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The final walk-through Published January 16, 2010 You’re only a couple of weeks from closing on your new house and everything is almost official. There’s just one thing left to do: conduct a final walk-through inspection of the property. This allows you to reconfirm the condition of the house prior to closing. Don’t let your excitement or the hectic pace of today’s lifestyle deter you from performing this final task.The purpose of the final walk-through is to make sure the property is in the condition you expected when you first 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 are present and in satisfactory condition. Many sellers willingly fix problems they may have overlooked in the chaos of moving or during the time a home was vacant. It’s beneficial for both parties to proceed with the transaction—and that’s important to consider. Any snags with completing the exchange can add time and cost everyone money. Delays may be more than just an inconvenience to both parties, though. As a buyer, you may have a lock on an attractive interest rate that is set to expire. The seller might not be able to buy their next home because they need the proceeds from this home sale to finalize the deal on their new home. 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 when you show up for the walk-through. It may also help to have a friend or spouse as a second pair of eyes. Take the time and verify that everything is right with the house. If you find something unexpected, talk to your Realtor. Some items may be taken care of at the closing table with financial considerations; in other cases, perhaps some other agreement can be reached. Nancy Furst, CIPS, TRC, GREEN, GRI, is owner of The Furst Group and serves as southeast district director for the Houston Association of REALTORS® (HAR). She is actively involved in HAR’s governmental affairs efforts and has lived in the southeast district since 1997. Please visit TexasRealEstate.com or HAR.com for more. - Written By Nancy Furst |
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