Posts Tagged ‘prepare’
How Buyers Can Prepare For the Final Walkthrough
Before closing on a property, it’s important to have a final walkthrough. This is a chance to go through the property, have a final look at everything, and make sure any previously agreed upon actions have been taken (like repairs).
In order to properly prepare for the walkthrough, it’s important to agree with the seller upon specific terms of your purchase and set up a time you both can go through the house together in order to make sure those terms have been met. It’s preferable to do this final walkthrough just a day or two before closing, and to have the house vacated when you do it.
Have a checklist prepared stating what repairs have been agreed upon, what appliances or other items should be left behind, what should be removed, and anything else that needs to be checked. Use the contract as a reference, and provide the seller with a copy of your checklist. The final walkthrough is not the time to negotiate these sorts of details; that should already be done.
As you walk through the property, it’s important to inspect everything: light fixtures, sinks, appliances, all doors (include the garage door), toilets, ceilings, floors, walls, heating, air conditioning (regardless of the season), windows, and anything else you can think of. In general, you’re looking for the property to be in the same condition (or even better) than when you agreed to buy it.
If there are any repairs that have not been completed, or if there are previously unseen significant problems, you may need to postpone your final closing. Work with the seller to set a new timeline; this is also a chance to walk away from the property altogether if you so choose.
The final walkthrough is one of the most important parts of the buying process. By being educated about the process and properly preparing, you can avoid a lot of future trouble.
Take Action in Real Estate
Sometimes – especially when undertaking what may seem like a difficult task – our desire to be fully prepared for the task ahead makes us delay actually accomplishing the task. We want to study more, learn more, read more, and practice more instead of doing it more. There comes a point where you need to put down the workbooks, turn off the webinars, and get to work – and that point is usually yesterday.
Don’t misunderstand; this isn’t to say that preparation isn’t important. And you may be able to come up with plenty of convincing reasons as to why you’re not quite ready to roll your sleeves up and get to work; most of those reasons are usually rooted in a fear of failure or lack of determination.
However, there are plenty more reason to get started:
- Real-life experience is almost always a more efficient way to learn about real estate. You are going to learn more by doing it than you will simply studying it.
- No one is going to do it for you. Even if you have experienced mentors and talented coaches, you are the one who is actually going to have to put in the effort.
- While having knowledge is never a bad thing, knowledge becomes infinitely more valuable when it is applied. Otherwise, it only benefit is next time you play Trivial Pursuit or if you become a college professor.
- As you go out and do the work, you will find success and build your self-confidence – which, in turn, should bring more success. Sitting at home doesn’t do that.
So put the books away (although you should keep them nearby for reference), finish the workbooks (which you should also keep nearby), and get out a do the work. There will be some ongoing education; there’s nothing wrong with buying a new book or taking a new course from time to time. But the biggest benefit will come to you from taking action.
