Quote:
Originally Posted by Velvet
How important is closing day walk through on resale house? What can you do if you can’t be there for some reason?
|
Always do a walk through. It protects you from any surprises, as other posters have mentioned. You can have your Real Estate agent do it for you, as long as they know what to expect to see. You would need to take your agent on a walk through, prior to closing, so that they can see the property in the condition that you expect to receive it.
Please understand that there are 3 "types" of agents.
Sellers Agent: They represent the best interest of the Seller. Their fiduciary requirement is to the Seller. The will assist you, the Buyer, with the purchase, in the Sellers best interest. This is usually the agent you meet at an Open House. They are paid by the Seller.
Buyers Agent: They represent the best interest of the Buyer. Their fiduciary requirement is to you, the Buyer. The will assist you with the purchase, operating on your behalf. This is usually the agent you call and ask them to show you various homes. They are paid by the Sellers Brokerage Agency.
Dual Agency: In some states, if the agent represents both the Buyer and Seller, it is known as Dual Agency. The agent now has to be fair to both sides, but the fiduciary requirement is now towards the legal fulfillment of the sales contract. Personal interest or requirements of either the Buyer or Seller may, or may not, always be considered. They are paid by the Seller.
Many states require the agent to disclose to you, in writing, an Agency Disclosure that tells you who they represent. You should get this up front, before starting any transaction.
You can chose how you wish to go forward. Most transactions go smoothly with the Sellers agent assisting the Buyer. People usually only post the bad ones. You have the freedom to make you own choice. Just know your options.
Cheers!