The Importance of Real Estate Walk-Throughs
Episode 207: Real Estate Walk-Throughs
Real estate walk-throughs are a critical step in the home buying process. This final inspection ensures the property is in the agreed-upon condition before closing. However, many buyers and sellers misunderstand its purpose. In this episode, we break down what a walk-through is, why it matters, and how to handle common issues that arise.
What Is a Real Estate Walk-Through?
A real estate walk-through is the buyer’s last opportunity to inspect the home before closing. The purchase agreement typically allows this within five days of closing. The goal is to confirm that repairs have been completed, the home is in the same or better condition as when the offer was made, and all agreed-upon items remain in the home.
Common Issues During Walk-Throughs
Buyers often bring inspectors to the walk-through, but this is not the time for additional inspections. Instead, it’s meant to verify that repairs were completed as agreed. Issues like missing appliances, unfinished repairs, or cleanliness concerns can cause delays. The best way to avoid problems is to request monetary credits instead of repairs whenever possible.
When to Schedule a Walk-Through
Ideally, the final walk-through happens within 24 hours of closing to minimize the risk of new issues arising. If repairs were negotiated, a preliminary walk-through a few days earlier may be necessary to confirm the work. Buyers should wait until the home is vacant to ensure everything is in order.
What to Check During a Walk-Through
Buyers should verify that:
- Agreed-upon appliances and fixtures remain.
- Repairs are completed as specified.
- Utilities are still on.
- There are no leaks, damage, or missing items.
- The home is free of trash and debris.
Sellers should leave the home in good condition, clean thoroughly, and remove personal belongings. Buyers should also be prepared to clean the home after moving in since cleanliness is subjective.
Handling Problems During a Walk-Through
If issues arise, the best solution is often a financial credit at closing. If the problem is significant, funds may be held in escrow until repairs are completed. Buyers can refuse to close if the seller has not met their contractual obligations, but this can lead to legal disputes.
Special Considerations for Post-Occupancy Agreements
When sellers stay in the home after closing, buyers must rely on a post-occupancy agreement. This document outlines the seller’s responsibilities and may include a deposit to cover potential damages. Since a walk-through is not possible before closing, this agreement protects the buyer.
Why Walk-Throughs Are Essential
Skipping a real estate walk-through can lead to unexpected problems. Even if everything appears fine, buyers should always complete this final step. Real estate agents should educate their clients on what to expect and how to address any concerns that arise.
This episode highlights real-life walk-through challenges, from missing fixtures to unexpected repairs. Whether you’re a buyer, seller, or agent, understanding the importance of a thorough walk-through can prevent closing delays and disputes.
Listen now to learn how to make your real estate walk-throughs smooth and stress-free.
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