Walk through before closing...when do you have your buyer do a walk through on a property in contract?
Recently, we experienced frustration (as the listing agent) when a buyers agent made the decision to have his buyer do a walk through on the property far too close to closing- the same day, in fact.
While some pristine offerings might engender this kind of schedule, this particular property had "issues" that involve a renter in place at the time of the initial viewing/purchase, and vacant at the time of the walk through.
Despite an inspection by a licensed professional being performed previously, there was reasoning behind requesting that the buyer please perform a walk through with a few days to spare- allowing time for any issues to be resolved between the parties (and NOT at the closing table).
I'm not so sure, whether representing a buyer or seller, that all scheduled walk throughs shouldn't offer latitude for potential issues- to the contrary, it seems common sense- irrespective of the condition of the property.
A day before allows issues to emerge, and time for both seller and buyer to resolve these issues pre-closing; perhaps my position remains solidified after having much new home construction experience. A day before also appears close enough to closing that the property will remain in the condition of the walk through on the day of the closing.
An initial walk through; items corrected; final walk through the day of closing- typical builder process.
On resales, affording buyers and sellers 24 hours latitude between the walk through and closing seems to be common sense, yet is (clearly) a schedule that some simply don't subscribe to, insisting on a walk through hours before a closing. On more than one occasion with cooperating brokers, so maybe it's us.
Perhaps I'm more cautious due to lawyers being involved in NY closings- the idea of a re-negotiation at the closing table doesn't appeal. A closing should be a matter of signing paperwork, not a back and forth of renegotiation over issues that could easily be resolved between buyer and seller PRE CLOSING.
For my seller, a walk through the day before is a measure of problem avoidance. For my buyer, a walk through the day before closing is a measure of problem avoidance. Issues have time to be resolved.
Further, if my buyer performed a walk through with items unaddressed, there would BE no closing until the items were resolved- the closing table isn't going to be a place of negotiation. Our job is to make sure that all issues are resolved beforehand. Lawyers might be fine with renegotiation at the nth hour; denigrating the closing day process for both buyer and seller when it's avoidable isn't on my radar.
Which returns me to the opinion that a walk through should never occur hours before a closing. New or resale.
But, I could be wrong.