5 Things you MUST do at your final walk-through
November 10th, 2009 categories: FAQ, First Time Buyers, For Buyers, Helpful Tips, STR Market Info Blitz
This post is part of the Strong Team REALTORS Market Info Blitz. We’re heating up the Winter market by giving you three-months worth of the information you need, November through January. Check out the latest posts in the blitz, here.
Take a close look during final walk-through
Buying a home can be a very exciting experience. With all that excitement, it is sometimes easy to overlook little things that can make a big difference in the overall outcome of your home-buying transaction.
One of the aspects of the transaction process that is critical is the final walk-through. Knowing what to do at your final walk-through can help ensure a smooth final stretch for your transaction and give you piece of mind when you finally sit down at the closing table.
What is the final walk-through?
The final walk-through is one of the last parts of the transaction process. Just before you proceed to the closing table, you will need to conduct a final walk-through of the house you are buying to make sure that the home is in the condition it should be in, and that all the provisions of the contract have been met.
The final walk-through is your final chance to raise any issues with the house before you proceed with the closing. DON’T SKIP THE FINAL WALK-THROUGH! Some people just assume that the home is the way it should be, and they choose not to do a final walk-through so that they can save time. This can be a major mistake. If you skip a final walk-through and then proceed with closing, there might not be anything you can do after the closing if there is something wrong with the house when you take possession.
Because the final walk-through is so important, there are things you need to make sure you do to make sure that you are getting the maximum benefit from your walk-through. Here are 5 things you MUST do at your final walk-through:
1. Schedule the walk-through as close to the closing as possible. Since your walk-through is the last thing you will do before signing paperwork and taking possession of your new home, you want to make sure that you do it as close to your closing time as possible. Why? Because once you leave that house, you are essentially agreeing to the home in the condition in which you saw it at the walk-through. The closer you are to signing your paperwork and taking possession, the less time there is for something unexpected to happen. Unexpected things are not usually good during closings, so try to eliminate that possibility as much as possible by doing the final walk-through as close to your closing time as possible. Sometimes, your schedule may not permit this, and there will be time or even a day between walk-through and closing. That should be ok, but just try for as close to your closing as you possibly can get.
2. Give yourself enough time to conduct a thorough walk-through. So, you want to be as close to closing as possible, but you also want to give yourself time to actually do a thorough walk-through. Our suggestion is to give yourself about an hour between the time you open the door, and the time you have to leave to get to your closing. This should give you enough time to go through items 3-5 on this list, and address any potential problems. If you think you may need more time, based on issues that came up during negotiations, that’s fine. Just make sure you allow yourself the time you need. On that note, don’t let the seller rush you or dictate the time you have. The walk-through time is yours, and it is part of the contract, so take the time you need.
3. Check for personal property. Often, there is some personal property that conveys with the sale. Could be appliances, window dressings, shelving, or just about anything. This personal property would have been explicitly mentioned in the contract. If personal property is included, make sure that it has been left in the house, and that it has been left in the condition specified in the contract. Also, you’ll want to check for any personal property that the sellers might have accidentally left behind. If you find anything that isn’t supposed to be in the house, let the seller know. If they might have forgotten it, they will appreciate you letting them know. If you find out that they left it for you to have, consider it a bonus.
4. Re-check home inspection items. If you conducted a home inspection as part of the transaction, you’ll want to make sure that any items that you negotiated during the home inspection were addressed in the specified manner. It is a good idea to have the contract and addenda with you during the walk-through so that you can make sure that items were corrected in the manner specified in the contract. Go through each item one by one. If something seems amiss, call the listing agent and address the situation while you are at the house. That gives you the best chance of getting things resolved without causing a delay in closing.
5. Run the house through its paces. Aside from the home inspection items, you’ll need to make sure that everything is still working the way it was the last time you were in the house. Once again, this is your last chance to address anything, so make sure you check all the major systems in the house. Turn on all the faucets to check for leaks, make sure the HVAC is working properly, turn on the stove and the oven, open, close, and lock all the windows and doors. Just make sure that nothing has changed since the last time you were in the house. You’re not conducting another home inspection, but you should make sure things are in order. In fact, many home inspectors will agree to attend your final walk-through for an additional fee, just to do a quick re-check of the house.
A thorough final walk-through provides peace of mind
If you follow the five tips we’ve outlined above, it will help ensure that you are conducting a thorough walk-through. Conducting a thorough final walk-through will help put your mind at ease when you sit down at the closing table. You’ll know that the house you are buying is in a condition that is acceptable to you, and you’ll reduce the possibility of surprises after you take possession. Sure, you can never guarantee that nothing will happen and no surprises will crop up, but conducting the most thorough walk-through you can will give you peace of mind knowing that you have done everything you can, and help make the transaction a much more enjoyable and less stressful process.
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