Options To Consider When You Encounter A Problem During The Final Walkthrough

Posted on: 15 October 2017

When you and your realtor conduct a final walkthrough of the home that you're in the process of buying, you don't want to encounter any surprises. Hopefully, any changes that you requested of the current owner have been adequately made, and you and your agent will finish the walkthrough feeling excited about the deal to be finalized. However, this won't always be the case. There may be times that you notice problems during the walkthrough, such as an issue that you didn't previously identify, or things that weren't done as requested. You have several options to consider when you find yourself in this situation, such as:

Give The Owner More Time

One option that you can pursue is to give the current owner more time to make the issue right. For example, if you're not happy with the quality of a paint job in a room, you can simply notify your real estate agent about your displeasure and request that the owner has the room repainted by a certain date. Generally, you'll find that owners are accommodating to such requests, provided that they're reasonable. The owner knows that he or she is extremely close to the sale being finalized, and won't typically want to do anything to compromise it.

Renegotiate The Price

Sometimes, you'll uncover a problem with the home but be in such a rush to take possession of the residence that you can't give the current owner more time. You and your agent can come up with a new purchase price to offer to the seller. You'll typically consider the price that it will cost you to address the problem, and then take this price off the current purchase price. The seller has the option to negotiate this amount with you, and it will ideally be favorable for all parties.

Walk Away

Although you might be upset at having to do so, the best option is to sometimes walk away from the house that you were expecting to buy. This may be necessary if the problem that you and your agent have discovered during the final walkthrough is significant — for example, there has been damage to the roof in a recent storm, and the owner does not want to pay for the repair work or lower the purchase price. The risk of having to walk away from a home purchase is generally low, but it's useful for you to know that it's an option.