Checking The Pulse Of The Kansas City Real Estate Market
Once a buyer has come to terms with a seller on an Inspection Resolution, most transactions are full-speed ahead to closing. As a listing agent I know that many home buyers never even come to do a final walk-through of the home. Or if it’s a vacant home the buyer’s agent may have let the buyer into the home without notice. Either way is not the proper way to handle matters in the days leading up the closing.
Doing a final walk-through in the days prior to closing is important for many reasons. One, it’s the buyers chance to walk the home and verify the agreed to inspection items have been completed properly. If something hasn’t been done, there will be time for the seller to get contractors back to the home – assuming you don’t try to do the walk-through at the very last-minute. Just as important, a final walk-through allows a buyer to walk-through the home and be sure nothing adverse has happened to the home in the weeks leading up to the closing. Image if there has been a plumbing leak, roof leak, fire damage or vandalism to the home in the mean time?
You might also like to know if the seller damaged the hardwood floors moving that piano out of the home. Or if they’ve left huge holes in the drywall after removing large items. You’ll also want to verify all items that were considered “fixtures” in the real estate contact are still at the home. Did the seller take the half bath mirror with them that was screwed into the wall? Did they take the refrigerator that was clearly written in the contract as staying? These are important factors that only a final walk-through will help with and have you feeling confident when you sit down at closing to sign on the dotted line.
Closing on a home using the seller’s “word” that they’ll get things straightened out after closing could mean the item will never get addressed. A buyer looses most of their leverage after the closing has occurred and the seller has their money. Of course a buyer could sue if the issue is worthy enough, but why not avoid that by just making sure everything is in order PRIOR to closing? Some of the other more critical items to really look over include making sure the there’s no damage to the walls or floors from the seller moving out and that the furnace, air conditioner and kitchen appliances are all working properly.
If a home simply can’t be made perfectly ready for closing, then there’s several options. The obvious one is delaying the closing, but that could be a very bad situation for a buyer or seller… or both. The sales price of the home could be reduced by the amount needed to address the item in question — if the lender will allow this to occur. Money could be placed into an escrow account and released once the item is complete. Another solution I’ve seen, is the seller agrees to pay for an item at closing and a check is cut by the title company to the company that will be doing the repair. The check is then given to the BUYER of the home at closing, who will have the leverage of not releasing the check to that company until the work is completed.
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