Helpful Mortgage And Real Estate Advice

What Should I Look For In The Final Walkthrough?

By on January 16, 2014 in Home Buying Advice, Mortgage Videos

After finding a home and negotiating a price, you are inching closer to becoming a homeowner. Part of the final checks in a property transfer is the walkthrough. You’ve visited the home several times by now, but it is commonly full of furniture and decorations. The final walkthrough allows you to see the home bare, without any coverings to hide possible problems, such as a hole in the drywall. Examine your prospective home carefully to avoid any problems at closing.

Comb The Home

Select a sunny day for your final walkthrough to take advantage of the natural light. Open all the window treatments, if they are still installed, to give you a good look at the walls and ceiling. Bring a flashlight for dark corners. You want to evaluate all the interior walls and ceiling for holes and other damage. Nails and push pins are normal discoveries not warranting any cause for alarm. However, drywall patches that are missing or water-damaged, for example, should not be part of your final inspection. The structure should be in good condition for the sale.

Highlight Certain Areas

The seller may have agreed to repair a certain part of the home before closing. Bring your paperwork stating all the changes to be made. Walk around to each individual item and evaluate the work. If a light fixture was to be installed, for instance, the installation should be within local codes to pass any normal home inspection. Poor workmanship or questionable installations need to be brought up immediately to your real estate agent. The issue should be fixed correctly before closing day arrives.

Don’t Be Shy

If you find that even one item was not repaired or replaced as agreed upon, bring up the issue before closing day. It is critical that the seller maintains responsibility of the item because it is part of the sale’s negotiation process. Once the property changes hands on closing day, the buyer must incur all costs associated with the home. The seller has the responsibility of fixing the noted items as long as the property is still in escrow.

Your final walkthrough is the last chance to note any issues with the property before they are your financial responsibility. Take your time walking through the home. Turn on faucets and run appliances through whole cycles, including the air conditioning. You want to see that each item is working properly without any issues during the entire cycle. Your new home should not come with any major surprises.


About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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