Typically, several professionals will look over a property before you even schedule a closing. The real estate agent representing you and the seller will have gone through the home.
After they accept your offer, you may have had appraisers and inspectors look at the property, as well. You likely think you know the condition of the property, but it could change before you take possession.
Buyers usually do a final walk-through before closing
A final walkthrough gives you a chance to spot broken windows, burns in the carpet or other issues that occurred after you made your offer and had professionals check the property.
Sellers can damage the property while living there, and moving professionals could do real damage while getting their possessions out of the property. It’s even possible that local teenagers broke in and trashed the place if the seller left it vacant.
What happens if you spot major issues with the property that weren’t there before during your final walk-through?
You will need to contact the seller’s agent
Typically, when there is an issue in the final walkthrough, you, your lawyer or your real estate representative will need to reach out to the seller’s real estate agent. Explaining the issue and the cost that you estimate to address it can be a good starting point.
In some cases, insurance policies, like professional insurance for a moving company, may cover those costs. Other times, you may need to negotiate with the seller to have them help cover some of those expenses. In some cases, sellers may refuse, at which point you may have to decide whether the damage is significant enough to justify walking away from the transaction.
Understanding how to handle property issues that arise late in the closing process will make a real estate transaction a little less stressful.