Skip to main content

The importance of a thorough final walkthrough - almost learned the hard way!

Had my final walkthrough on my new condo at 9:30am today before a closing at 11. I’ve been in escrow for three weeks (fast close!) Me to my agent: sure, an hour should be plenty of time! How much could go wrong in three weeks in a 1br condo?

Well, I walked in and was doing all the usual things, checking lights, running the appliances, etc...then, a light brown stain on the living room ceiling caught my eye. Having been through this rodeo a number of times in my last condo I immediately speculated it was water damage. Upstairs after some scrounging around my agent and I found water in the water heater pan and dampness nearby. 🙃

The property is an estate sale and part of my offer included an inspection for info purposes only, but no contingency/power to negotiate fixes (this was also in the winning offer when I sold my condo last month, except the buyer never did any inspection at all.) But my inspection showed no issues with water damage or the water heater so I was on pretty solid footing as far as this being a new issue.

My agent had some back and forth with seller’s agent but we settled on $4K in escrow to identify issue and eventually repair ceiling (which will have to be cut open later this week by plumber - it’s likely a clogged drain that is backing up into the water heater pan.) Hopefully it won’t actually be extensive enough to require $4K in work but wanted to cover the bases just in case.

Only closed about 90 minutes late but definitely added A LOT of extra anxiety to the day. Will be a pain to deal with but feeling relieved I caught the issue in advance.

TL; DR do a thorough walkthrough close to closing...but maybe leave yourself a little time in case there are any major issues.

submitted by /u/newseller1023
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ikb8p1/the_importance_of_a_thorough_final_walkthrough/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more