What Happens After I Accept an Offer on My Home?

The Colorado Contract Timeline

Colorado uses a standardized contract called the Contract to Buy and Sell Real Estate. Once both parties sign, the clock starts on several key deadlines.

Step 1: Earnest Money Is Due

The buyer typically has a short window, often 3 business days, to deliver their earnest money deposit to the title company. This deposit, usually 1% to 2% of the purchase price, shows the buyer is serious. It is held in escrow and applied toward the buyer's closing costs at closing.

Step 2: Inspection Period

Colorado contracts include an inspection objection deadline, typically 7 to 10 days after acceptance. The buyer hires a home inspector, who walks through every accessible area of the home. If the inspector finds issues, the buyer can submit an inspection objection asking you to repair items, provide a credit, or reduce the price.

You are not required to agree to everything the buyer asks for. This is a negotiation. You can accept their requests, counter, or reject the objection entirely. If no agreement is reached, the buyer can terminate the contract and receive their earnest money back.

Step 3: Appraisal

If the buyer is using a mortgage, their lender will order an appraisal. The appraiser verifies that the home is worth at least the purchase price. If the appraisal comes in lower than the contract price, the buyer and seller need to negotiate how to handle the gap. The buyer can make up the difference in cash, you can reduce the price, or you can meet somewhere in the middle.

Step 4: Loan Approval

The buyer's lender works through underwriting during this period. The buyer needs to avoid making large purchases, opening new credit accounts, or changing jobs during this window. Any of these can complicate or derail loan approval. As the seller, you are largely waiting here, but your agent should be monitoring the buyer's progress.

Step 5: Title Search and HOA Documents

The title company runs a search to confirm there are no liens or ownership issues with the property. If you are in an HOA, you are typically required to provide HOA documents including financials, meeting minutes, and rules and regulations to the buyer within the contract timeframe.

Step 6: Final Walk-Through and Closing

The day before or the morning of closing, the buyer will do a final walk-through to confirm the home is in the same condition as when they made the offer and that any agreed-upon repairs were completed. Then everyone signs at the title company, funds are transferred, and you hand over the keys.

From acceptance to closing, the typical timeline in Colorado is 25 to 35 days for a financed transaction. Cash transactions can close in as few as 10 to 14 days.