Walk-Throughs in New York –
What You Need to Know
A walk-through is a critical step in the home buying process.
A walk-through is one of the final steps in purchasing a home, where the buyers and their real estate agent inspect the home before closing on the purchase. Usually this takes place just before the closing date, and is a buyer’s last chance to ensure that the home is in the proper condition.
Typically, after a formal home inspection, there will be some itemsfor repair that both parties have agreed upon. The walk-though is informal and there is no inspector present. It is a chance to ensure that sellers have made the repairs that they agreed to.
During a walk-through, it’s important for buyers to examine the home with a critical eye. Some of the potential issues that they might find are that items are missing, such as light fixtures or other items that were affixed to the home and should be present. Or, they may discover that keys are missing, the home is dirty, or components of appliances (oven racks, freezer ice bins, or fridge storage shelves) are missing. Many sellers also leave any instruction manuals for appliances, heating systems, and any other information that they have available.
Without a walk-through, buyers may find themselves walking into a home on moving day that is not in the agreed upon condition, making it their responsibility to make any repairs themselves. Think of a walk-through as one last chance to ensure that you’re moving into the home of your dreams. It’s not an opportunity to bring Grandma, Grandpa, or Cousin Contractor.
What Role Does
a Bank Appraisal Play
in the Home Buying Process?
Many buyers, especially those that are first-time
buyers, are confused about the difference between a bank appraisal and a home inspection. After all, they both involve a third party making an assessment of a home before a buyer signs the deal, so what’s the difference?
A home inspection involves a certified, skilled inspector who does a thorough examination of a home for repairs, structural issues, and other physical elements of the home that may need attention. It allows buyers to understand what repairs they may need to make after purchasing the home, such as a new roof, new insulation, or a new boiler. In many cases, buyers may request that the sellers make these improvements before closing.
On the other hand, a bank appraisal evaluates the value of the home. During an appraisal, the lender or the bank that you are obtaining a mortgage from will inspect the property to ensure that the asking price reflects the fair market value. An appraisal protects home buyers from purchasing a home that isn’t priced accurately or is over-priced without
them realizing it.
Am I Selling Too Low
If I Get a Great Offer Right Away?
Deciding on the listing price of your home is a stressful experience for most sellers. On one hand, you don’t want to price the home so high that no one is interested in it, and you don’t receive any offers. On the other hand, if you price it too low, you might be worried that you left money on the table and could have received a better offer.
There is no magic formula to predict how long your home will sit on the market. In some cases, a home may be listed for months before selling, while in other cases, the sellers might receive multiple offers within days of listing their home. If the latter is true for you, you might be wondering if you priced your home too low, but this isn’t necessarily the case.
Instead, a quick sale and a great offer might occur because you are selling your home during what is known as “a seller’s market.” In this scenario, there are more buyers than there are homes for sale, leaving buyers clamouring over the homes that are available. This might mean that your home sells quickly and you receive a great offer because your home is in high demand, not because you priced it too low.