Closing Day

Great informative post Lenn. We ALWAYS do a pre-closing walk through usually right before heading to the closing agent's office. It is VERY important!

Lenn, I can't imagine NOT doing a walk-through with my buyers, but there are agents who don't.  Case in point: My listing. Another agent in my office sold it. Asked about the final walk-thru, selling agent said she wasn't worried about doing it, "the seller is such a nice lady, I'm sure everything is fine."  I made sure that the buyer signed the walk-thru as WAIVED. Selling agent signed it too...

Lenn, great write up. I have checklists "preparing your home for inspection: and it's counterpart, :preparing your home for walkthough". If the seller has the list days ahead of time, he's not flipped out at the last minute. If possible I stop by during the packing (ostensibly to bring the movers a box of donuts) to make sure that the items that were supposed to be left behind are still there.

Last Monday I has a closing, My seller had presigned, when the attorney and I arrived we found only the buyer and their attorney, no buyer's agent. She was out doing the walkthough on her own. She came in an hour late, full of concerns about what had been done and hadn't. Seller's attorney and I just sat back. Agent wasn't sure what was supposed to be done and what was covered by credit, she didn't have a copy of the letter with her. They all nit-nattered, but the fact was that they weren't sure if what she was saying matched what was in the attorney review letter, they were just stuck. Their problem, not ours, and our client was on a plane to an out of the country business assignment, so no way to reach him. Buyer made the decision to go forward with the closing even with doubts,

It's a matter of written policy in our office never to do a walkthrough on your own. This day was a perfect illustration why.

I usually do a walk through the day before the closing so there is still time to make adjustments and get agreement prior to the closing.

Lenn, this is also a good time to make sure all of the negotiated items on the Home Inspection were completed. Thanks.

Lenn,

Excellent advice. Here we have a 'final walk-through' inspection prior to closing. This is at the option of the Buyer and their representative and needs to be a clause in the Agreement of Purchase and Sale. I always make sure my Buyers have one, however many sales reps here in Ontario don't bother with it.

Jo

This is so often over looked, it is criminal! I never race to closing!
I hope you're having a good weekend Lenn,
Paul

The walk through is so often overlooked, but so important. It can eliminate any surprises and gives the buyer a certain level of assurance! The more often they see it before closing, the less likely they are to "forget" what it looked like & to avoid buyer's remorse...

Hi Lenn, Pre-close is most important as you and Dallas have expressed. There is certainly nothing wrong with being quite specific about what is expected when the house is vacated in the offer/counter. I offer remind the Buyer that they can request a professional cleaning and detailing prior to close and align the walk through inspection accordingly. Clean is not new but it beats the heck out of old and dirty. :-)

Doing the walk through is essential as a house looks amazingly different than when furnished and lived in. I have had clients close on new construction homes and comment that it looks nothing like the model.

That is pretty strong there Lenn, great document for a buyers agent. I have always thought the folks didn't take these things seriously enough.

Lenn I try to do the walk through a couple of hours before, taking note of walls and ceilings, and the items that were to be corrected. Checking the oil level for amount then call the lawyer's office to give a report so that they have time to prepare the escrow letter or create the debit. Trash in the house is an automatic $1,000 to get it out.

Lenn I have attended some interesting Closing because of what was discovered during the walk through.  Some times there can be some very tense moments, but it always seem to get ironed out in the end.

Great post!

I always arrange to do a walk through after the sellers have moved out.  On a recent closing, there was a load of trash left which the seller was in the process of moving all day.  It was getting late so she went to the closing to sign the docs and then continue moving the trash.  

It was an unusual situation where the buyer and seller had an instant bond (two women who had recently become single.)  No money was escrowed.   I called the listing agent to check up later that evening and make sure the trash was gone.  She was less than nice about it. 

I got a call a while later from the seller assuring me that the trash was gone and all was clean.  The seller had kept my card from the three showings where this agent hadn't bothered to show up.  The listing agent told her she was fielding calls about garbage.    Doubt she'll ever use her again!