Transcript

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how’s it going everyone Matt Leighton
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and welcome back to another video in
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this video we’re gonna be talking about
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the final walkthrough so congratulations
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your offer was submitted you negotiated
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every contingency you finally got all
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that paperwork from your lender yes it
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was a lot and now it’s come settlement
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day and you are ready to sign pop quiz
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what’s the last thing you do before you
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go to settlement no it’s not throw a
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raging party the night before and never
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see your security deposit again though
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if you do throw that party be sure to
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give me a call no the last thing you do
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is to do a final walkthrough at the
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property that you are about to purchase
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that’s what we’re gonna be talking about
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in today’s video i’m here in lacey woods
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Park in North Arlington it’s a little
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bit colder but usually this basketball
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court is filled up the playground is
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filled up and there would be more than
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one or two dogs running behind me even
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though I don’t know if dogs are allowed
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so the final walkthrough what is it when
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should you do it and why is it important
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what is it it is the final inspection of
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the property that is done before
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settlement to make sure that the
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property is in the same condition as
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when the home inspection was done or the
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date of the offer especially it’s
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important if you have gone ahead and
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negotiate the home inspection
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contingency and have had where payers
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done when is that final walkthrough done
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well it’s not done right before closing
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if you do it an hour before closing
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you’re gonna have a bad time reason
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being if something’s not done and you’re
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settling in 30 minutes what are you
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gonna do you’re gonna call your
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contractor no that’s not going to work
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out it’s usually done about three days I
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like to say three days maybe even two
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days before settlement that way if there
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are any discrepancies you will know
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beforehand and you’re kind of
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bulletproofing yourself from any
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last-second changes and finally why is
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it important well it’s important because
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a lot of times you might have five or
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ten things if you’re the buyer or seller
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that either one you need a remedy or two
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you know if you’re the purchaser you
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need to have fix so that’s why we do put
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four in in addition as a purchaser be
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sure you’re getting those receipts for
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the work done if you know you don’t have
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any contingencies or you didn’t get any
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work done or anything like that on a
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walkthrough is pretty much ten minutes
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out of your life but maybe you just go
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through the motions and do it anyway
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so do it three days before get the
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receipts you should be in the clear one
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thing that could happen is with the
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seller moving out the tenant moving out
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and the electricity bills switching over
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sometimes you might do the final
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walkthrough with no electricity that’s
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never a good thing but if the seller was
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literally living there a day before and
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you had done your home inspection three
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weeks before that there’s a good chance
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that the appliances are still working I
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want to get too caught up on if the
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refrigerator’s not plugged in or if the
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stove isn’t plugged in as well I
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wouldn’t focus on that what I would
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focus on is the repairs that were done
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and maybe even go in before three days
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maybe go in a couple weeks before if
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there was a major repair just to make
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sure that it is up to the level that
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you’re expecting it to be finally you
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have done the walkthrough you have
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gotten receipts you have checked the
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work done
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when the seller moves out it’s gonna be
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broom cleaned which basically means not
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going to be entirely clean they’re gonna
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be paint marks they’re gonna be scuffs
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there’s going to be holes in the wall as
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the buyer you kind of have to set your
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expectations a little bit lower this
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isn’t an apartment where you’re gonna
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have a fresh coat of paint and
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everything’s gonna be steam cleaned
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unless that was worked into the contract
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so when you go under contract and you do
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your final walkthrough expect there to
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be marked expect some patch work to be
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done expect a couple holes in the wall
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because the seller that’s not their
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responsibility they might even leave a
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few things behind and you know obviously
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we don’t want that to happen but
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occasionally it you know it happens just
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want to set those expectations all right
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that’s all I got for you today in this
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video you learned what the final
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walkthrough is when you do it and why
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it’s important if you thought this video
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was helpful be sure to hit that thumbs
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up button and I’ll see you in the next
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video until next time create a
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productive day
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take care

Posted by Admin