Why is the Final Walkthrough So Important When Buying a Home?
As one of the most important steps of buying a home, the final walkthrough is where you ensure that all sale terms have been met.
When buying a home, buyers and their agents spend months negotiating with sellers and working through escrow to ensure their best interests are represented.
Right before the transaction comes to a close, one of the most important steps in the entire process of buying a home takes place — the final walkthrough.
During the final walkthrough, the buyer and their real estate agent spend time walking through the home and inspecting the condition of the property. The goal is to make sure that all contract terms have been met, and that the home is in the right condition to be officially purchased.
Buying a Home? The Final Walkthrough is Critical
While you may be excited to be at the edge of closing on your new home purchase, you need to bring your A-game to the final walkthrough.
The final walkthrough is the buyer’s last chance to contest any issues related to contract terms not being met as officially agreed upon.
While you cannot request any new, additional work or changes be made to the property by the seller before you close, the final walkthrough is where the buyer inspects the home to make sure that everything is as it should be.
Why is the final walkthrough one of the most important processes involved in buying a home?
This step happens right before the official closing meeting. At closing, the buyer pays the seller property ownership is officially transferred, and all transaction fees and escrow accounts are closed out.
If there was a contract term that was not fulfilled by the seller and you close on the property, it becomes your financial responsibility as the homeowner to address the issue.
After closing, you lose your leverage and may not be able to have the unmet issues resolved by the seller.
If you were to have caught the problem during the final walkthrough and brought it up to the seller with your agent, you would not have been responsible and the seller would have had to take care of it.
3 Things to Look For During the Final Walkthrough
After spending months working to secure your side of the agreement, the last thing a buyer wants is to find unmet conditions once they’ve already received the keys.
To ensure that you make the most of the final walkthrough and thoroughly confirm that the property is in closing-ready condition, keep an eye out for these three things.
#1. Items That Were Included in the Contract Are Still Present on the Property
When you purchase a property, you’re buying more than just the home’s basic structure and land. You’re also buying many items that are inside and on the property.
This can be anything from landscaping to appliances and amenities. In the case that you bought a fully-furnished home, this could even include all of the interior decor elements.
The items that you are officially purchasing from the seller are clearly defined in your purchasing agreement, and they have been calculated into the cost you’re paying to buy your home.
Make sure to come prepared with a list in hand of all the items that were included in the contract so you can check them off as you walk through the home.
You should also take a minute to inspect the items and make sure that they have not been damaged, which could have accidentally happened when the previous owner was moving out.
#2. All Agreed-Upon Repairs Have Been Made
If you and your real estate agent negotiated any repairs or property improvements, the final walkthrough is your opportunity to make sure that all of the work has been done.
As you’re walking through the home, you should always visit every point of the property that required a repair to check that it’s been completed.
You’ll also want to make sure that the repair jobs have been done to the correct standards, and that everything is aligned with the existing agreement you have with the seller.
While you cannot request additional work be done during the final walkthrough, you can catch issues that the seller may have ignored, overlooked, or even forgotten about.
Always bring a printed copy of the agreement to ensure you’re clear about the seller’s responsibilities in preparing the home for sale.
#3. Look for Any Changes to the Property
The escrow process doesn’t happen overnight, and it’s possible that the home has changed since the inspections and initial touring occurred. As you walk through the property before closing out your deal, pay attention to the property’s condition.
If new issues have arisen, this may mean you have to return to the negotiations phase rather than moving to the closing table.
Your top agent will help you navigate a situation where a new issue has been identified on the property. Whether you need to adjust the price, request further repairs be made by the seller, or exit the deal in extreme cases, the best agents in the market can guide you through anything.
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