Littleton CO Homes for Sale

Defining moments can apply to personal character, choosing a direction at a crossroad or in my mind keeping an eye on what you do to protect or take care of yourself. How much do you do on faith and good will, how much is done in writing, and what are the consequences and outcome of your actions? If self preservation is an instinct you possess then read on.

If you’ve sold a Littleton property or are looking to buy a Littleton home then more than likely you are somewhat familiar with a Contract to Buy and Sell Real Estate. In any real estate contract there are a whole lot of tasks with deadlines on them. Unless by mutual agreement otherwise, you are usually required to complete these tasks by certain dates. If you don’t make the deadlines, then either you are in default of the contract or you lose the opportunity to use that particular item as an escape or a point of leverage regarding the transaction.

There are clearly other contractual parameters and obligations that must be met but let’s look at the deadlines and items for now. Specifically I’m talking about inspections and the importance of handling these properly. First of all, if you are an experienced Littleton property buyer and seller, fix and flipper, or investor this may all seem elementary to you. On the other hand if you do something long enough you increase the odds that sooner or later you relax too much and are going to get burned.

Simply, find very competent people to do inspections. When I refer to competent help, it isn’t always the first person in the yellow pages. Do some research, get an expert. Make sure you get inspections done in a timely manner and make use of your Objection Deadlines. If you document objections in writing before the Objection Deadlines, then you have an out or leverage to have the item fixed or replaced.

There are circumstances under which you may not be “given” the opportunity to do this. For example if you are buying a foreclosure or a property that has been foreclosed upon you are likely buying a property as is. Those are the rules of engagement. If you don’t like those rules don’t play.

This doesn’t mean that you can’t inspect the property. It may mean that you can’t use the inspections as a means of leverage on the price, repairs or as a way to get out of the contract. A lender or bank may want you to do inspections before they will sign a contract, you may want to do them during the contract anyway. You can always walk on your earnest money but that isn’t how I like to do business.

Depending upon your level of skill and your reason for buying a Littleton property you will likely have a different opinion of what is acceptable and what is not. I would presume that most buyers who are intending to live in a house want the plumbing, heating, roof, and structure to be in good order. These believe it or not are pretty basic and simple to assess and repair. Granted a furnace is a fairly expensive item bit if the price is right or the seller will fix it then is isn’t that big an issue.

The things I’ve run across that really scare me, are things that most people don’t even think of. Structural damage and defects possibly caused by soil problems (expansive soil=bentonite), methamphetamine labs and the like. If these aren’t on your radar, in my opinion they should be.

Theoretically a property that had a meth lab that was properly cleaned up and certified doesn’t have to be disclosed as such. That’s interesting but do you really want to move your family into that? Maybe a talk with some neighbors. Maybe some questions at the police department to see if there was any suspicious activity at that address. Be imaginative. You’ll figure it out. With proper clean up it should be OK. You are the one who needs to be comfortable.

Expansive soil. This is a hot button for me. Just recently I’ve run across a situation where some people have a multiple issue situation. They bought this house a few years ago. They found cracks and bowing in the basement floor due to soil movement. They brought in experts who dug up parts of the floor, put in concrete posts to jack up the house and level it. It came with a guarantee and cost $30,000. What they did was fine and guaranteed but it doesn’t mean that the soil won’t move in some other place.
Guess what? Now the walls are being pushed in from the outside. The experts guarantee only covers work that they did. As the property values have dropped, now these folks are in a house with additional structural damage to repair. The mortgage and repairs needed are more than the house is worth. If they wanted to fix it they can’t finance it using the house as the collateral. Some mess.

So. When I say you need to do your inspections it isn’t just a good idea. It really could be a matter of self preservation. Something as significant as the above issue could cost fifty to one hundred thousand dollars to fix. Maybe more, depending upon the building. You had better really love a place to want to do that. Personally I’d move on to the next Littleton Property. But not without doing my inspections.

Tags: littleton home, littleton property

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