Taos Real Estate

You've been in the Taos real estate market for a while, and you've finally found the perfect home for your vacation or retirement.  The purchase agreement is negotiated, and you think you've gotten a decent price.  Now it's time to get to the home inspection process.  Once your inspections are done, there will be things the inspectors wrote up that you might want to bring to the attention of the Seller for repair or correction.  This is the "Objections" phase.

Using the general home inspection as an example, the Taos real estate general inspector has completed their inspection of the home to include:

• structural;
• roof;
• electrical;
• plumbing;
• well; and
• septic inspector does septic.

Generally, you're dealing with two reports here.  The general inspector writes up everything except septic issues, as that is a separate license.  The septic inspector writes up any septic problems.  You and your real estate broker sit down and go over the inspections carefully.  You make decisions about what type of items you are willing to assume, and which ones you would like the Seller to correct.  Your "objections" document is then prepared on what is called a Waivers, Objections and Resolutons Form.  This form is not unique to the Taos real estate market, but a New Mexico for that all our state Realtors® utilize.  You can have more than one of these, with a different one for each type of inspection if you like.  It's usually less confusing if you put all problems on one.

A copy of the inspection report is attached with your statements as to what items you want corrected by the seller.  An option is not to ask for repairs, but instead for a dollar amount.  You can then do the repairs the way you want after closing.  This is a sticky thing though if a lender is involved.  Lenders live in a perfect world of perfect homes, and it's no different in the Taos real estate market.  A very small amount, say under $500 might get through lender approval.  Any large dollar items generally will not.  The lender will want them repaired prior to closing.

We mentioned in our report on the purchase agreement deadlines that there is a chart of inspection, objections and resolution deadlines.  They are already set dates, so your objections document will require a response from the seller by the pre-agreed date if you delivered them on time.  This is the "Resolutions" document.  It's the same document actually, just a different page.  The Taos real estate Seller will reply with their agreement, partial agreement or turn-down of items.  They could agree to all, some or none.  You then must respond with a signature indicating your acceptance of their resolutions.  If you can't agree, the deal could terminate.

A purchase of Taos real estate can be a complex process.  Your broker should be explaining all these forms and assisting you in objections and resolutions responses.

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