🚨 THE BUYER’S “HEADS UP”: WHAT TO EXPECT 🚨 A quick guide to the surprises & logistics of buying in Colorado.

By Matthew Powell

1️⃣ THE FINANCIAL LOGISTICS 💰 Earnest Money: Be prepared to have 1-2% of the price liquid immediately upon going under contract. 🏦 Cash to Close: Remember, your final check isn’t just the down payment. It includes closing costs + tax/insurance pre-paids. 🚫 WIRE FRAUD WARNING: Critical! Never wire money based on an email alone. Always call to verify instructions. 📉 Assumable Loans: You can only assume the current balance. If there is a gap between the price and the loan, you must cover that difference in cash.

2️⃣ DUE DILIGENCE 🕵️‍♂️ Inspection Costs: These are paid upfront and are non-refundable, even if the deal falls through. 🏗 The “Big 5”: I recommend specialized checks for Radon, Sewer Scope, Roof, HVAC, and Structural. 🔎 Scope: Inspectors are visual. They can’t see inside walls or predict future appliance failures.

3️⃣ CONTRACT NUANCES ⏰ “Time is of the Essence”: Deadlines are hard stops. 11:59 PM means 11:59 PM. 📉 Appraisal Gaps: We need a plan for if the home appraises lower than our offer price. 🏘 Metro Districts: Watch out for newer neighborhoods with extra tax levies for infrastructure.

4️⃣ CLOSING DAY 🔑 Possession vs. Funding: You typically get keys after the loan funds (disbursment), not the second you sign. 🧹 Broom Swept: Expect the home to be basically clean, but plan to do your own deep clean. 💡 Utilities: Water usually transfers automatically, but Gas/Electric is on YOU to switch!

Matthew Powell
Northern Colorado Real Estate Advisor
970-420-6195
Matthew@NoCoHomeAdvisor.com
NoCoHomeAdvisor.com