Here’s a sign of how tight inventory levels have been lately: More homes are selling in a flash—finding a buyer within 24 hours of being listed. Sound unlikely? Angela Catanzaro thought so, too, until her Broward County, Fla., home received a written offer one day after their listing hit the Internet. The home she and her husband decided to buy was also on the market for less than a day; they pounced on it after struggling to find quality properties that didn’t “need work.” They plan to close on both transactions this month. “We weren’t anticipating our home to sell so fast, so we asked if it was OK to stay until June so our daughter could finish school,” Catanzaro said. Read more.
The time has almost come for you to move into your new dream home, but there are steps you need to take on the final walk-thru to ensure everything is kosher. One of the main things that happen on your final walk-thru is double-checking to see any unexpected repairs weren’t taken care of or anything major has happened since the last time you took a look at the house.
You don’t even need to have taken real estate investing courses to understand and know all of the things that go into making sure your new property is at the point where you are ready to sign on the dotted lines.
Here are some quick tips on what to have on your checklist during the final walk-thru:
Test All Appliances
Make sure that not only all of the appliances that were agreed upon are still in the house, but make sure that they are all properly working. Do not hesitate to test everything, whether it is the stove, dishwasher, fridge, freezer – whatever it may be, test it. The last thing you want to do it assume that they are all functional and then when you move it, you are already out a few thousand dollars trying to replace what you expected to be working.
Check All Repairs
Not only should you test the appliances to make sure they are working properly, but you also need to check to make sure all of the agreed-upon repairs have been taken care of and none are outstanding. The house needs to be in the condition that both parties agreed on and the walk-thru is the final time to verify the repairs were indeed fixed.
Inspect Walls and Floors
By the time you go through the final walk-thru, the previous owners have already moved their items around and out of the house. That being said, make sure to inspect...
Home prices continued to speed upward in March, posting their biggest year-over-year gain since April 2006, according to a widely-followed index. Property values shot up almost 11 percent in March over the past year according to the S&P/Case-Shiller home price index released Tuesday. March's gain comes on top of a more than 9 percent gain in February, sparking fears that some U.S. housing markets might be overheating. Las Vegas, Phoenix, and San Francisco all posted appreciation rates of more than 20 percent. Even the smallest gains -- 2.6 percent in New York, 4.8 percent in Cleveland and 6.7 percent in Boston -- were characterized as "quite substantial" in the report. Read more.