| 10. The Final Walk Through Introduction
When is the walk through done?
Something is missing
The repairs are not completed or done correctly
The Tenants are still in the property
What if the seller’s are not cooperative in resolving problems
Introduction
The buyer's walk through prior to the closing is to verify the repairs (if any) have been done in a professional manner. Be sure the tenants, if any are out of the property. Check that the seller has not removed any fixtures that are included in the sale like draperies or light fixtures. The walk-through is also a good time to check out any repairs that were performed. Finally, you want to be sure the sellers have moved or are in the process of moving.
When is the walk through done?
The final walk through is done prior closing, usually the day before or even right before closing. If there is concern about the condition of the home or quality of repairs, if any, then a walk through can be scheduled much earlier. The reason for this is that I feel my buyer has leverage at this point to make sure the repairs and everything else have been done to the buyer's satisfaction. Something is missing
Many times a seller will remove something like a light fixture or fan. Not only do they remove it, they either leave a hole where the fixture was or replace it with something of less value. If something is missing, the first thing to do is to have your agent send a letter to the seller's agent asking that the sellers return the missing item(s) or give you, the buyer a cash credit to replace the missing item(s). If the sellers are stubborn, use your common sense and weigh the value of the missing items against your desire for the house. Although the principle may be important, losing your dream home over an argument about a $100 fixture may not be wise. To avoid this situation, any items or fixtures that are unique or of special interest should be noted prior to making an offer. These items should be detailed in the sales contract. The repairs are not completed or done correctly
Arguments over the quality of repairs can be a difficult point to negotiate. The repairs may appear to be done by a novice to you but the seller will argue that the repair has been completed as agreed even if you don’t like the final product. The quality of repairs may be open to interpretation. I usually recommend that a buyer ask for a cash credit instead of having the seller make repairs. The only thing you can do is ask your agent to send a letter to the seller's agent asking the sellers to redo the job to your satisfaction or give you a cash credit to properly finish the repairs yourself. Once again use your common sense. If you got a great deal on the house and everything else is ok, it might be better to let it slide. As always, confer with your agent and follow his or her advice. The Tenants are still in the property
One thing you don't want to do is inherit someone else's tenants. When you do your walk through check to see if the tenants have started packing, inquire if they have found a place, and find out when they anticipate moving. Make sure your agent follows up with the listing agent. I advise you not close if the tenants and their belongings are not out of the house. Every situation is different, please consult your agent for his or her advice on the best way to deal with the problem. If the seller is motivated to close, the agents should put some pressure on the seller to get the tenants out. Sometimes a small cash inducement from the seller to the tenants to leave promptly works wonders. What if the seller’s are not cooperative in resolving problems
If any of the problems above can’t be resolved amicably and you don’t want to just forget it, read on to see what you can do. At this point you are ready to close or you are at the closing table. All you need to do is sign the loan docs and bring in the balance of your down payment. At this point you have leverage. The agents want the deal to close so they can get paid. Your lender wants the deal to close so he or she can get paid. All the vendors, termite, title, etc. want the deal to close so they can get paid. And of course, the seller wants the deal to close so they can get their check. It’s all up to you. Important note: The buyer does not have a cancellation right. The walk through is solely to confirm that the repairs if any have been completed as agreed and that the seller has complied with seller's other obligations. Nevertheless, you do have leverage. I would advise my buyer to do nothing. Do not sign any of the closing documents or the loan documents. I would inform the seller's agent that you're not budging until the issues are resolved. What usually happens is the agents will start to feel the heat. They just want to close. They are so close to a paycheck that they will put heat on the seller to perform. Or in many cases the agents will chip in to make good on the repairs or missing items. However, always verify with your mortgage lender that you are not jeopardizing your loan or interest rate lock. Also ask when your loan documents expire. NEVER DO ANYTHING THAT WILL JEOPARDIZE YOUR LOAN. You'll need to work closely with your lender and agent to make sure of the time constraints. Remember interest rate locks expire as do loan documents. If the interest rate expires you will have to re-lock your interest rate and you might get a higher rate. If your loan docs expire, you will be charged about $300 to redraw the loan docs. Use your common sense. You will have to make a decision on how far to go. | 
