Buying a home is an exciting and significant milestone in life.
Before closing on your new home, conducting a final walk-through is essential to ensure everything is in order. But many first-time buyers aren’t sure what to look for.
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In this ultimate checklist, we’ll help borrowers understand what to watch out for in the final walk-through of their new home.
The importance of a final walk-through
The final walk-through is a vital part of the home buying process and typically takes place near or even on the closing date.
A walk-through helps buyers confirm that the property is in the condition agreed to and that no new issues have arisen. If the seller was meant to make changes after the initial inspection, this is the time to check if they did.
The walk-through also lets you detect any potential issues that may have been overlooked in earlier inspections.
While it may lose the buyer their earnest money deposit for backing out of a sale, the final walk-through helps buyers avoid an even pricier mistake with their home purchase.
Depending on the purchase agreement, backing out of a sale could cause all sorts of headaches for both the buyer and seller. Avoid problems by using this ultimate walk-through checklist.
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Final walk-through checklist
- Examine all agreed-upon repairs and improvements: Ensure that any repair or improvement work promised by the seller has been completed as expected.
- Check for new defects: Seek out any additional damages or issues that may have occurred since the initial inspections. This could include water damage or roof leaks. Pay attention to the tile, flooring, walls or other places where cracks could form.
- Test all appliances: Make certain any included appliances are in proper working order. This includes testing the oven, refrigerator, dishwasher and any other appliances which will remain with the home.
- Inspect the exterior: Look for any signs of damage to the home’s exterior, such as broken windows or cracks in the siding.
- Carefully scope out any evidence of pests: Search for any unwanted pest infestations on the property. Watch out especially for signs such as mice droppings or termite damage.
- Test the plumbing and electrical systems: All plumbing and electrical components should work correctly. This includes testing the water pressure in the shower or tub, flushing all toilets, turning on every sink and garbage disposal and inspecting for any visible wiring issues, among other defects.
- Examine the windows and doors: Confirm that all windows and doors open, close and lock properly.
- Test all lights and outlets: Double-check that all electrical outlets are working and that the light switches turn on (and turn off) the corresponding lights without hesitation.
- Look for unwanted mess or furniture: Sellers could leave behind furniture that wasn’t agreed on or an unexpected mess for the buyer to take care of. It’s fair for the buyer to request these things are taken care of first.
- Run the AC and heat: While this may be harder to test out, inspect any HVAC units on the property to ascertain that they’re in working order.
By taking the time to do a thorough final walk-through, you can be sure that you are getting what you agreed upon and that any essential repairs or upgrades have been made.
This critical step is also an opportunity to raise any issues or questions before closing on the home. If any problems arise, you have the chance to resolve them before the sale is completed.
If you find issues during the final walk-through, addressing them before closing on your home is essential.
What to do if something is wrong in the final walk-through
Something unforeseen can come up even after the seller moves out and the buyer completes their walk-through seamlessly. In the case that a problem does arise, take the following steps.
Inform the seller’s agent
The first step is to inform the seller’s agent of the problem. They will communicate with the seller and work toward finding a solution.
Renegotiate the terms
If the issue is significant, you may need to renegotiate the purchase agreement terms. This could involve asking for repairs, a reduced price or a credit that covers the cost of fixing the problem at closing. Make sure to obtain the new terms in writing if you have to renegotiate.
Get repairs done before closing
If the seller is willing and able to make repairs, don’t forget to set a deadline for them to do so. This will give you enough time to check that the repairs were completed correctly and thoroughly before closing on the home.
Delay the closing
It may be necessary to postpone the closing to deal with a significant deficiency that cannot be fixed quickly. This will allow the seller to correct the problem. It may be upsetting to both parties, but it’s better to make sure the issue is resolved before continuing with the purchase. Resolving potential disputes is a key reason for both buyers and sellers to work with an agent.
Consider backing out
If there is a major problem that can’t be solved, canceling the deal may be an option of last resort. However, canceling the deal can have legal and financial implications. It’s recommended to speak with your real estate agent and lawyer to understand your options and any possible consequences.
To ensure that your new home is in the condition you agreed upon, it’s important to address any defects discovered during the final walk-through. By following these steps to resolve problems, you can move forward with confidence in your home purchase.
Next steps: Make your new home a reality with Compass Mortgage
Buying a new home is a significant step. A thorough final walk-through is the borrower’s last defense to ensure the property meets expectations.
This checklist will guide you through this process. If there are snags, you have options—from renegotiation to repair deadlines or even delaying the closing in certain circumstances.
At Compass Mortgage, we’re committed to helping you navigate this exciting journey with confidence and ease.
First, we’ll help you win the bid with our Get Committed® loan commitment program, which carries the weight of a cash offer. Then, we’ll finance your home with our simple and personalized loan process.