Here’s what buyers and sellers need to know about buyer walk-throughs.
In most real estate transactions, the buyer is obligated to do a final walk-through before closing on a property. While this is usually a formality, it doesn’t mean the process isn’t important. Today I want to discuss three reasons why the buyer walk-through is so crucial:
1. It isn’t just another home inspection. This can be confusing because it’s often referred to as the “walk-through inspection.” However, the buyer will not be looking for issues with the home that weren’t included in the initial inspection.
2. The buyer is checking that the home is in the same condition. Instead of looking for things the first inspection missed, the buyer is making sure nothing has gone wrong since that initial inspection. So if the water heater was reported as being fine, the buyer will just make sure that is still the case.
3. The buyer is making sure any agreed-upon repairs are fixed. If the seller agreed to fix something in their home as part of the deal, this is where the buyer makes sure it has been mended.
What happens if the buyer finds something wrong? It depends on the contract you have with the seller. This is why I suggest buyers make sure everything is in order before the walk-through. For sellers, make sure the home remains in good condition after the inspection so that no last-minute drama ruins your deal.
If you have any questions about this topic, please feel free to call or email me. I am always willing to help!