What Is a Final Walkthrough When Buying a Home in Las Vegas?
You’ve made an offer, completed inspections, worked through financing and escrow, and closing day is approaching. Before you finish buying your Las Vegas home, there is usually one more important visit to the property: the final walkthrough.
A final walkthrough gives the buyer an opportunity to see the home shortly before closing and confirm that its condition is generally consistent with what was agreed upon in the purchase contract.
When Does the Final Walkthrough Happen?
The final walkthrough typically takes place near the end of the transaction, shortly before closing.
By this point, inspections and negotiations have usually been completed, the lender may be finishing its final requirements, and escrow is preparing for the transaction to close.
Is a Final Walkthrough Another Home Inspection?
No. A final walkthrough and a home inspection serve different purposes.
The home inspection occurs earlier in the transaction and gives the buyer an opportunity to learn more about the property’s condition.
The final walkthrough isn’t intended to reopen the entire inspection process. Instead, you’re checking the property near closing to make sure there haven’t been unexpected changes and that agreed-upon items have been addressed.
What Should You Look for During a Final Walkthrough?
Walk through the property carefully rather than treating it as one last tour before you get the keys.
Check that the home appears to be in the expected condition, that items intended to remain with the property are still there, and that the seller has removed personal belongings as required.
You may also want to operate lights, plumbing fixtures, appliances or other systems included with the property and look for any obvious damage that may have occurred since you last visited the home.
If repairs or other work were agreed upon during the transaction, this is also an opportunity to confirm their status.
What If You Find a Problem During the Final Walkthrough?
Finding something unexpected doesn’t necessarily mean the transaction won’t close.
What happens next depends on the issue, the purchase agreement, and the circumstances. A minor problem may have a relatively simple solution, while a significant change in the property’s condition may require additional discussion before closing.
The important thing is to raise a concern before the transaction closes, rather than discovering it after you’ve taken ownership.
Can You Skip the Final Walkthrough?
A buyer may be tempted to skip the walkthrough, particularly if the home looked fine during the inspection or the property is vacant.
But a property can change between the inspection and closing.
Moving furniture can reveal damage. Plumbing problems can develop. Agreed-upon repairs may not have been completed as expected. Items that were supposed to remain with the property could be missing.
For the relatively small amount of time involved, the final walkthrough can provide valuable peace of mind before completing the purchase.
What Happens After the Final Walkthrough?
If everything looks as expected, you’re another step closer to closing.
The remaining process generally involves completing the required documents, providing any funds needed from the buyer, satisfying lender and escrow requirements, and finalizing the transfer of ownership.
The final walkthrough is one of several important steps after your offer is accepted and before you receive the keys.
Getting Ready to Close on Your Las Vegas Home
By the time you reach the final walkthrough, most of the home-buying journey is behind you.
Take your time, look carefully at the property, and ask questions if something doesn’t appear right. Once everything is ready and the transaction closes, you can finally stop thinking like the buyer and start thinking like the homeowner.
If you’re buying a home in Las Vegas or Henderson, I can help you navigate the process from the initial home search through the final walkthrough and closing.
