Your Offer is Accepted! Now What? (Part 3)
In part 2 we looked at the contingencies in your offer to purchase and broke down those that are most common. When the last contingency is removed, you are fully obligated to go through with the purchase.
From here on, you have only two final tasks: order a homeowner’s insurance policy and take a final walk-through of the home. The latter typically takes place during the week leading up to closing and it involves ensuring that all agreed-upon repairs have been made and that the home is in the same condition it was in when you made the offer to purchase.
This is not an additional inspection for items you may have missed on previous tours, it is only to ensure the home is in the same condition as when you agreed to purchase it and that required repairs have been performed.
Prepare for a Successful Walk-Through
Although we’ll let you know when we’ll do the walk-through, it’s a good idea to mark the date on your calendar.
Make a list of all the repairs the homeowners promised to make and don’t forget a camera or your phone.
What to Check:
Repairs: The first thing to check is that all the required repairs have been made. We will also want to make sure the homeowners left permits, warranties and receipts for all work performed.
Appliances: Are the appliances the same ones that were there when you signed the purchase agreement? Make sure they work properly by running them while you check other items.
Cleanliness: Unless otherwise requested, homes should be “broom swept,” and free of the former owners’ belongings.
Condition: Now we’ll go back to the front door and begin checking for damage that wasn’t there when you agreed to buy the home. Moving is tough on houses, so check the walls, ceilings and floors.
Exterior: Check the filters, lights and heater in the pool and/or spa, turn on the sprinklers and check for leaks and that the timer is functioning. Does the automatic garage door work?
HVAC and Plumbing: Ensure the water gets hot, the air conditioning gets cold and the heater works.
We’ll document any discrepancies and ensure they’re remedied before closing. This may mean delaying the closing for a few days but at least you’ll know that you are getting everything you are contractually entitled to.
Blog Archive2016-09-16 16:23:17
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