What is a Buyer's Walk Through Inspection

Today was a good day in real estate, The Buyer's Walk through inspection.  the last 6 weeks have been rough. For some reason every lender that my clients used (and there were 4 different one) decided that despite promising a 14 day approval and 30 day close, it just did not happen. It was as some one just turned of the money spicot. Anyway, I managed to get the  clients through the escrows and today was walk through for a condo in Menlo Park.  

At the walk through the buyer checks to make sure that everything is in the same general condition as when the offer was made.  If any repairs were agreed upon they have been completed.  We check the plumbing, make sure no windows were broken, use the appliances, and turn lights on.  Sometimes the seller will be at the walk through to show the new buyer how to work things. sometimes the seller's agent is there to help out. Sometimes the buyer and his/her agent are there alone.

What many buyers do not realize about the walk through in California is that if something is found to be wrong it is not a license to hold up the escrow.  The remedy is to ask the seller to fix the problem, and if they do not agree you need to close escrow and then proceed to take legal action. You can not just say I am not closing escrow unless the broken window is fixed. 

I have had some interesting experiences at closes. Very often the seller is not aware of the obligations of what they need to leave behind, and sometimes they just do not care.  On one sale a seller fixed the septic tank, but dug up the whole yard to get it fixed, and never replaced the ground cover.  Sometimes window coverings are removed when they are supposed to stay.  Sometimes houses have burn down. (that was actually an office mates walk through.)

So, even if you were just at the house you are buying the week before, it is a very good idea to do your walk through at the very end. that way, if something really bizarre has happened, like the house burning down, you know what has happened and can deal with it. And while you can not hold up an close for missing curtains, you absolutely can for a burned down home.

If you have any questions about buying or selling homes in San Mateo or Santa Clara counties, please feel free to contact me:

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

How Will Litigation Affect My Getting a Loan for a Palo Alto Condo?

You have been searching for months and finally found the condo that works the best for you. It is all remodeled with your taste, is on the top floor, has ample parking, inside laundry, and air conditioning in your price range.  Sound like a fantasy.

The disclosures are on line and when you and your agent read them you discover your dream home just turned into a nightmare.  The HOA is suing the builder, or the someone is suing the HOA.  Well, there goes the loan.

Getting a loan on a condo is a little more difficult than getting a loan on a single family home to begin with.  If you add in a law suite it becomes almost impossible.  Without a cash buyer or maybe a hard money lender (private investor) the home will probably not sell.  

So what should you do?  I wish I had a majic bullet, but unfortunately I don't. However, you can talk to a lender before you make an offer and see if they will make an exception for the type of law suite occurring.  You can try to get cash from a relative, or you can try to find a private investor until the suite is settled.

Other than that, I am afraid I have to say you will need to move on.

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales