Most people acquiring residential real estate view a transaction as effectively over once they have a closing scheduled. Especially after the completion of any necessary appraisals and inspections, they may feel confident that they can soon obtain the keys to their new home.
Unfortunately, when they do the final walkthrough inspection of the property prior to the actual closing appointment, the situation may be different than they expect. The owner may have removed fixtures and other features of the property that the buyer should have received as part of the transaction. They or the moving company they hired may have caused substantial damage to the property.
The hardwood floors could have deep scrapes, or there could be holes and plaster walls and broken glass in some of the windows. In cases where the damage represents thousands of dollars in repair costs, buyers may feel anxious about shouldering that expense when the property was not initially in that condition.
How can buyers hold sellers accountable for those damages?
Documenting and quantifying damages
The first step when addressing damages uncovered in a final walkthrough is to document them using a phone or other device. From there, the buyers may need to talk to professionals to determine the likely cost of making repairs. Then, they may need to reach out to their real estate agent or the attorney assisting them with the transaction. That professional can then contact the agent representing the sellers or the sellers themselves if they listed the property for sale by owner.
Renegotiating the contract
Buyers can ask for a few different concessions from sellers who substantially damage a property before closing. In some cases, they may ask the sellers to change the closing price to reflect the cost of repairing the property. Other times, the buyers may ask for direct compensation for the cost of repairing the damages. Sellers may be more amenable to the second approach, especially if they hired a professional moving company. Moving companies often carry specialized insurance that can pay for any damage they cause to possessions or homes.
Invoking contingency clauses
Unfortunately, sellers sometimes refuse to take responsibility for damaging a property. They may try to call the buyer’s bluff and insist that they want to close for the same price without providing any kind of support for the damages they cost. In that scenario, buyers may need to review their offer and move forward with canceling the closing.
Other times, it may be possible to initiate litigation because the property was not in the promised condition at the time of the closing if canceling the transaction is not feasible. Holding the sellers accountable for damaging a residential property can be a frustrating and complicated process. Buyers often need help protecting themselves at every stage of a residential real estate transaction, including when they think the process is nearly over.