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

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

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