Hey everyone, Mike here and welcome to another episode of #heysumaraisteve. Steve what question do you have for us today?
Hey Mike, today’s question is about walk-throughs. Can you fill us in on what they are and what to look for?
When you purchase an existing home, you enter into a sale agreement at one point but only close on the sale usually couple of weeks later. To assure that the property is in substantially the same condition as when the sale agreement was signed, a buyer will “walk through” the property usually the night before or just before closing.
If you are a buyer, be sure to allocate enough time for a thorough walk-through to double check everything and make sure there has been no changes since the last visit and that everything that is expected to be there is there.
In the case of a new home, the situation is a little different. Typically, there is a walk-through with the builder’s representative. Items not completed, or not properly completed, are entered onto a list where a builder is obligated to make required repairs and completions.
And if for some reason there are some issues, documenting them and sending a copy to your lawyer is the action step necessary to take before they close on the sale and release all the funds to the sellers.
Steve: that’s great, thanks Mike and have a great day everyone and if you have any further questions make sure to head over to PlanWithMike and schedule your call with Mike