyer’s best interests at heart. Here are three ways that it protects you:
1. Purchase price. Suppose you offered $10 million on a house that was only worth $200,000. If the appraisal comes back at that value, you’ll be protected from overpaying, allowing you to renegotiate the price based on its appraised value.
2. Dates and deadlines. The dates and deadlines in the agreement are there to protect you. If we don’t come to an agreement with the seller before the deadline is set, we can back out of the contract to protect your earnest money.
3. Due diligence and inspection. It’s critical during the due diligence period that you check for things like schools, crime, walkability, and resale value. During your inspection, you get several tests done, including tests for things like lead, the sewer, the roof, and more. That way, you know what you’re buying and can use these items to negotiate with the seller to get some repairs done or to reduce the purchase price. If you can’t come to an agreement, you can always exit the contract.
You need to understand the contract, which is why it’s necessary for you to have professionals on your side to guide you through the process. If you’re in need of real estate assistance, reach out to us. We’d be happy to be your guides. Until then, happy home buying!