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Summary: Need to know what to expect at your home’s final walk through? This informative article covers everything you need to know, and how to be prepared for the process in the state of Colorado. We tell you what tools to bring, who to bring with you and what to look for, so you can take a breath, and concentrate on the important stuff.
It’s finally here: you’ve jumped through every hoop. The time has come to close on your new home. Before you head to the closing table, there’s one important opportunity, you won’t want to miss.
Your new home’s final walk through is the last opportunity to ensure that agreed-upon repairs have been made, and no damage has occurred to the property since the offer was made. In Denver, and the rest of the state of Colorado, this special provision is established by the contract to buy and sell residential real estate;
Buyers, upon reasonable notice, have the right to walk through the property prior to closing to verify that the physical condition of the property and inclusions complies with this contract.
You could think of this crucial last step as a final assurance that the home meets the expectations for purchase. Let’s take a look at 5 important tips that will help you Ace your home’s final walk through.
So, what’s the difference between your home’s final walk through, and the home inspection you just paid for a month ago? For one thing, the home inspection should have already revealed any material defects or items on the property that may need repair or attention. The final walk through is yours to make sure the property meets the expectations you had when you first visited and made the offer to purchase.
Who should be present during your final walk through? It’s really up to you. Just remember, this is not the time to complicate things, so whoever you bring, make sure they are a necessary part of your process. You must feel free to inspect the home at your own pace without any outside pressure.
Ideally, your home’s final walk through should be attended by you the buyer, and your real estate agent. If you purchased new construction, it is not uncommon for a representative of the construction company to attend the final walk through.
For new construction, the home is considered to be a final product that should be free of any blemishes, cosmetic or otherwise. The builder may even supply you with a “punch list” or a comprehensive checklist of any items that may need attention.
If agreed-upon repairs were made as part of the contract, you may want to have the home re-inspected (depending on the nature of the repairs) to ensure any issues have been resolved. The final walk-through should be scheduled during the week leading up to the closing.
It’s a good idea to schedule the final walk through a day or two in advance, just in case something comes up, so you can find a resolution before the close.
It may be useful for you to take a moment to prepare and set aside a few items that may come in handy during your home’s final walk through. You won’t need much, but a few items will help to ensure a thorough last check of the property.
Before checking anything, take a few minutes to check out all of the agreed-upon repairs. Using your home inspection summary, make sure all repairs have been completed as specified. If repairs were made by an outside service provider like roofing, electrical or plumbing repairs, be sure to request receipts and warranty information.
In the event you encounter problems with the repair in the future, you will want to know who to call. Once you have checked the repairs, take a look at your sales contract and review the fixtures and items included with the purchase of the home. From window treatments to lights you will want to make sure everything that was included in the original offer is still on the premises and in working condition.
Just like the “punch list” for new construction purchases mentioned above, it is useful to have some kind of checklist to use as a reference for your homes final walk through. Here are a few items you will want to include.
In the state of Colorado, the home should be in what’s referred to as “broom clean condition”. This means that while the home may not be immaculate, it should be ready to move in. There shouldn’t be any piles of debris or personal items left behind (anything left on the property after the close, is considered to pass with the property).
If any of the utilities have been shut off, it may mean that the houses systems cant be fully checked and the closing may need to be delayed until the utilities can be restored to ensure working mechanicals within the home. This is very important for any property that may have been “winterized” before the sale of the home. Utilities must be restored to check for any problems or damage.
There are quite a few items to check, so take your time. You must get the opportunity to thoroughly review everything and ensure you are purchasing the home you originally agreed upon.
It is not uncommon to run into issues during the final walk through. Just be quick to report any issues and be open to solutions. Some of the more common issues may be items left behind by the owner like, paint, car parts, tools or furniture that was not included in the purchase agreement.
Sometimes repairs may not have been completed according to the agreement, or items that were part of the original agreement may now be missing. Many times moving may have caused cosmetic damage that should be addressed. Any way you cut it, there are a lot of opportunities for concerns to arise.
Don’t worry, just because there are a few issues with the final walk through, doesn’t mean you need to kill the deal. You have several options at your disposal to resolve any issues that may arise. The most common way to resolve any issues discovered during the walk through is to delay the closing until the repairs and concerns can be addressed.
Other options may include having a portion of the sellers’ proceeds held for the buyer as a concession for the work that will need to be performed. Yet another option would be to hold some of the funds in escrow until the necessary repairs can be made.
In any case, it is important to keep in mind most issues don’t happen because the seller is trying to “get away with something” they happen, because there are a lot of moving parts in the sale and transfer of a home. It is easy to miss the small stuff, and in an empty home sometimes small things can cause much bigger concerns.
From Boulder to Colorado Springs and everywhere in between, a simple commitment to a thorough final walk through will save you a considerable amount of stress and money in the future. For more information on how you can protect your home financially, contact our team of mortgage professionals at Sammamish.
Do you have more questions about your Colorado home purchase? Let the mortgage professionals at Sammamish Mortgage help you understand the ins and outs of home financing and more. Sammamish Mortgage offers a variety of mortgage programs including FHA and VA mortgages. Regardless of your situation, we can guide you through the process. If you have questions about securing a mortgage in Colorado, or would like a rate quote, please contact our friendly staff. We look forward to serving you.
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