Ken and Sandy Wickham

Once the inspector completes the inspection, he'll work up a written list of action items (typically there are at least a few things that need to be done).

If the buyers aren't satisfied with the condition of the house, and don't think they can get satisfaction from the seller, they may choose to terminate the contract at this point. This is fairly rare; most buyers will negotiate with the sellers.

Typically the buyers submit a Inspection Notice, with a "notice to correct", asking for specific items to be fixed. Buyers and sellers negotiate through their agents until there's satisfactory resolution for both parties.

This isn't a complicated process; even though it seems like there are many steps, the whole process usually takes only a few days.

The agents will help the buyers and sellers obtain estimates and coordinate repairs. Typically all repairs are done before closing; if they're not, there's a survival clause in the inspection notice, meaning that the seller is still obligated to fix any remaining agreed upon inspection items after closing.

Sellers should provide the buyers receipts for all work done, and it's also up to the buyers to do a "final walkthrough" with their agent before closing.

Ken and Sandy Wickham, the authors of this article, are REALTORS® with RE/MAX Real Estate Group in beautiful Colorado Springs, CO, and they welcome your real estate inquiries. To contact them, visit their website.

The inspector thoroughly examines your home and its systems - the structure, windows, plumbing, roof, electrical and heating, kitchen appliances, insulation and energy concerns, drainage, potential safety hazards, etc. We recommend that you be present while the inspection is being done, so you can ask any questions and get familiar with your home. Your inspector can point out the location of your main water shutoff valve and breaker box, and give you maintenance tips.

There are times when an inspector doesn't find any problems or deferred maintenance. Most times, the inspection will result in a list of action items. Our inspectors suggest immediate repairs (especially any safety issues), and also maintenance concerns that aren't crucial but should be addressed in the near future. The inspector will give you and your agent a written report.

You may also wish to opt for a radon test; some areas are more prone to radon, so your consult your inspector and agent. Radon mitigation can be expensive, so it's best to have the problem corrected by the seller before closing.

If the inspector has concerns such as structural, roof, or mold problems, he may recommend further comprehensive inspection by an expert in that area.

Ken and Sandy Wickham, the authors of this article, are REALTORS® with RE/MAX Real Estate Group in Colorado Springs, CO, and they welcome your real estate inquiries. To contact them, visit their website.

Almost as important as getting a home inspection is choosing a quality inspector. Ask your agent for referrals, and don't hesitate to ask for references.

Did you realize that there aren't any licensing requirements for home inspectors in Colorado? So, anyone can print up some attractive brochures, get a few tools and a flashlight, and call himself a home inspector.

We only work with seasoned inspectors who are members the American Society of Home Inspectors, who must adhere to ASHI's standards and ethics. Since we're present for our buyers' inspections, we're confident that our inspectors are thorough.

We've witnessed some lax home inspectors, such as technicians who didn't even get up on the roof, or didn't flag breaker boxes known to be fire hazards, so we really stress the importance of hiring an respected ASHI inspector.

You learn more about ASHI at their website. And, don't hesitate to call or email us if you have any questions.

Ken and Sandy Wickham, the authors of this article, are REALTORS® with RE/MAX Real Estate Group in Colorado Springs, CO, and they welcome your real estate inquiries. To contact them, visit their website.

As a prospective home owner, one of the best ways you can protect yourself is by getting a home inspection on the home you decide to buy. After all, your home is probably the biggest investment you'll make. By spending a tiny fraction of the purchase price, you can have a professional assessment of your home (neither buyers or their agents are qualified to perform an inspection).

You want to ensure you're not buying a "The Money Pit", (or if you do, that you're going into it forewarned - while the movie was funny, the reality is not). You don't need the hassle of thousands and thousands of dollars of unexpected repairs. Also, FHA and VA have some structural and repair requirements that must be met if you're financing through those programs.

You certainly don't want any safety issues. Fires, explosions, and rotten floors will take the joy right out of home ownership.

Are there times when you want to skip a home inspection? We don't recommend it. It's a very small investment, and will help give you piece of mind, even if the inspector finds nothing wrong.

It's even wise to have an independent inspection on a brand new home. Doesn't the Regional Building department inspect your home? Well, yes... and no. Those inspections can be very cursory, and some serious defects could be missed. You have more leverage to get problems fixed before you close on your home, even if you have a builder warranty.

Ken and Sandy Wickham, the authors of this article, are REALTORS® with RE/MAX Real Estate Group in Colorado Springs, CO, and they welcome your real estate inquiries. To contact them, visit their website.

You've pre qualified, you've looked at homes, and you've picked THE ONE. You've almost recovered from your writer's cramp after signing and initialling the offer and all those disclosures. Your offer has been accepted (or countered and agreed upon by you) and your earnest money deposited with the listing agent. Congratulations, you're under contract! Now what?

If you're financing your home, typically in Colorado you'll have about a month until closing, if that time frame works for you and the seller.

Your agent will submit the contract paperwork to your lender and the title company. Your lender will start processing your loan, and the title company will order the title commitment.

Your agent will set up the home inspection. If you're out of town and can't be there for the inspection, you can ask a friend to go along with your agent.

The title company does a search to see what encumbrances exist on the property, and what steps need to be taken to clear those up, and then issues the "title commitment". Your agent will review the title commitment once he receives it (and you can review it too, especially if the excitement of buying your home is leaving you sleepless).

You'll be in contact with your lender, who will let you know what documents she needs from you. Don't make and financial changes that will impact your credit report negatively! Many purchases may need to wait until your property closes. Also ensure you have your down payment money available for your closing date.

Your lender will ask you to arrange for home owners insurance. If you don't already have an insurance company, your agent can give you a referral.

Once any inspection issues are resolved, your lender will order the appraisal. The lender wants to ensure the home is worth what you're paying for it.

Most time, all inspection items are completed by closing, and you may request that the seller provide receipts.

You'll need to arrange for your utilities to be connected, change your address with the post office, arrange for a moving company (or friends with trucks) and register the children in school.

Once you have final loan approval from your lender, she'll submit the figures to the closing company, who creates your "settlement statement". You'll see all the fees involved and learn the exact figure you need to bring to closing (in certified funds). If you're closing long distance, you'll sign your documents in the presence of a notary, and mail them back with your certified funds, or wire the money to the closing company.

You'll probably do a "final walk-through" of the home with your agent before closing, just to make sure everything is in order with your new home.

In Colorado, buyers and sellers close at the same time. Your agents will be present, and after all parties have signed the necessary documents, you'll get your keys! You'll take some docs with you, and others will be mailed to you at your new home.

Now it's time to move in!

Ken and Sandy Wickham, the authors of this article, are REALTORS® with RE/MAX Real Estate Group in Colorado Springs, CO, and they welcome your real estate inquiries. To contact them, visit their website.