After you’ve found the perfect home, made an offer, negotiated the price, had an inspection and ensured your mortgage is good to go, it’s time to think about the final walkthrough. Normally done on the week or day before the settlement, the final walkthrough is the last piece of the puzzle that needs to be completed before you close on your home.
When doing a final walkthrough, you’re not so much looking for little things, but instead making sure the house is in the same condition as when you agreed to buy it. You probably don’t want to spend time nitpicking if you see nail holes in the wall or dust where furniture was.
What could affect the closing is if things that were agreed to stay are gone, such as a washing machine or curtains, or things that were supposed to be removed are still there, such as bird cages in the yard, or a heavy, broken fridge in the garage.
It’s also important to make sure that everything contracted to be done after the home inspection was actually done. For instance, if the sellers agreed to replace the old water heater, but didn’t, that’s grounds for some financial changes come settlement time. In many instances, the seller may have simply run out of time.
While you may be eager to complete the final walkthrough, don’t rush the inspection. Take your time and make sure everything is how it should be. You may want to run the appliances through a full cycle to ensure that they all still work properly. Be sure to turn on all faucets and showers as well.
As anyone purchasing a home knows, things can happen at the drop of a hat, however, the final walkthrough typically goes off without a hitch in the majority of real estate transactions. In the end, both parties are eager to get the sale done and you’ll find negotiating over any issues to be a much smother process than agreeing on a price.
Questions about the final walkthrough? Give us a call.
By Keith Loria