The final walk-through is an essential step in the home-buying process, giving you the chance to confirm that everything is as agreed upon before closing. While this step is straightforward, neglecting it could lead to unexpected issues down the line. For first-time buyers in Austin, here’s what you need to know to ensure your walk-through goes smoothly.
What’s the Purpose of the Final Walk-Through?
The primary purpose of the final walk-through is to ensure that the property meets the terms of the purchase agreement. You’ll verify the following key points:
- Any agreed-upon repairs are completed.
- The property is in substantially the same condition as when you made your offer (accounting for normal wear and tear).
- The home is free of any clutter or debris left behind by the seller.
Who Should Attend the Walk-Through?
Both you and your buyer’s agent should attend the walk-through. While your agent will provide professional oversight, it’s critical for you to inspect the property yourself. Buyers are required to sign a Final Walk-Through Form confirming that they had the opportunity to inspect the home and found its condition acceptable. For peace of mind, don’t rely on others to do this step for you.
How to Inspect Repairs
During the walk-through, confirm that all agreed-upon repairs have been completed to your satisfaction. Here’s how to do it:
- Review Receipts: The seller should provide proof of completed repairs. Cross-check the receipts with the agreed list of repairs.
- Make a Visual Inspection: For many repairs, you’ll be able to see the results yourself. For repairs related to HVAC systems, plumbing, or electrical work, you may need to rely on the provided receipts and invoices.
- Follow Up on Questions: If you have concerns about the quality or completeness of a repair, reach out to the contractor who did the work for clarification.
Confirm the Property’s Condition
Aside from checking repairs, you’ll want to ensure the overall condition of the home hasn’t changed. Here’s what to look for:
- Storm Damage: Austin’s weather can be unpredictable, with storms sometimes impacting specific areas. Keep an eye out for roof damage, broken windows, or flooding around the property.
- Moving Damage: Verify that the walls, floors, and fixtures haven’t been damaged during the seller’s moving process.
- Clutter or Debris: Make sure the seller has cleared all personal belongings and left the property clean and move-in ready.
What Happens if Repairs Aren’t Complete or Damage is Found?
If issues arise during the walk-through, don’t panic. You still have options:
- Minor Issues: Ask the seller’s agent for a written statement detailing when the issue will be resolved. For small repairs, money can be held in escrow to cover the cost until the work is complete.
- Major Issues: For significant problems, consider postponing the closing. However, keep in mind that delaying the closing may affect your loan terms, as lenders impose specific timelines. Always check with your lender before taking this step.
Impact of Closing Delays on Your Loan
Before deciding to delay the closing, consider its potential impact on your mortgage:
- Loan commitments have expiration dates, and delaying may put your loan at risk.
- Speak with your lender to understand how a delay could impact your financing. This insight will help you make an informed decision if repairs or damage require renegotiation.
Don’t Skip the Final Walk-Through
A final walk-through typically takes just 30 to 60 minutes, but it plays a vital role in ensuring a smooth close of escrow. By addressing any issues upfront, you can avoid headaches down the line. Without the walk-through, it’s hard to hold sellers accountable for post-closing repairs or conditions. Taking the time to inspect the home allows you to close the transaction with confidence.
Looking to Buy a Home in Austin?
At Eleven Oaks Realty, we believe that buying a home should be about what works best for you—not rushing through the process. With 60+ years of combined experience helping Austin homebuyers, we’re dedicated to simplifying your path to homeownership and ensuring you make a fully informed decision.
Connect with us today to take the stress out of home buying. Visit our Austin Home Buyers page, fill out our Buyer Survey, or contact (call/text) us at (512) 827-8323 or info@11OaksRealty.com to schedule your no-obligation consultation.
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