Real Estate

Before Closing on Your Home

Tue Apr 08, 2008 4:31 pm
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The Final Walk-Through Before Closing

Whether you are buying a new home or a resale one of the most important items that must not be overlooked is the final walk-through on the property just prior to closing.

If the purchase is new construction the buyer will probably be scheduled to meet with the construction foreman and schedule the final walk-through. It is not rigid, but I would encourage all buyers to make certain that the buyers agent/Realtor be present. It is typical that the final walk-through be scheduled about one or two days prior to the closing date. I do not think it is wise to wait until an hour or so before the closing time; the same day is asking for trouble.

A note for those that would go to a new home subdivision and not have a Realtor acting as a Buyers Agent, it could be a very foolish decision. In most cases the person sitting in a new home construction site is NOT a Realtor. The individual is most likely an employee of the builder and or developer.
In some cases the person sitting at the new home site may be a Realtor. However, that person would not be representing your best interests. That new home site Realtor would be representing the best interest of the Builder/Developer. I repeat that it is, at least from my sense of the buying process, incumbent on the buyer to make sure that they have appropriate representation.

Returning to the walk-through process, all buyers should look at all the systems, heating, cooling, HVAC etc, and ensure they are operable. In addition the home should be substantially the same as when the purchase agreement was ratified. If there are items that were to be included and are not present the buyer should contact the seller through their Realtor and seek resolution to any concerns.

For example, in new home construction, if the landscaping is not complete then some monies must be kept in escrow, and held by the closing attorney, to insure that the builder does not get paid until all work is complete. As an example: issues such as decks and patios are possible items that may not be completed due to inclement weather.

If the home purchase is a resale, it is important to check on items like washers, dryers and chandeliers. These items have caused contracts to "fall apart" because the seller changed their mind about leaving something and did not notify the buyer. Again, this is why the buyer needs a Realtor and Attorney to represent their best interests.

When a buyer has furniture in a moving van waiting to be delivered and there are last minute issues such as these I have mentioned it makes for a lot of unnecessary stress.

The point here is that, having the right people protecting your best interests will ensure you get through the process with a minimum of stress!

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