Great job, you’ve secured a buyer! Yet, before the celebrations start, there’s a critical stage of the closing procedure that must be accomplished: the final walkthrough. This walkthrough isn’t an extensive home inspection, but any issues discovered during this phase could lead to complications.
As a seller, your obligations extend until the deal is complete, hence it’s vital to stay in touch with your agent regarding the most effective strategies during these concluding stages. Let’s delve into the final walkthrough and explore how to successfully navigate it.
What Occurs During the Final Walkthrough?
As implied, the walkthrough is a part of the closing phase. It’s not an occasion for negotiating terms or discussing buyer contingencies, as these matters should have been settled by this stage. The final walkthrough is an opportunity for the buyer to confirm they’re receiving the property as agreed.
Accompanied by their real estate agent, they’ll scrutinize the property to ensure that the conditions of the agreement have been met. For instance, they’ll confirm that you’ve executed the agreed-upon repairs, that you’re transferring the property in the negotiated state, and that no new problems have emerged since the formal inspection.
If the buyer encounters issues during the walkthrough, this could postpone the closing process and/or decrease your net earnings from the sale. In the worst-case scenario, problems detected during the walkthrough could result in the buyer retracting their offer.
What Occurs If a Buyer Withdraws from a Real Estate Deal?
The final walkthrough will be conducted close to the closing day. You’ll have sufficient time to vacate the house and ensure its state complies with the specifications in the purchase agreement. Despite the greatest care during the moving process, unintentional minor damages such as scratches or scuffs on a wall or trim can occur during the final stages of moving out. These things happen. Just ensure that you rectify any damage before you complete your move.
Maintain a record of all the tasks you’ve performed to verify that your house matches the description in the real estate contract. Retain all documentation showing proof of the repairs mutually agreed upon with the buyer, as evidence of their completion. You and your listing agent will sort out the specifics regarding which items you plan to take with you. Generally, appliances and other fixed items remain with the house. If there’s a specific item you wish to retain, that would need to be negotiated.
Ensure everything is clean and fully functional before the buyer conducts their walkthrough. Examine your appliances, HVAC, and other home systems, including the thermostat, home security system, and any smart home technology products.