Hello Janine - Here Are Your Articles for Wednesday, March 29, 2017
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Janine Rose
Janine Rose
Luxury Collection Specialist
(908)-229-6253
janine@janinerose.com
Berkshire Hathaway Home Services
659 Mountain Boulevard
Watchung , NJ 07069
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Is This Your Situation: Preparing for the Final Walkthrough on a New Home

 

Buying a home can be a long process. By the time you are getting ready for your final walkthrough, you have chosen a home, made an offer, signed a contract, had the home inspected and settled on a closing date. So, what are some of the things you should know before you take your final walkthrough?

1. When should you schedule your final walkthrough?

Your real estate agent can help you with this, but the final walkthrough is typically done about one week before the closing date, but sometimes it can be done as little as 24 hours before closing. This process usually takes between 30 minutes and 1 hour, but it can vary depending on the size and location of the home.

2. Why is it necessary to do a final walkthrough? 

In general, the point of the walkthrough is to make sure the home is still in the same condition as it was when you made the offer. You will want to make sure all the major appliances and fixtures are still in place (assuming that they were included in your contract) and that the home hasn’t fallen into disrepair while it was sitting empty. For example, an unnoticed leaky faucet can cause major problems including lasting water damage. 

3. What should you bring?

At a minimum, you should bring a copy of the contract, a copy of the home inspection and a checklist of things you want to make sure you check up on. Any red flags found during the home inspection should have been fixed by now, but you will still want to give the home a thorough once-over to check for any lingering issues. 

4. What specific things should you check up on during the walkthrough?

At this time, you will want to make sure that all the light fixtures and major appliances work as intended (including the heating and air conditioning), test faucets, checking for leaks, test the garbage disposal, flush all the toilets, open and close all of the windows and doors and generally make sure that everything is in working order. Overall, you want to make sure that the home is still in the same or better condition as it was during your previous visits. You will also want to walk around the outside of the home to make sure that no storm damage or other exterior damage has occurred since your initial visits. 

Once you are satisfied with the condition of the home, your walkthrough is complete and you will be ready to seal the deal. On the other hand, if you come across any unexpected issues, now is the time to discuss them with the seller and try to reach a compromise. In some cases, the seller will agree to do the repair, but in other cases, the buyer will take on the responsibility of doing the repair at a later date so that the sale will still go forward. In all cases, the potential benefits of the final walkthrough far outweigh the potential inconvenience that it can cause.

For more information about how to prepare yourself for the final walkthrough on a new home, contact me today. 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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