The Final Countdown

From time to time we like discuss certain terms that are used in the real estate business as if everybody knows what they mean, when in reality, not everyone does. So, in this entry we'll discuss the walk-through. 


There are a few good reasons to do a walk-through, but first let's talk about this really means. Walk-through is usually covered by something in a real estate contract, usually under the heading of something like "Verification of Condition". It's basically one last view of the property by the buyer prior to closing to make sure of three things.


First and foremost, the buyer wants to make sure that the property is in substantially the same shape that it was in when the buyer first put the property under contract or made an offer on it. Therefore, the buyer is going to make sure on the walk-through that there has been no damage done to the property by the seller, especially damage from moving out by the sellers if they were living there when the buyer made the offer. Sometimes when sofas or other furniture is moved, damage may be done to walls or doors in the moving out process. In other cases, rugs or other pieces of furniture had been covering stains or damaged flooring when the house was shown, and the buyers were unaware of this previously. Basically, the buyer is just trying to makes sure that the house is in the same condition as when they decided to make a purchase. Contrary to what some buyers believe, the walk-through is not a time to find new defects or do a new inspection of the home. 


The second potential reason for the buyer to do a final walk-through of the property is to make sure that the seller's responsibilities under the terms of the contract have been completed. For example, when a buyer goes through the property, they find an old car in the backyard. The buyer, when writing the contract, may dictate that the seller must remove the old car from the yard. The walk-through is the time to make sure that the obligation of removing the car has been filled by the seller. There may also be repairs needed to be made after the inspection has taken place, and if these haven't been made, the buyer may choose to terminate the contract. 


Most buyers who have been through a walk-through before know that it is a major part of the process, but as a first-time buyer, you may not have realized that a final look around is in fact necessary and proper. If something isn't the way it should be, don't close until it is. If your agent doesn't call you to schedule a walk-through, take it upon yourself to call them and schedule. The final walk-through is an important process, and is the only way to make sure that everything agreed upon in the contract is in fact the way it should be. 


For more information, visit us on the web at www.springfieldfirsthome.com, or simply call or text us at 417.872.9222.