A lot takes place on closing day. Over the course of several hours, you will finish signing your paperwork and you will transfer the funds for your down payment and closing costs. You will also participate in something called the “final walkthrough.” The exact timing of the final walkthrough can vary, but usually it will happen within the 24 hours leading up to final closing.
A final walkthrough is exactly what it sounds like—a last literal walk through the house to see what has changed since the home inspection.
The Goals of The Final Walkthrough
1-To make sure that changes you required the seller make actually took place.
2-To make sure that no new negative changes have occurred.
Now, technically you do not have to conduct a final walkthrough to close on a home. It is perfectly legal to skip it. But you do notwant to skip the walkthrough or rush it in any way.
If you do, you are giving up your chance to identify any potentially expensive issues before they become your problems.
It would be painful to have to delay final closing to address an issue, but it would be far worse to buy the home only to find that what you got was not what you expected.
Here is what to pay attention to:
- New problems. In particular, be wary of new mold or leaks. But be on the lookout for other types of damage as well. Electrical issues are also a potential concern.
- Repairs. Did you request home repairs? Check to see if the seller completed them, and if they did so according to your demands. If they did not, you might be able to close at a lower price than you originally negotiated.
- Appliances. Make sure that they are all present and accounted for and are in good working order.
- Mess left behind. Is there debris all over the house from moving? You do not want the first thing you have to do in your new home to be to clean up after the previous owner. For that matter, if they left stuff behind, that could be a major hassle.
Mike Peacor of Blue Square Mortgage quoted “So, that is what a final walkthrough is and what to pay attention to. Take your time with this step, as it can save you a lot of money, time, and hassles.”
Have Other Questions About Closing?
If you want to learn more about the final walkthrough or other parts of the closing process, Blue Square Mortgage has the answers you needs. To get started now, please call us today at (206) 352-6453 to schedule your consultation.