Part of the homebuying process is the final walkthrough. Even though this step is at the end of the process, it is a crucial step. You’ve come so far. You have found your dream home, offers have been made, negotiated and finally accepted. An inspection has been completed on the home and a mortgage secured. With all of this behind you, it is now time to complete the final walkthrough before the closing takes place.
You know that the final walkthrough takes place at the end of the process, but when exactly? Typically the final walkthrough is either completed the day of or the day before the closing takes place. It is important for the walkthrough to happen as close to the signing of the final papers as possible. The point is not to nitpick small details. Remember the purpose is not to make sure every little thing is perfect, it is to make sure the home hasn’t incurred damage and is still in the same condition as when the buyer agreed to purchase the home.
There are things that can affect or delay closing on the home. For example, there may be items in the home that were supposed to stay with the home but have been removed, such as a washer, dryer, or curtains. On the other hand, if there are items such as broken appliances, that were supposed to be removed but are still there, this could affect signing the papers, as final money amounts will have to be negotiated to account for these issues.
It’s important to make sure that everything agreed to be completed after the home inspection has properly been taken care of. If the sellers agreed to replace old appliances or a water heater but failed to do so it means changes need to be made concerning the financials before papers are signed. There are times the seller will run out of time and decide it is better to take the money off of the final price. This means the buyer is compensated and the seller doesn’t have to contend with the hassle and installation process.
It is in your best interest to take your time it when comes to completing the final walkthrough. This is an exciting time, and it has been a long journey to get to this point, but the walkthrough is very important. It may be a good idea to turn on all the appliances, make sure they run through a full cycle without any issues. Check the light switches and electrical outlets to make sure they are working as they should. Ensure all of the faucets and showers are in proper working order. You don’t want to find these problems after you have signed the papers.
There are some cases in which the papers state that the buyer must do a final walkthrough a week or so before the closing. If this is the case, there is usually a scheduled meeting prior to closing to check off any issues that were noted during the final walkthrough. Monies can be changed at the final signing to compensate for issues that have not been taken care of.
There are always things that can unexpectedly go wrong. In most cases, once a buyer reaches the final walkthrough, there aren’t issues or the issues have already been taken care of prior to this point. Both the buyer and the seller are more than ready to sign the papers and work out any last minute issues to complete the deal.