The Offer

When a buyer makes an offer to purchase your Park County, Colorado property, your REALTOR® will contact the seller promptly. The REALTOR® will scrutinize the document, review it with you carefully, and answer your questions. The written offer is important because it lays out all the terms of the proposed transaction and will become a binding contract if you sign it. The offer states the price you are willing to pay and the financing terms, such as assuming a loan or arranging a new loan.

The offer may be contingent on the you selling another home first, or obtaining an inspection. Ask the REALTOR® how these terms affect you and whether the offer is reasonable and in line with the market. The offer describes the Park County property, states who pays for which closing costs, and specifies dates of closing and possession. Along with making the offer, the buyer may place some earnest money with the escrow agent as a sign of good faith. The earnest money will be kept in an escrow account and applied to the buyer's down payment or closing costs when the sale closes.

Your options
Once the seller reviews the offer, they have three options: accept, reject, or make a counteroffer. A counteroffer is a rejection of a buyer's offer with a simultaneous offer from the seller to the buyer. In making your decision, carefully review the figures compiled earlier to determine your net costs. Because the terms and estimated closing costs may be quite different from earlier calculations, you will want to discuss the possibilities with your REALTOR®. You are also encouraged to seek the advice of an attorney and a tax adviser.

Seller's Disclosure
In most residential sales, a seller will deliver a Seller's Property Disclosure to a buyer on or before the effective date of a contract to purchase the Alma or Fairplay property. The notice is required by law to be delivered unless otherwise agreed to. It provides important information about the seller's knowledge of the condition of the property. The seller completes the disclosure to the best of their knowledge and belief. Sometimes a REALTOR® will ask that the seller complete the notice at the time the listing is first taken. Copies of the completed notice will be made available to prospects looking at Como or Jefferson property. If the seller filled the disclosure out too long ago, you may want them to verify that nothing has changed since it was initially filled out.

Lead-Based Paint Disclosure
If the Park County property was built before 1978, federal law requires that before a buyer is obligated under a contract to buy the property, the seller shall: 1) provide the buyer with a lead hazard information pamphlet (as prescribed by EPA); 2) disclose the presence of any known lead-based paint or hazard; 3) provide the buyer with a lead hazard evaluation report or records available to the seller; and 4) permit the buyer to conduct a risk assessment or inspection for the presence of lead-based paint or hazards. A contract for the sale of property built before 1978 must contain a statutorily prescribed Lead Warning Statement to the buyer. 

Accepting the offer
Once you and the seller agree on terms and sign the contract for the Alma or Hartsel property, the buyer will generally have to find a lender and apply for a loan. Your REALTOR® may monitor the loan process, which could last several weeks. During this time, your REALTOR® will also be busy coordinating other arrangements to prepare for the final sale.

Title search
As part of the process, the title company may order a survey of your property and research the title to your Park County home, making sure the chain of title is clear. Clearing the title may require paying off liens - that is, any monetary claims - against your property. Examples are mechanic's liens, unpaid state and federal tax liens, court judgments, and probate considerations (if a co-owner has died). The product of the title search can be in the form of title insurance, abstract of title, or certificate of title, depending on what is commonly used in your area.

Inspection and repairs
If the buyer requires inspections of the Park County, Colorado home, your REALTOR® may coordinate the scheduling of inspectors. A buyer may hire an inspector to review many items in the property such as the structural components, mechanical items, electrical systems and plumbing systems. The inspector will report to the buyer the items that the inspector finds to be in need of repair. Most likely the buyer will provide a copy of the inspection report to the seller and may ask them to complete certain repairs. Do not be surprised when the inspection notes some items in need of repair. An inspector is trained to see items and defects that are not obvious to you and your REALTOR®. No matter how new or well maintained a home is, an inspector may very well find some items in need of repair.



For help in buying Park County Property, please contact John on his cell at 719.839.9281 or email him at john@summitreasures.com. For more information about Park County, Colorado including pictures, please visit www.SummiTreasures.com.

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