A Complete Guide to Final Walkthrough Issues
One of the final steps of buying a home is scheduling and completing the final walkthrough. While everyone wants the final walkthrough to go as smoothly as possible, there are some circumstances where things don’t go as planned.
What Is a Final Walkthrough?
The final walkthrough happens right before the closing of the house. It is an opportunity for a home buyer to inspect the property before completing the actual purchase. The final walkthrough is done once the seller has vacated the home and allows the buyer the ability
- To make sure that the seller has made the agreed-upon repairs
- Identify any possible new issues
- Address the overall condition of the home before the purchase
IF there are any issues, the final walkthrough provides an opportunity to delay or back out of the real estate transaction.
The final walkthrough of a home can be compared to the final stretch of a race. It is the last and final inspection of the property before an individual takes ownership of the property and finishes the home buying journey. However, a final walkthrough is also your “final” opportunity to address any concerns and back out if there is a major issue. Some issues that may arise during a final walkthrough are as follows:
- The home is messy and/or all items have not been removed
- Negotiated repairs aren’t completed or done incorrectly
- Negotiated items have not been left (i.e.- fixtures, appliances, personal items)
- Appliances are not functional
- Damage to the property that was not present during the home buying process
- The HVAC system isn’t working properly
- Lawn and landscaping have been altered or not maintained
- Home has been damaged due to the move
How to Address Issues
Delaying the closing of a home is one of the most common options when a final walkthrough doesn’t go as planned. Another option is that the seller may provide concessions to the buyer. Providing “concessions” means that the seller will contribute additional money to the buyer to cover the potential issues. An escrow account can also be used to hold money (usually 1.5 times the amount) until the issues are addressed. Once the problems are resolved, the seller is given the money towards the sale of their home. If all else fails, there is the option to back out of the deal and forgo buying the home altogether.
According to the National Association of Realtors report, roughly 6% of homes terminate before closing, and upwards of 23% are delayed due to various circumstances. With these statistics, it is a great idea to have someone there to help navigate the home buying process.
One of the easiest ways to make sure the sale of a house is smooth and the final walkthrough is as painless as possible is to work with an organized and experienced buyer’s agent. The buyer’s agent will help make sure that repairs are negotiated, collect any receipts/documentation of completed work, and make sure all problems are resolved before the final walkthrough.
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! We approach each property from both a professional and personal perspective, whether you are a first-time property owner or a seasoned investor.
We are intimately familiar with Raleigh’s real estate market, so we’re uniquely positioned to guide you through every aspect of the home buying and selling experience. If you are interested in learning more about our services or speak to our listing agents, give us a call at 919-232-9222 or send us a message.
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