It's already a stressful process when you buy a house in Albuquerque. Home inventory is low right now, despite falling prices in many markets and rising interest rates. The shortage of inventory has led some buyers to waive home inspections or use escalation clauses in their contracts, which they wouldn't normally do.
Whatever you do to get your dream home in Albuquerque, don't skip the final walk-through.
You should walk through the house again after making an offer to ensure it is still in good condition. It is your responsibility to ensure that the seller completed the repairs or improvements you negotiated.
Who Comes to the Final Walk-Through?
The final walk-through is usually attended by the buyer and the buyer's agent. Buyers can inspect everything at their pace without feeling pressured by sellers or their agents since they're usually not present.
A builder or contractor may come if the house is new. A walk-through of a new build is primarily intended to identify cosmetic issues. There will be high expectations since the home is brand new.
In cases where issues were discovered during a home inspection that needed to be corrected before closing, the inspector may need to return to make sure everything was done correctly. If you have another inspection, you should schedule that before you do your final walk-through.
Usually, you'll do your final walk-through within 24 hours of closing. Your agent can help you schedule and coordinate access times with the seller's agent.
The final walk-through is often performed the night before or even on the way to the closing.
It depends on you, your agent, and the house how long a final walk-through takes. If the home is small, it can take 15 minutes. Extra time might be needed if you have a pool or a detached building. If the house is larger, it may take an hour or more.
Do not feel rushed, so take your time. Make sure you check everything.
It’s Not a Home Inspection
It's important to remember that your walk-through isn't an inspection. This is an opportunity to address any issues raised during the inspection.
During the walk-through, your agent should bring documents that provide guidance and confirm everything is as it should be. A seller's disclosure form, inspection report, and repair amendments agreed to by the seller will be included in this documentation.
If the seller made repairs after the inspection, ask for receipts, which they should bring with you to the walk-through.
There’s no fee for a walk-through either—it’s just part of the process.
What If You Find An Issue?
Finding a major issue during a final walk-through can be a serious issue. Approximately 5% of contracts were terminated in January of this year due to non-compliance.
A minor issue doesn't necessarily mean it's a deal breaker. What might end up happening is that you delay your closing a few days to fix the problem or request a credit at closing so you can deal with the repairs needed after you move in.
Negotiations are usually the best way to resolve issues. If it isn't a big deal, your agent might even recommend proceeding with the closing. Unfinished repairs like missing appliances or major property damage cannot be overlooked. At this point, most sellers will want to make things right.
Can You Back Out?
Unless there's a significant change in the property's condition, it's tricky to end your purchase agreement after a final walk-through. It's better to try and work it out so that the seller gives up the money needed to make the repairs if there's something small.
Depending on your real estate contract, you may be able to back out if the property doesn't meet your expectations.