Buyers hoping to acquire residential real estate often view the property with their agents before making an offer. After receiving the final reports from the inspector and appraiser, the buyer can move forward with finalizing their mortgage and preparing for the closing. Typically, home buyers conduct a final walk-through of the property immediately before the closing occurs.
Most of the time, a final walk-through is uneventful. However, things can go wrong in the time between negotiating the purchase agreement and signing the final paperwork. The sellers might have removed fixtures that influenced the buyer’s opinion of the property. They may have left the home and relied on a white-glove moving service to empty it of their possessions. The sellers may not even be aware that the movers caused significant damage to the drywall or the floors.
Buyers who discover previously undisclosed damage during a final walk-through may feel anxious about what happens next. What rights do buyers have when a walk-through uncovers problematic property issues?
The sellers may need to handle the repairs
Generally speaking, buyers should receive a property that is in the condition it was in when they made the offer and had the inspection performed. Any significant damage or changes to the property could warrant a repair request or even attempts to renegotiate the closing price.
Move-out damage could cost thousands of dollars, especially if movers damaged vintage hardwood floors, decorative staircase banisters or plaster walls. The seller attempting to retain items that they enjoy, such as landscaping plants or fixtures that should have transferred to the buyer, could also impact the fair market value of the property.
Buyers may be able to request that sellers compensate them for the removed items or the cost to repair the damage. In some cases, moving companies may have to cover those costs using their insurance. Other times, sellers may be directly responsible. Occasionally, buyers may even need to delay or cancel the closing due to the damages and changes they uncover during the final walk-through.
Buyers who include the right provisions in their offers may be able to negotiate more effectively, as their earnest money has protection if they choose to cancel the closing. Discussing the extent of the damages and possible solutions can be beneficial for buyers worried about an upcoming real estate closing due to unexpected last-minute damage to the property.