A home purchase will generally include several buyer contingencies. Understandably, condition is high on the list of important factors for buyers. A buyer wants to verify the seller has maintained the property through closing and that any agreed on repairs were completed. When purchasing a home, a buyer will generally have the opportunity to do a walk-through and a re-inspection. Because these pre-closing checks take place near the end of the transaction, this is a time when both the buyer and seller are experiencing tight timelines. The buyer is about to purchase, what is likely, their most valuable asset. A seller is departing a place that they consider their home. Both parties are preparing to move. Understanding how these pre-closing steps are conducted will assist both a buyer and seller during the intense few days leading up to the transfer of ownership.
Walk-through: The walkthrough contingency allows a buyer a final look of the home they are purchasing. A few days before closing, the buyer can view the property to see if it is in the same condition as it was when they originally viewed the home. It is the time to make sure that all systems and components are working. Because the seller is in the process of moving, I’ve found a seller can be concerned about this buyer visit because when packing one’s belongings, a house can be quite messy. The seller’s concern is that the house doesn’t look the same as when the buyer made their offer. Knowing that the buyer’s visit has more to do with the systems, not aesthetics will help all parties during this pre-closing visit. A walkthrough is highly suggested so the buyer is able to take one last look before they become the owner.
Re-inspection: If a buyer includes an inspection contingency and repairs are agreed to, the buyer is allowed a re-inspection by the same inspector, who originally suggested the repairs. This re-inspection is a coordinated effort between the two agents. That is, the repairs must be complete before closing and the buyer needs time to have the re-inspection conducted before closing. Again, this is highly suggested so the buyer is certain that the repairs were completed as agreed to in the contract.Having a final look and re-inspection will provide a buyer and seller the comfort that all is correct with the sale. A “clean break” is able to be achieved, which results in a happy close. Choose a real estate agent, who understands these important steps. They will guide you through the process and do their part in helping you achieve your home buying and selling dreams.