If you’re under contract to purchase a home, your lender may require you to have a home inspection before extending you a mortgage. Even if they don’t, it’s in your best interest to schedule one. Your real estate contract may allow you to pull out of it if the inspector discovers any structural or major systems flaws with the property. Having an inspection performed may reveal repairs that your seller needs to address. You may pull out of the deal if they’re unwilling to do so.
Most buyers then perform a walk-through inspection no more than 24-hours before their closing. The final walk-through allows you to confirm that your property is in the same condition as it was when you last saw it. It also allows you to ensure that the seller indeed addresses any repairs before the closing.
There are a few additional details about walk-throughs that you’ll want to learn more about so that you prepare for what to expect.
Who attends a walk-through?
You and your agent will both generally attend the final walk-through. The seller and the seller’s agent generally aren’t present so that you can inspect the home without any undue pressure. It’s not uncommon for your home’s builder to attend a walk-through if it’s new construction.
How long do walk-throughs take, and what’s my goal in completing it?
Walk-throughs can take as little as 15 minutes to an entire hour (or more) to complete depending on the size of the property. Your goal is to ensure the home is in an acceptable condition for you to take possession of it.
What should I do if I discover problems during the walk-through?
You should voice any concerns to your realtor when conducting the walk-through. They should then convey that information to the builder or seller’s agent. Some concerns may result in a delay in the closing. Their failure to follow through in making necessary repairs may also give you the grounds required to pull out of the purchase contract. You may find it necessary to speak with a real estate attorney to learn more about what your rights are in such a situation.