You've conquered the house hunt, and your offer was accepted. The appraisal and inspection are finally done. Now what? If you're feeling a little lost, you're not alone. This in-between stage can be confusing.

But here's the good news: you're almost there. This guide will walk you through exactly what to expect next in your Colorado home-buying journey. We'll tackle common hurdles and show you how to handle them, turning those final steps into a smooth path to closing.

Navigating the Appraisal Gap in Colorado's Market

In a competitive market like ours, the sale price and the appraised value don't always match. When the appraisal comes in low, it creates what is known as an appraisal gap. Don't panic. This isn't a dead end.

You can consider a number of actions in order to keep your deal alive:

• Renegotiate with the Seller. Ask them to lower the price to the appraised value.

• Challenge the Appraisal. Your agent can provide new data on recent sales to argue for a higher value.

• Pay the Difference. If you can, cover the gap between the loan and the price with your own cash.

• Walk Away. Using your appraisal contingency, you can exit the contract and get your earnest money back.

A great real estate agent is your best ally here. They'll help you choose the smartest move.

Making Sense of the Home Inspection Report

That inspection report can be intimidating. It might list dozens of items. The key is to focus. Don't sweat the small stuff like a loose doorknob. Instead, concentrate on major issues that affect the home's safety, structure, and value.

Prioritise these big-ticket items:

• Significant foundation problems

• An old or damaged roof

• Outdated or unsafe electrical wiring

• Major plumbing leaks or failures

For these, you can ask the seller to make repairs, give you a cash credit at closing to handle them yourself, or lower the home's sale price. Choose your battles wisely to keep the deal on track.

The Crucial Final Walk-Through

Never, ever skip the final walk-through. Set it the day before, or in the morning of your closing. You have one more opportunity to check the condition of the home before it becomes yours.

During your walk-through confirm that:

1. Any agreed upon repairs were completed properly.

2. No new damage has occurred since the inspection.

3. It still has all appliances and systems (such as HVAC) that are operational.

4. The seller has moved out completely and has left the home broom-clean.

Think of it as your final safety check. It ensures you're getting exactly what you paid for.

Your New Chapter in Colorado Starts Now

See? The latter steps of appraisal and inspection are completely manageable. Having a clear plan, you will be able to pass this stage with confidence and comfort. Having a stress-free delivery is the ideal start to your life in your new house.

Feeling ready to start your own real estate journey in Littleton, Centennial, or the wider Front Range? The team at Ohana Style Realty is here to be your guide. We'll treat you like family and make the entire process simple and clear.

Contact us today to find your dream home!

FAQs

1. What happens if the appraisal is low in Colorado?

The loan you take is calculated upon the value estimated and not the value sold. You may renegotiate with the seller and pay all the difference yourself, challenge the assessment with new information, or call your contingency to quit.

2. Can a seller back out after a low appraisal?

Usually not. The contract binds them. But if the buyer can't secure financing because of the low appraisal and ends the deal, the seller is then free to relist the property for sale.

3. How long after the appraisal is the closing?

You can typically expect to close within one to two weeks after the appraisal is finished. This gives the lender enough time to finish approving your loan file.

4. What should a buyer ask for after a home inspection?

Focus your requests on major structural, safety, or mechanical issues. This includes a bad roof, foundation cracks, or faulty wiring. Ask for repairs, a price reduction, or a cash credit at closing.

5. Who attends the closing in Colorado?

The real estate buyers and sellers, a title company agent, and the home buyers and sellers are the ones present at the closing. The title agent takes care of the signing part of it so that the ownership is passed properly.