It does seem like there is a contingent within Colorado that wants to bring this up every year.

The contract must contain:the contractor’s name, address and telephone numberthe approximate start and completion date, including any contingencies that would change the completion datea description of the work to be performed and the materials to be provided to the consumer, including make; model number or any other identifying information; and the agreed-upon price for the work and materialsa notice advising you that you have three business days to cancel the contract, unless during an emergency you waive the right in writinga notice that all payments received by the contractor prior to completion of the contract work must be deposited in an escrow account

Having a contingency fund is key.

Sometimes when placing an offer --  the POS is not yet available - and when you place an offer you can make your offer contingent upon approval of these items... although in order to have a competitive offer in this seller's market you are basically forced to "assume" the pos violations once they become available (usually 2-3 weeks after it's been ordered) -- you should be able to tell if anything more serious might come up on the POS via your own personal inspection. 

So if you want to get into contract make sure that you negotiate an extended or contingent closing to accommodate the sale of your old propertyAll good options - And I'll reach out via pm.

If the seller accepts the offer, (contingent on appraisal[as per court approval requirement]), How should i proceed in the situation.

Always formalize the agreement in writing to define costs, profits, and contingencies clearly.Let me know if you need help structuring the deal or exploring funding options.Best,Drago

I found my self with a million dollar startup with no money and realized my success was contingent on companies hiring me or people investing in me.

The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves:Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

The deal was contingent upon 60 day due diligence and a clean Phase 1 environmental assessment.