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Real Estate Transactions: Final Walk Through

By Steve Scheer

Real Estate Agent with Realty Oasis - Metro Brokers

January 06, 2011 03:10 PM

There are plenty of important parts to the real estate transaction that always seem to get taken care of, and rightfully so. However, there is one thing that doesn’t always get taken care of, sometimes it gets overlooked or forgotten. That is the final walk through.

What do I mean by the final walk through? According to the Colorado real estate contract, it’s a buyers right to walk through the property prior to closing and make sure that it is in the same condition that it was at the time of contract, normal wear and tear excluded. It’s also a good idea to go over the items that were supposed to be repaired or replaced per the inspection. This way, if things are missing, damaged or not taken care of you have a chance before closing to get it handled.

highlands ranch family room

The final walk through isn’t a time to renegotiate an inspection, but sometimes there can be obvious issues that need to be addressed. Some of those may be missing items, new damage from move out or damage previously hidden from furniture and not disclosed, etc… Better to do a final walk through prior to closing and negotiate and agreement rather than get to your new home after closing and have your excitement squashed by issues that you could have discovered and resolved.

Note: This article is intended to provide general information and is not intended to provide specific advice.

Questions?
If you have specific questions about your specific real estate transaction, contact your real estate agent. If you don’t have one and have further questions, I would love to help with all your Denver real estate needs.

Final Walk Through: is the 3rd Post in my Real Estate Transaction Series. You can also read the others as well here:
The Real Estate Transaction Series: Deadlines and Dates

The Real Estate Transaction Series: HOA Matters

Oriignally posted at: Real Estate Transaction Series: The Final Walk Through

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Fred Cope

Reliant Realty in Nashville, TN - Nashville, TN

Looking For Homes With A Smile

Steve,

I caught a glimpse of your post on HOA Matters the other night, and intended to go back and read it. I will do that after I submit this comment. I like your theme, and encourage you to perservere.

As for the walk through--AMEN!!! I expect the mechanic to road test my car before telling me it is ready to go, and I don't put 15 year mortgages on my vehicles.

Over the years, I've been amazed at the stunts some sellers try "just before closing." I've seen deals begin to unravel over drapes, light fixtures, swing sets, and holes in closet drywall. I recall a seller taking up carpet in a bedroom, and we've all known of sellers removing window air conditioners, microwaves and swapping refrigerators. The list goes on, and only a timely walk-through can limit the damage.

When you do a segment on contracts & disclosures, I trust you will address the importance of (1) if it doesn't go with the house--get it out before the showing; (2) the importance of "full disclosure"; and (3) make obvious repairs before listing.

Dishonest & deceptive sellers need to heed fair warning--YOUR LITTLE HIDE & SEEK GAMES DON"T WORK.

Thanks again for the post, and I'm watching for the next contribution.

Jan 06, 2011 03:35 PM

Terry Hughes

RE/MAX Gold - Vacaville, CA

Vacaville Real Estate, GRI, SRES, CDPE

Hi Steve,

Our buyers in California have the same right. It's interesting when you consider that launguage of the final walk through form. It clearly states the final walk through is not a contingency unless otherwise agreed upon in the initial contract. New discoveries and disclosures aside I think it's important when representing buyers to tie the final as a contingency. This will protect the buyer from hidden damage, like carpet damage hidden under throw carpets or holes in walls hidden by large mirrors or pictures. Just something to consider Steve, I've seen damages that did not show up on the home inspection because it was covered up. Our buyers need protection from this type of surprise.

Jan 06, 2011 03:51 PM

Steve Scheer

Realty Oasis - Metro Brokers - Highlands Ranch, CO

Highlands Ranch Real Estate - Denver Real Estate

Fred - Thanks for the comments. It gives me some idea on future posts for this series! In my experience, sellers are honest and straightforward with most things. There may be times when things are omitted or just forgotten, but that's why a buyer needs to take steps to do all they can before closing just to make sure. A final walk through is one of those.

Terry - Thanks for your comments. I agree that we need to consider how to protect our buyers, or sellers for that matter, by thinking forward all the way through closing at the time we help them negotiate the contract.

Valerie - Thanks for your comment. You're right, it is difficult to get things done after closing. You can't control everything, but a final walk through can help discover some things. Which begs the question, do you agree to posession at closing or a few days after? You can see that makes this whole concept even more complex. I'll save that for another post!

Jan 07, 2011 04:29 AM

Steve, I didn't realize I was as negative sounding toward sellers until I re-read my comments. My focus was around reasons a buyer needs always to do a walk-through. I would agree MOST SELLERS ARE VERY HONEST, and I regret my remarks suggest otherwise.

Bottom line, EVERYONE HAS AN OBLIGATION TO (1) DISCLOSE, (2) REMOVE ITEMS NOT INTENDED TO BE PART OF THE PURCHASE, and (3) PUT IT IN WRITING!!!

AS REALTORS®, WE HAVE AN OBLIGATION TO INQUIRE, CLARIFY, DISCLOSE, EDUCATE, and INSURE EQUITABLE RESOLUTION OF ANY MISUNDERSTANDS.

Jan 11, 2011 10:15 AM

Fay Kelley

Interdimensional Healing Light - New River, AZ

Alternative Healing With Crystal Energy

turn off the water at acceptance of contract -- turn back on for walk through test everthing -- turn it off again until someone moves into house.

unless of course someone is living there ... a lot of the properties here are vacant and the sellers leave the utilities on.

Jul 13, 2011 09:57 AM

Real Estate Transactions: Final Walk Through

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