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What critical role do walk-throughs play in the residential real estate closing process?

| Dec 18, 2020 | Residential Real Estate |

One of the most challenging aspects of the homebuying process is finding the right house for you and your family. You shouldn’t get so caught up in the process that you forget to do your due diligence, though. You must take the necessary time to have an inspection performed on your new home to ensure that it’s truly in as good of condition as it looks on the surface. You also should take the final walk-through seriously.

How do home inspections and final walk-throughs differ?

While often not required, many prospective homeowners take the extra step of having a home inspector check out their home soon after signing a purchase contract for it. They do so, hoping that the inspector will uncover any significant safety, systems or structural issues with the house that could result in costly repairs down the road.

Final walk-throughs are different. Generally, only the buyer and their agent are there. It happens no more than 24 hours before a buyer closes on their home. Its whole purpose is so the buyer can confirm that the property is in the same condition as it was when they last saw it. It allows the buyer to request repairs before the closing if it isn’t. Builders or contractors may be present if the home is new construction.

Why final walk-throughs are important

Natural disasters such as floods, hurricanes, tornados or fires may leave home in a considerably different state from when the buyer initially viewed and contracted to purchase the home. Other factors, such as property crimes, may have left home a shell of what it originally was.

Walk-throughs don’t have to take a long time. How long it takes will vary depending on the size of the home. You should make sure to let your agent know about any concerns that the seller needs to address during this walk-through, even if it ends up pushing your closing back a few days.

You may find it helpful to consult with a real estate attorney if you discover serious defects with the property you’re under contract to purchase here in Naples. They can advise you of your right to break your Florida purchase agreement and the implications associated with doing so.

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