Walk-Through

What is a Walk-Through?

A walk-through is an inspection of a property that typically occurs just before the closing of a real estate transaction. It gives the buyer a final opportunity to review the condition of the property, ensuring that agreed-upon repairs have been completed and that the property is in the same condition as when the offer was made. The walk-through also allows the buyer to verify that the home is ready for occupancy, with all systems and appliances functioning properly.

How Does a Walk-Through Work? 

The walk-through process usually takes place within 24 to 48 hours before the scheduled closing. Here’s how it typically unfolds:

Scheduling the Walk-Through:

The buyer, often accompanied by their real estate agent, schedules a walk-through with the seller’s agent to inspect the property. This is the buyer’s last chance to ensure the home meets the agreed-upon conditions.

What to Check During the Walk-Through:

• Repairs: The buyer checks that any repairs requested during the home inspection have been completed satisfactorily.
• Appliances and Systems: All major appliances (e.g., HVAC, water heater, refrigerator) should be in working order. The buyer should test light switches, faucets, and other mechanical systems.
• General Condition: The property should be clean, and any personal belongings of the seller should have been removed unless agreed otherwise.
• Fixtures: Confirm that any fixtures or items included in the purchase (e.g., lighting fixtures, curtains, built-in shelving) are still present and in good condition.

Identifying Issues:

If the buyer finds issues during the walk-through (e.g., incomplete repairs, new damage to the property), they can request that the seller resolve the problems before closing. This might involve negotiating a credit, escrow holdback, or repairs before the deal is finalized.

Why is a Walk-Through Important? 

The walk-through serves several critical purposes:

• Final Check Before Closing: It ensures that the property is in the agreed-upon condition, and all repairs or contractual obligations have been met.
• Avoiding Post-Closing Surprises: The buyer can avoid unpleasant surprises, such as missing appliances or damage that occurred after the initial inspection.
• Negotiation Tool: If issues are found, the buyer can negotiate a resolution, potentially delaying the closing until repairs are made or seeking financial compensation from the seller.

Example of a Walk-Through in Action Suppose a buyer is purchasing a home, and during the initial inspection, they requested repairs to the HVAC system and plumbing. At the final walk-through, the buyer tests the HVAC and notices that it isn’t working properly. The buyer can then notify the seller and request repairs before closing or negotiate a credit to cover the cost of fixing the HVAC.

Pros and Cons of a Walk-Through

Pros:

• Final Opportunity to Inspect: The walk-through gives buyers peace of mind, knowing they’re getting what they agreed to in the contract.
• Problem Resolution: Any issues discovered during the walk-through can be addressed before the deal is finalized, preventing future disputes.
• Contract Compliance: It ensures the seller has met their contractual obligations, such as leaving behind specific fixtures or making repairs.

Cons:

• Limited Time: Since the walk-through usually happens close to closing, there’s limited time to address issues, which may cause delays.
• Last-Minute Negotiations: If problems arise, it may lead to stressful last-minute negotiations, potentially disrupting the closing process.

Conclusion A walk-through is an essential part of the homebuying process, ensuring that the property is in the expected condition before closing. By carefully inspecting the property, buyers can avoid surprises and ensure all contractual obligations have been met.

You do the living. Abode does the saving

Managing the final stages of a home purchase, including the walk-through, can be complex, but Abode is here to help. Let our experts guide you through the closing process, and manage your property taxes, insurance, and energy rates, so you can focus on moving into your new home. Sign up today, and let Abode handle the details!