Final Walk Through Inspection Real Estate Closing | Tips for Final Walk Through to Avoid Problems

Final Walk Through Inspection Real Estate Closing | Tips for Final Walk Through to Avoid Problems

How’s it going everyone? Matt Leighton and welcome back to another
video. In this video, we’re going to be talking about
the final walk through. So, congratulations! Your offer was submitted, you negotiated every
contingency, you finally got all the paperwork to your lender… Yes it was a lot and come settlement day,
and you are ready to sign. Pop quiz, what’s the last thing you do before
you go to settlement? No, it’s not throw a raging party the night
before and never see your security deposit again, though if you do throw that party,
be sure to give me a call! The last thing you do is do a final walk-through
at the property that you are about to purchase. That’s what we’re going to be talking about
in today’s video. I’m here in Lacey Woods Park in north Arlington. It’s a little bit colder, but usually the
basketball court is filled up, the playground is filled up, and there will be more than
one or two dogs running behind me..even though I don’t know if dogs are allowed. So the final walk-through… What is it? When should you do it? And why is it important? What is it? It is the final inspection of the property
that is done before settlement to make sure that the property is in the same condition
as when the home inspection was done or the date of the offer. Especially it’s important if you have gone
ahead and negotiated the home inspection contingency and have had repairs done. When is it done? Well, it’s not done right before settlement. If you do it an hour before closing, you’re
going to have a bad time. Reason being, if something is not done and
you are settling in 30 minutes. Are you going to call your contractor? No, that’s not going to work out. It’s usually done about three days. I like to say three days, maybe even two days
before settlement. That way if there are any discrepancies, you
will know beforehand. And you’re kind of bullet-proofing yourself
from any last-second changes. And finally, why is it important? Well, it’s important because a lot of times
you might have five or 10 things if you’re the buyer or seller that either one you need
to remedy, or two if you’re the purchaser, you need to have fixed for you. That’s why we do it beforehand. In addition, as a purchaser, be sure you are
getting those receipts for the work done. If you don’t have any contingencies or you
didn’t get any work done or anything like that…the final walk-through is pretty much
10 minutes out of your life but maybe you just go through the motions and do it anyways. So do it three days before. Get the receipts. You should be in the clear. One thing that could happen is with the seller
moving out, the tenant moving out, and the electricity bill switching over. Sometimes you might do the final walk-through
with no electricity that’s never a good thing. But if the seller was literally living there
a day before and you had done your home inspection three weeks before that, there’s a good chance
that the appliances are still working. I wouldn’t get too caught up on if the refridgerator
is not plugged in or if the stove isn’t plugged in as well. I wouldn’t focus on that. What I would focus on is the repairs that
were done and maybe even go in before three days. Maybe go in a couple weeks before if there
was a major repair. Just to make sure that it is up to the level
that you’re expecting it to be. Finally, you have done the walk-through, you
have gotten receipts, you have checked the work done. When the seller moves out, it’s going to be
broom-cleaned, which basically means it’s not going to be entirely clean. There’s going to be paint marks, there’s going
to be scuffs, there’s going to be holes in the wall. As a buyer, you kind of have to set your expectations
a little bit lower. This isn’t an apartment where you’re going
to have a fresh coat of paint and everything is going to be steam-cleaned unless that was
worked into the contract. So when you go Under Contract and you do your
final walk-through, expect there to be marks, expect some patch work to be done, expect
a couple holes in the wall because that’s not the responsibilty of the seller. They might even leave a few things behind
and obviously we don’t want that to happen but occasionally it happens. Just wanted to set those expectations. Alright, that’s all I got for you today. In this video, you learned what the final
walk through is, when you do it, and why it’s important. If you thought this video was helpful, be
sure to hit that thumbs up button, and I’ll see you in the next video. Until next time, create a productive day. Take care.

4 thoughts on “Final Walk Through Inspection Real Estate Closing | Tips for Final Walk Through to Avoid Problems

  1. 10 minutes walk through? no. SUPER mega bad advice. Take your time. Go slow.

  2. Why is this dude gasping for air after every sentence like he just ran a marathon lmao

  3. What happens when a major fix isn’t done? Three days before closing?

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