Saturday, March 31, 2007

Home Buyers Guide: What to Check in a Final Walk Through

What an exciting day; the day you close on your new home! A few days before, your Realtor had called to schedule the date and time of the final walk-through. You thought, "This is great! I needed to check the paint color in the bedroom and measure the windows for blinds." But that is not what the final walk-through is for. This is the last opportunity for you to see the home prior to closing. It is an appointment not to be missed or glossed over. It is a time to stay focused on your investment and examine the condition of the property one last time.

The purchase agreement that you sign in the state of Minnesota requires the seller to warrant that the central air conditioning, heating, plumbing and wiring systems on the property are in working order on the date of closing. It also insures you the rights to a "walk-through" review of the property prior to closing. This is not something to forego.

Last year there was a news report of first-time buyers who headed with all of their belongings directly to their new home after closing. They intended to move right in and enjoy their dream home but arrived to find a nightmare. Sometime since seeing the home and writing a purchase agreement, a pipe had burst and flooded the entire home. They had considered the final walk-through unnecessary since they had just seen the home days ago. Now they were the proud but frustrated owners of a huge mess. Although they do have legal remedies for having the home repaired, these buyers would have been in a much better position if they negotiated with the seller prior to closing. Or in the case of this extreme damage, the buyers could have not signed the final documents to purchase the home.

Every buyer should do a final walk-through on the home as close to the closing as possible. I suggest to my clients that we schedule the walk-through immediately prior to the closing. We meet one hour before at the home to review the condition of the property and then go directly to the closing. Any problems are noted and I immediately contact the seller's agent so they have time to discuss the situation with their seller before our arrival.

The walk-through just prior to closing doesn't eliminate every surprise that a new buyer might face. But it significantly reduces the chance of closing on an unknown disaster. Here is a quick guide of some of the areas to consider during a final walk through

Final Walk-Through Guide

Double Check the Paperwork


**Are all work orders complete? Are you satisfied with the results?

Exterior Review


**Check for any changes to exterior since purchase agreement.

Plumbing Review


**Flush all toilets.


**Check all faucets for water pressure and temperature.


**Check operation of all appliances

Interior Rooms Review


**Check for any changes to interior since purchase agreement.

Electrical Review


**Check all lights, outlets, bathroom fans and kitchen fans.

Furnace and Air Conditioning Review

Attic and Basement Review


**Check for changes in any stained, damp or wet areas.

The final walkthrough should be done with a complete checklist and organized plan. (For a complete checklist visit www.terieckholm.com/WalkCheck.htm ). After a review of the home inside and out with a checklist will get you back to exciting part of that final walk-through...Will the couch look better here or there?

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