Keep walking

EVEN IN A SELLER’S MARKET, A WALK-THROUGH SHOULD LEAD RIGHT TO CLOSING

It may be a seller’s market, but buyers still have the last word.

A day or two before the scheduled closing of a sale, it’s standard for the buyer to make a “walk-through” to ensure that everything is in the same condition it was when he submitted his purchase offer.

But now, because in many markets scarce inventory is sparking bidding wars, some sellers are more cavalier about this final hurdle.

“In today’s market, people are a little more lax when it comes to cleanliness or a show-ready home during the final walk-though … even in the luxury market,” says Trey Martin, agent with Realty Executives — The Mackey Martin Group, Phoenix.

In their zeal to beat out the competition, some buyers are lax, too, eliminating the standard home inspection contingency from their offer.

Dropping the inspection is risky, since a buyer can be hit with unexpected problems. The final walk-through is when buyers can make sure that a faulty furnace or broken dishwasher uncovered during inspection is fixed. And buyers can’t consider the walkthrough as a substitute inspection.

The walk-through determines only whether there are inconsistencies with the state of the home when it was on the market, or inconsistencies with the contract, such as a washer/dryer included and they are not on-site at walk-through, says Jesse Culbert, a Seattle Redfin agent.

If problems can’t be rectified quickly, and parties don’t want to delay closing, sellers credit buyers for their transgression at closing.

Walk-through issues include not only missing items, like a screen door that’s been removed, but also items that shouldn’t be there, like old furniture left behind.

“The buyer would bring it to their attorney’s attention and an adjustment can be made to cover the expense for the buyer to cart it away,” explains Greg Kafcos of Century 21 Kafcos Realty.

While the shortage of for-sale properties has impacted some sellers’ vigilance, some agents, including Kafcos, say they see “sellers still taking the walk-through seriously and have the house ready,” he says.