Rental Property Investor · Larkspur, CO · Member since 2018 · 198 posts · 179 votes
We bought a home that had a nice washer and dryer included with it per the disclosure. They were still there when our realtor did the final walkthrough, then walked off before we took possession. Then on the next house the AC unit was stolen between final walk through and closing. This obviously gets expensive and I suspect as society slides it’ll only become more common. How can I prevent this? Is there a way to have locks changed and kept by a third party as part of the final walk through? Or could I add a clause that allows me to put up some cell signal security cameras to protect an item like the AC condenser during that time? Or is it acceptable to require a walk through the morning of closing? I’d really like that…
Yes. I thought that’s what you were doing and calling it very bad luck.
You should ALWAYS walkthrough on your way to closing. I drive to the property, walk it, then drive to closing, then drive back to change locks. That’s about 1-2 hours of risk. It has to be same day. What if it flooded from a water leak or burned down the night before?
If you’re out of state or remote closing you have your realtor walk it on their way to closing and send a few time stamped pix of front and back of outside and kitchen (to show they went inside) as well as any problems/differences found.
Yes. I thought that’s what you were doing and calling it very bad luck.
You should ALWAYS walkthrough on your way to closing. I drive to the property, walk it, then drive to closing, then drive back to change locks. That’s about 1-2 hours of risk. It has to be same day. What if it flooded from a water leak or burned down the night before?
If you’re out of state or remote closing you have your realtor walk it on their way to closing and send a few time stamped pix of front and back of outside and kitchen (to show they went inside) as well as any problems/differences found.
Always always always do a walkthrough immediately before closing. No negotiations are needes on that. It is standard practice. If appliances aren’t walking off you could walk into a flood or a fire or something else. Had that happen!
Thanks guys! We’ve closed on 5 properties over the years and never done one on the day of closing. I figured it just wasn’t normally done that way… But it is from now on for me!
Our local contracts are typically ‘as last viewed’, and as such, we don’t do a final walk through. Any shortfalls on possession day are itemized and driven back against the sellers.
Looks like bad luck since neighbor also got hit with solen stuff.
As a note, and it seems you were proactive, you or your Agent did a final walkthrough prior to go to closing. If something is missing before the closing signatures, or for example water runs off the property, then you can reevaluate the situation. Be sure to know the state laws, sometimes even if you close on a certain day and time, you can't occupy the property until 12:01 am next day after "closing" etc. Insurance companies know this very well, and should your Agent/broker. Also I would recommend your insurance company is aware of the day and time of the transaction, they can help in these situations.
Sometimes a loud enough appliance/equipment (TV, radio) will do the trick in between occupying the property after closing. Smart lights etc also can help but unlikely since you may not have wi-fi/internet service yet right after closing.
Our local contracts are typically ‘as last viewed’, and as such, we don’t do a final walk through. Any shortfalls on possession day are itemized and driven back against the sellers.
Driven back against the sellers? Meaning what? Taking these people to small claims is like wringing water from a rock. What other recourse is there?