Terminology Tuesday – Final Walk Through

(Note: I think it’s important to know the terminology and words used when learning any new business including mobile home investing. I came up with ‘Terminology Tuesday’ as a way to go over the terminology used in the mobile home business. It’s important to know the terminology when talking to people in the business so you’re all on the same page).

Video Link

When working with both sellers and buyers, I always do a final walk through on the day of closing. For me, it’s important to conduct it on the day of closing so that there are no surprises. (And, believe me there can be some pretty wild ones in this business!)

Though some folks may conduct their final walk through a day or two before closing, I really feel more comfortable doing it on the day of closing even if it means taking up more time.

Basically, I usually meet with the other party at the home on the day of closing (whether it be the seller or the buyer). Then, we proceed to do a walk through of the home making note of what was agreed upon. After wards, then we proceed to continue by doing the rest of the paperwork for the closing.

(Note: When working with both sellers and buyers, I always do a smoke detector verification check on the day of closing. Before we close, I want to make sure all of the smoke detectors are working).

By conducting a final walk through on the day of closing (on both the seller and the buyer end), it gives me peace of mind that all parties can confirm the condition of the home as well as confirm what they are getting on that day.

(Note: When working with sellers, I always start insurance coverage on the day of closing. Usually, I will let my insurance agent know ahead of time the scheduled closing day and usually plan to bind coverage for that day).

I hope this “Terminology Tuesday” post has been helpful and has given you some useful information to use.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!