Closing on Your New Home Today? Do Your “Final” Walk-through Before Signing!
Why is a walk-through important before you close on your new home?
Hey all. Doing a quick walk through of this property in Eastpointe Michigan on Wilmot Avenue. Just wanted to stop by here and make sure everything is in good order before I turn the keys over to the buyer and new owner. It’s important to do your walkthrough. As a buyer, make sure you’re doing your walkthrough, make sure you and your agent are going to the property before you sign on the dotted line and make things final. Do your walkthrough. Generally the walkthroughs are pretty quick, pretty simple and that’s a good thing. That means everything is in order. The house is exactly as it should be in terms of condition to when you put the offer in and to when you had the property inspected. You want to make sure nothing changed.
That not only goes for the condition of the property, but things like light fixtures, things like appliances, make sure they’re right, make sure they are as they’re supposed to be. If you had some new Samsung stainless steel appliances in the house when you put the offer in, make sure that they’re not old white Frigidaire’s or something that is not supposed to be there. Just make sure that your appliances, your fixtures, the condition of the house is all in the same order as to when you put the offer in and as to when you had it inspected. Because sometimes after you have the property inspected, there are repairs that are made that you as the buyer want to verify and make sure are done before you close.
It’s very, very important. I prefer to do my walkthroughs the same day as closing, leading up to the closing. But even if you can’t be there, have somebody that you trust go out to the property and do a walkthrough. Again, very, very important.
Everything here looks great and we’re going to be going to the closing table and this property is getting turned over from investor A to investor B. Meaning the buyer of this property is an investor and will be buying this home to lease out as a buy and hold. As an investor Eastpointe Michigan is a great, great area for cashflow, for buy and hold, a great community, great community services. The city does a wonderful job. I personally love it as an investor in Eastpointe. Eastpointe is a great area if you are looking to buy and hold, check it out. This, the seller of this property bought this 10 years ago. He had the opportunity because of the timing, he had the opportunity of gaining both on the appreciation and on the cashflow, so he bought it in 2009 for $21,000. Selling it today for $72,500 so that’s going to be a great deal for him as well.
Now one tactic to use that you could use as a buyer if you are financing your deal. If you’re going to be buying an investment property and you’re getting a mortgage, which is, it’s a great time to do that because rates are cheap. You can leverage that very well, is to ask for concessions. Seller concessions are a great way to minimize some of the money that you as the buyer have to pay out of pocket and you can take that savings and put that back into the house, if needed. If you’re looking at, I have to repaint the home or put some new carpet in the house, ask for some concessions back from the seller. Even if you have to increase your offer a bit and get some of that back in concessions, do it because you’re going to be leveraging, you’re going to be getting a mortgage on it and leveraging the financing.
The cost of that is very low right now compared to compared to what future rates are going to potentially be. Use that. Save some money in your pocket and use that money, that savings to put back into the rental property and get that into the condition that you need to get it in. Again, Eastpointe, if you’re looking to buy and hold, if you’re looking to invest, Eastpointe is a great area. I highly recommend it. If you’re a first time home buyer and looking for a starter home in this part of town, on the east side of Michigan, Eastpointe, Roseville, St. Clair Shores, all of these places are fantastic areas.