Wednesday, December 13, 2017

McAllen Texas - What Is The Purpose Of The Final Walkthrough When Buying A Home?

Posted by Paul Sian at cincinkyrealestate.com/blog

What Is The Purpose Of The Final Walkthrough When Buying A Home?
After an offer on a home has been made, appraisal completed, inspection done and repairs negotiated, one of the last activities done prior to the actual closing on the home is the final walkthrough.  While a final walkthrough is not required it is highly recommended and serves a great purpose both for the home buyer as well as the home seller.  In the final walkthrough a homebuyer makes one last tour of the home in order to see the condition the home will be in once the buyer takes possession.  If there are major issues found during the final walkthrough then the buyer can refuse to close which means the transfer of ownership will not take place.  Usually the closing is put on hold until the issue is taken care or although in the rare occasion a closing can be completely called off if something substantial is discovered during the final walkthrough.   
After closing and taking possession of the home the buyer is generally responsible for everything associated with the home.  Of course if the seller failed to properly disclose an issue that should have been disclosed then the buyer may have recourse against the seller, but that is a topic for another article.    In this article the importance of the final walkthrough is explored along with suggestions for both the homebuyer and home seller as to what they should be doing prior to and during the final walkthrough.

How Should A Homebuyer Conduct The Final Walkthrough?
The final walkthrough is not a time to have another home inspection and look through the home with a fine tooth comb.  A home inspector could be brought along to inspect a home being purchased but don’t expect the seller to repair another laundry list of issues that should have been addressed during the initial inspection.  The final walkthrough is more of a general look at the home to ensure nothing major was damaged during the move out process or that fixtures and appliances that are supposed to remain in the home are still in fact in the home.
The ideal time to conduct the final walkthrough is when all the seller’s furniture has been moved out of the home.  Homebuyers should walkthrough and test major systems like the garage door opener, the HVAC system, open and close doors and windows which under the initial home inspection was inspected and reported to be operating condition or was serviced under the home inspection repair request.  If it is discovered that the HVAC system is no longer working when it was in the past then the homebuyer should immediately mention the issue to the home seller through their agent. 
A homebuyer is within their rights to delay a home closing due to faulty systems in the home that were previously working.  As an alternative homebuyers can request part of the proceeds of the sale of the home going to the seller be instead placed in escrow so that the buyer can be assured there is money set aside to make any repairs or replacement as need be.  A seller may prefer setting aside some money into escrow rather than delaying closing since they have already moved out of the house and are expecting to pay off mortgage loans on the day of closing.  A delayed closing could possibly result in a cancelled closing whereas a closing with escrow means the home ownership has transferred and all that needs to be address is payment for repairs.
Buyers going through the home prior to closing day should have a checklist prepared so that they cover everything that needs to be looked at.  Each and every room should be looked at to check for excess damage as a result of moving, areas which were previously not accessible due to furniture can also be looked at to ensure nothing major was being hidden from the buyer or their inspectors view.  Buyers should check and make sure all fixtures and appliances that are to remain with the home are indeed still there.  Another aspect to consider is are all fixtures and appliances the same ones seen during the initial viewing and during home inspection.
It is not unheard of to see premium fixtures and appliances replaced with cheap replacements just before closing.  The type and brand of fixtures found in the home at the time of the offer is what should be in the home at the time of the closing unless the seller specifically stated in the contract that a particular fixture or appliance would not be staying.  For example a family heirloom chandelier should be specifically exempted in the purchase contract as something that will not stay with the home.  If a home seller does swap out premium fixtures or appliances for cheaper ones and it was not stated as that would be done in the contract, then courts can order the home seller to compensate the homebuyer for the cost of replacing the cheap items with equal or better fixtures to match what was present when the offer was first made and accepted.
While minor dings or paint scratches may not be what a buyer is looking forward to when buying a move in ready home, the process of moving in and out can result in damage to the home.  Major damage such as large holes in drywall, broken doors or windows should be repaired by the seller or paid for by the seller.  This area also becomes a negotiating point since both the buyer and seller are in the process of moving and the question becomes as the buyer do you have the ability to stay in your current place in the event closing is delayed in order to make repairs?  Often times both the buyer and the seller are pressed for time and need to move.  The homebuyer can request that the seller put some money into escrow or write a check to cover the repairs paid directly to the buyers.  But if the home seller is not interested in negotiating and offers a take it or leave it attitude then the buyers will have to weigh the cost of fixing the damage themselves versus the cost of not being able to move into their new home when they planned to.

What Should A Home Seller Do Prior To The Final Walkthrough?
The final walkthrough is not just for the benefit of the homebuyer.  A home that looks good on walkthrough day means as a home seller you are one step closer to being done with the long process of selling your home.  The last thing a home seller wants to do is cast any doubt into the buyer’s mind that they are doing anything but making the right decision by buying your home.  What that means for the home seller is that everything should be moved out, cleaned up and repaired as needed.  Minor bumps and scratches in a wall should not kill a deal at this stage of the process. 
Broken windows, broken doors, non-working appliances and more can kill the deal to sell your home or reduce the proceeds from the sale that you are expecting to put into your bank account or into your new home.  Even worse is if all of the proceeds from the sale of the home are expected to pay off the mortgage and leave you at a break even position if repairs require a repair escrow account to be setup that money is coming out of your personal savings and you walk away from selling a home by paying out of your own pocket.  Don’t like that option?  Then the other choice is to cancel the sale and start the home selling process all over again if the buyers will not agree to anything less.  Most home sellers have already moved out by the time of the final walkthrough and are in a new home or renting a place under a long term lease.  Either way that means paying for two homes while only needing one.  You may even want to sue the buyer but even if your lawsuit has some merits it can take a case years to get resolved in the court system.
If damage to your home was covered by insured movers ask them to cover the cost of the repair and have the repair done as soon as possible.  If you or uninsured movers caused the damage then be prepared to make the repairs yourself if it looks professionally done or bring in a contractor to make the repairs.  If the repairs cannot be done right away let the buyers know about the damage and that repairs will be made either before or after closing as the case may be.  Be ready to put money into an escrow account if the buyers are demanding it.   Better to pay some money into an escrow account or sign an agreement to make the repairs and close on the property on time rather than delaying closing.  A delayed closing could also lead to a cancelled closing due to no fault of your own.  The buyer could have purchased a brand new sports car the original day of closing and now due to delayed closing the loan won’t be approved due to the new loan for the sports car showing up on the radar for the lender.

Should An Investment Property Buyer Do A Final Walkthrough
If an investment property buyer is buying a vacant building or vacant single family home then by all means a final walkthrough should be conducted.  Even if the building is in need of complete rehabilitation everything should be looked at again to know what needs to be repaired and in what order or to even make sure the building is still standing.  With vacant ready to move in investment buildings there still may be the transfer of fixtures and appliances that were present at the time of contract.  Buyers should make sure the building they are buying is the building and has the internal fixtures and appliances they contracted to buy.  For occupied investment properties while the buyer may not be able to access all occupied areas they should at least do a final walkthrough of vacant common areas and vacant living units to make sure they are in the condition they originally saw them when they made the offer and that all fixtures and appliances that are supposed to stay with the property are in fact present.

Bottom Line
The final walkthrough is an important activity that all buyers should do in order to make sure the home they want to buy is in as good condition as when they saw it prior to making an offer.  While minor bumps and scratches should not be a deal killer, buyers need to watch out if major issues are present.  Rather than delaying or cancelling closing the option to have money from the proceeds of the sale going into an escrow account to cover any needed repairs should be considered.

Call Marc Moran (956) 784-9874 for your Real Estate Needs.

Monday, December 4, 2017

Explore McAllen Texas


Explore McAllen-Reynosa

Life is Grande
Living is easy here on the Texas-Mexico border where traditional American values meet Hispanic hospitality. We are a young, family-oriented community that enjoys all the perks of big-city living - great schools, great jobs, great neighborhoods - all within the vicinity of the great outdoors. A stone's throw away from the white sandy beaches of South Padre Island, the mountains of historic Northern Mexico and the big cities of Texas, McAllen-Reynosa truly has the best to offer and delivers.

Bright Nights, Big City
McAllen's bustling Downtown District is just the tip of the iceberg when it comes to nightlife entertainment options. Whether you enjoy a quiet night with dinner and a glass of fine wine or the excitement of being on a crowded dance floor, McAllen offers it all.

Low-Cost, High-End
Shoppers from Mexico flood our sprawling La Plaza Mall and the nearby RGV Shopping Outlets for brand names at unbelievably low prices.

Another Day in Paradise
South Padre Island draws millions of people from all over the world to its gorgeous beaches, world-class fishing and pristine natural habitat. For the residents of McAllen/Reynosa, this beautiful beach is less than an hour away.

A World Away, Right Next Door
The natural wonders and cultural treasures of Mexico are all within reach for residents of McAllen/Reynosa.

Looking for Real Estate property in McAllen Texas view our website: www.HomesForSaleMcallen.com

Monday, November 20, 2017

Port of Brownsville ranked 2nd in the nation.

Ever wonder why they call our area the Third Coast?
Via the Port of Brownsville, we have access to the Gulf of Mexico and Atlantic Ocean and with improved interstate highways in Mexico, we also have access to the Pacific Ocean via the Mexican ports of Manzanillo and Lazaro Cardenas. The ability to ship quickly and efficiently all over the world is a top priority for manufacturers, and it's one of the reasons McAllen/Reynosa and our entire area continue to draw the globe's top companies to do business here on the border.


 If you need to Buy or Sell your Home then give us a Call (956) 429-3232

Tuesday, November 14, 2017

Gated Residential Lot For Sale 1012 E Helena Avenue McAllen, TX 78503


Homes For Sale in McAllen Texas

 


















Gated Residential Lot For Sale 1012 E Helena Avenue McAllen, TX 78503 


Residential Single Family
Residential
Level
45960
1.0551
None
McAllen
Del Lago
Hidalgo
McAllen ISD
Fields
Travis
Memorial H.S.
 
Gated Residential Lot For Sale  1012 E Helena Avenue McAllen, TX 78503 - Gated Subdivision in South McAllen, One Acre lot in Del Lago Subdivision. Lot has amazing view of the lake. Elegant Community offers: walking paths, gazebos, fountains and a lake.  Call (956) 429-3232 for more information.
List Price: $275,000


www.SellsRGV.com 

 

RGV Realty, McAllen Texas Homes for Sale by city, price, school or neighborhood. MLS Property Search for Land, Residential & Commercial Real Estate listings in McAllen, Edinburg, Sharyland, Mission, Weslaco & throughout the Rio Grande Valley
RGV Realty, homes for sale, land for sale, commercial property, casas en venta, locales comerciales 

 

Thursday, November 9, 2017

October 2017 Monthly Market Data Report for Real Estate Sales in Edinburg, McAllen, Mission and Pharr Texas.

October 2017 Monthly Market Data Report for Real Estate Sales in Edinburg, McAllen, Mission and Pharr Texas.








October 2017 Monthly Market Data Report for Real Estate Sales in Edinburg, McAllen, Mission and Pharr Texas.

Call: Marc Moran

www.SellsRGV.com

Monday, November 6, 2017

8 Essential Tips That Get Homes Sold Fast

8 Essential Tips That Get Homes Sold Fast (And For Top Dollar)

Tip No. 1 Know why you’re selling.
For Most people, selling their home means cashing in their biggest asset. In other words, it must be handled with great care if you hope to protect-and capitalize on – your investment.
This was written with one goal in mind; to give you the tools you need to maximize your profits, maintain control, and reduce stress that comes with the home-selling process.

Tip No. 2 Clean like you’ve never cleaned before.
Pick up, straighten, unclutter, scrub, scour, dust…well, you get the idea. If your living room feels crowded, take out very piece of furniture you can get away with. If your homes still isn’t ready to appear in House Beautiful, then clean some more. Remember, you’re not just competing with other people’s homes-you’re going up against brand-new homes as well.

Tip No. 3 Fix everything no matter how insignificant it may appear.
The step that squeaks, the light switch that doesn’t work, the hairline crack in the bathroom mirror-they might be minor annoyances to you, but they can also be deal-killers. The problem is that you never know what will turn a buyer off. Even something minor that’s gone unattended can suggest that perhaps there are bigger, less visible problems present as well.

Tip No. 4 Remove all traces of you from your home.
When you toured other people’s homes, you may have felt some discomfort. This probably occurred because you saw, heard or otherwise sensed something that made you feel as if you were intruding into someone’s life.
The last thing you want others to feel in visiting your home is that same sense of discomfort. Avoid this by making your home as neutral as possible. Anything that interferes with a prospective buyers’ ability to see themselves living in your home must be eliminated. A few carefully chosen knickknacks and family portraits may add warmth and character to the home, too many are a distraction. Avoid unique or trendy color schemes-paint and carpet in neutral shades of white or beige.

Tip No. 5 The little touches can make a difference.
While personal items can detract, other small touches can help make your house a home to buyers. A well-placed vase of flowers, accent pieces of sculpture, potpourri in the bathroom-all can enhance the attractiveness of your home in a subtle, soft spoken way. Try perusing any of the home magazines for tips.

Tip No. 6 Don’t let a smell be your downfall.
Odd smells kill deals quickly. All traces of food, pet and smoking odors must be eliminated. Even when you’re sure they’re gone, don’t encourage prospective buyers to imagine things. If they know that you’re a smoker or that you have a dog, they’ll start smelling odors and seeing stains that my not even exist. Be safe—don’t leave any clues.

Tip No. 7 Disclose everything.
Smart sellers proactively go above and beyond the laws to disclose all known defects to their buyers-in writing. If the buyer knows about a problem, he can’t come back with a lawsuit later on.

Tip No. 8 Hire an Experienced Real Estate Professional
Remember this:
Maximum Exposure=Maximum Home buyers=Maximum Price
A successful , experienced real estate professional can bring your home the maximum exposure it needs. You’ll want the most qualified real estate professional who’s sold numerous homes because they’ve gotten the job done for many other home sellers. How can an inexperienced person give you advice on something that’s so important? It takes years to learn and become an expert at anything. The most qualified agents have skills in marketing, pricing your home to sell, photography, home staging, negotiations, qualifying home buyers, sellers disclosures, real estate contracts, inspections, etc….
If it sounds like selling a home is a lot of work, it is. It’s to be expected when selling anything of such great value. If you’re thinking of making a move give us a call at (956) 784-9874 to see how we can help you get your home SOLD.


www.SellsRGV.com

Friday, November 3, 2017

For Sale Residential Lot - 5019 Walnut Avenue Edinburg, TX 78541









For Sale Residential Lot - 5019 Walnut Avenue Edinburg, TX 78541


Residential Single Family, Improved
Residential
Level
5200
0.119
None
Edinburg
Redbud #2
Hidalgo
Edinburg ISD
Truman
Garza
Edinburg North H.S.
 

For Sale Residential Lot - 5019 Walnut Avenue Edinburg, TX 78541 - This 5,200 Square foot residential lot is less than 5 miles from UTPA, Truman Elementary, & Edinburg North High School! Will not last Call (956) 429-3232 for more details.


List Price: $14,900