Skipping The Final Walk Through Can Be Costly
Closing on your new home is exciting, a bit intimidating, and there’s a million things you’ve got to finalize. One of the crucial details you don’t ever want to skip is the final walk-through inspection of the property.
The purpose of the final walk-through is to reconfirm the property is still in the condition you expected when you signed the purchase agreement. This includes verifying that all agreed-upon repairs have been made, no damage has been done to the property, and all items included in the sales price, (like window coverings, light fixtures, fans, appliances, sheds, and more), are present and in suitable condition.
“The final walk through is very necessary,” Bobbie Price with The Platinum Group, Realtors said. “And it should take place the day before you closing.”
A lot can happen from the time your offer was accepted until closing, especially if the property has been vacant for a period of time. Uninhabited houses can fall into poor condition if they are neglected, not to mention vandalism and theft.
Even if the house has been occupied, you should not skip the walk-through. You want to know before you get to the closing table is the seller removed a ceiling fan or left a bunch of junk lying around. Sometimes a walls or floors gets damaged when the seller is moving out.
“We actually had a situation where the seller’s waterbed had completely rotted the floor underneath and we didn’t discover it until the walk through,” Price said.
It may help to bring a copy of your purchase agreement, the seller’s disclosure form and reports about any work that was done as a part of the contract with you for the walk-through, as well as your Realtor. Take time to verify that everything’s right with the house. And, if you do find something unexpected, your Realtor can help you take the appropriate steps to resolve the problem. Some items may be taken care of at the closing table with financial considerations; in other cases another agreement might be reached.
Any number of problems can occur between going under contract and closing the transaction– a thorough walk through helps buyers confirm what they’re getting before they sign on the dotted line.
Delays can be more than just aggravating, a buyer may have a lock on an interest rate that could expire, or a seller might miss out on their next home if the proceeds from the sale don’t come through in time to finalize the deal on their new home.
A lot of issues can come up before closing, and even something small can turn into a lengthy delay. A professional, experienced Realtor can help you be prepared for the worst as well as help you weather the storm if an issue does pop up.
The Platinum Group, Realtors are hometown experts in the Pikes Peak region. Upholding the highest level of honesty and integrity, the Platinum team cares more about relationships and service than the number of transactions they close.
For a no-obligation consultation call 719-536-4326 or visit PlatinumHomeSales.com