As I prepare for a final walkthrough with one of my clients in a few days, it reminded me just how many aspects there are to the purchase and sale of real estate. For first-time homebuyers, it can often feel like drinking from the firehose. There are dates and deadlines to meet, paperwork to sign and fees to be paid out for services that ultimately help you in closing on your home. So when it’s all said and done, and the finish line is within sight, one of the last items on your checklist is called the final walkthrough.
What should my gameplan and approach be for a final walkthrough you must be thinking?? Well, it’s mostly very straight forward. It is something often done by just the buyer and the buyer’s agent. This gives you enough time to do a final review of the home you are purchasing before you go to the closing table to sign on the dotted line. The sellers and the seller’s agent are usually not there, which allows you all the time you need to make sure everything looks correct according to what was negotiated on in the contract. If there were items uncovered during the inspection that you wanted resolved, this is the time to make sure everything is up to snuff.
So how long should you expect to be at a final walkthrough? It all depends on how many items need to be looked over, how large the house is and ultimately your comfort in how everything looks. Your agent should bring documents of any repairs made, the Sellers Property Information Report and an inspection report if you went through the inspection process. This way, nothing falls through the cracks.
Now you might be wondering what happens if there is a discrepancy or if there are issues that arise during the final walkthrough. This is something that happens from time to time and can ultimately cause some deals to fall through depending on the severity of the issue. However, calling off the deal should really be the last resort. One plan of action could be to delay your closing date to remediate any and all problems with the home. You could also request a credit at closing so that you are compensated for the damages and can fix them with that money upon moving in. Negotiations are a huge part of every deal, so be sure you partner with an agent that has your best interests in mind and one that continues advocating for you all the way through closing.