4 years ago

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The Final Walk Through Explained for NYC: https://www.hauseit.com/final-walk-through-explained-nyc/

The final walk through is a critical last step before closing on real estate purchase. We'll explain what the real purpose of the walk though and provide you with a handy check list in the following video. I'm Nick at Hauseit, visit our website https://www.hauseit.com to save money when buying or selling real estate here in New York City, so let's get started.

What is the final walk through? The final walk through is the last inspection of a property by a home buyer and buyer's broker before closing. The final walk through is typically scheduled for the same day of the closing perhaps few hours before or the day before. The primary purpose of a final walk through is to confirm that the condition of the property has not change since the purchase contract was signed. In practice, this means verifying that the property’s condition has not change since the last time the buyer visited the property which could've been week or more before the purchase contract was fully executed.

It's important to understand that the walk through is not a home inspection. Properties in New York are typically sold as is. As a result, it's important to understand that the final walk through is very different from the home inspection which is typically done before a purchase contract is signed. It's actually a common home buyer tactic to ask for a home inspection after an offer has been accepted but before a purchase contract is signed. Now, buyers typically use this opportunity to find issues with the apartment or home and ask the seller to fix them. When sellers inevitably refuse and tell buyers that the property is being sold as is, well the two sides negotiate and sometimes recreate into reduction in price instead.

Therefore, buyers of a typical resale apartment or home must not treat the final walk through like a home inspection. You are not there to nitpick and find things for the seller to fix. That should have been done already before you sign the purchase contract. You are simply there to confirm that the condition of the property has not changed since the signing of the contract.

Now, the contract will usually confirm that the property is being sold as is in the condition that it was found on a date of execution that the appliances will be delivered in working order and specify any inclusions and exclusions that were negotiated. Simply put, you are there to make sure that you are getting what was agreed upon on the fully executed purchase contract. Nothing more and nothing less.

The final walk through is scheduled by the real estate brokers and both the buyer's agent and the seller's agent will typically be present along with the home buyer. The seller is usually not present. Here is the helpful final walk through checklist for you to consider.

Confirm all appliances included with the purchase are still present in the property and in working order. Turn on and off the stove and stove-top burners. Remember to turn off the gas. Inspect the temperature of the interior of the refrigerator and freezer. Warm the dishwasher and remember to end the cycle before you leave. Test the washer and dryer if the unit has one. Test all doors and door handles including closet doors and exterior doors. Open and close all windows.

Check for new scratches and scruff marks on walls, floors and the ceiling. Test all electrical outlets with your smartphone charger. Test all faucets, flush the toilet, run the shower and check for leaks. Verify that the heat and air conditioning units are functioning. Test all lights and dimmer switches. Test the intercom, door buzzer or virtual doorman system. Test smart home features and control panels such as a nest thermostat.

Finally, please keep in my mind that the final walk through process is different when buying a new construction home in New York City. We’ll discuss that in another video. So, there you have it. We hope you found this video helpful. I’m Nick at Hauseit, visit our website https://www.hauseit.com to learn about ways to save money when buying or selling real estate here in New York City. And if you like this video hit like, subscribe, leave us a comment. We’d greatly appreciate it and we hope to see you on the next one.

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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