What to do when you give up your right to a walk-through last minute. I had a client back in June that was buying a home as a 2nd home near the shore. It wasn't the easiest of deals on my end because I had to do a stated income with 10% down. Most of all, their credit score was right on the bubble and just average.
Well, I had to delay the settlement for 4 days because their credit score dropped a few points. Now it's funny, because I have talked about the baiting & switching methods from other lenders. But the credit is only good for so long, depending on the type of loan and the lender. I even got creative to save the deal because of how the seller acted because of this delay. I was proud of myself because I used my years of experience in this business to get both sides to closing. But I thought I was done after it went to closing.
I received a call from my borrower the next morning. She said they actually didn't do a 2nd final walk-through because they didn't want to get the sellers angry. They did their first walk-through 4 days prior to this. And one would think that they couldn't possibly destroy anything in 4 days. I can't remember some of her complaints, but she did mention that the vinyl floor had some tears in it. I asked her if the flooring was new or if they had any plans to change that or anything else. She said in all honesty that they had planned to rip up the flooring and add hardwood instead. At this point, I said it's not worth it. Just let it go. But I did take the time to talk to her about this and to help her with a lawyer that I respected in the business.
Overall, don't take matters in your hands. Consult your realtor and or a lawyer. I have read a few blogs or comments in here that some areas don't even do walk-throughs. I have been in this business since 1992 and everyone does walk-throughs, at least in South Jersey. I read one comment that someone said they only do them in regards to new construction in the state of Washington. I think Lenn said they don't do them often in Va & Md. Lenn, I hope I quoted that correctly. And then someone went on to say that several areas in Florida don't do them. Why? Just curious...... Trusting is one thing, but I want to see the final product right before I hand over my money. Just a word to the wise if you are buying.
PS.... the second picture, I am sure it wasn't that bad. Just an example. And since I was there for the client, even the day after settlement, they have sent me 2 referrals.
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