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Buying Property? Things to Look for When Doing a Final Walk-Through

Dusty Rhodes • January 6, 2020

Are you in the process of buying? It's never easy, but sometimes it gets pretty close. Just being aware of the next steps can make the process so much easier. One key thing to be ready for, though, is the final walk-through. This usually is a day or two before you sit down and sign the final paperwork, and it's a key part of the process. All of the below items should already be covered in an inspection when buying with a mortgage, but they are still good to look for, on the rare chance that an inspector missed it. Providing his own experience, Marcus from Bigger Pockets gives us his top things to look for in a final walkthrough:


Buying a home for a rental, flip, or a primary residence, there are a few things you need to look for when conducting a final walk-through. As an investor and Realtor, I’ve seen some tricks by sellers. In this article, I’ll provide you my perspective on what to look for when conducting a final walk-through.


What to Look for in a Walk-Through When Buying Property

As a Realtor, I have a fiduciary responsibility to my buyer. I must be the eyes and ears of the transaction. I also have to understand what the seller desires. This can become difficult to navigate, but as long as the client’s best interest is represented, then the Realtor’s job is done.


Let’s discuss what a buyer needs to look for when doing a final walk-through. I have noted seven items in particular. These are not in the order of importance. However, all items can determine the likelihood of whether an acquisition will be disastrous or profitable.


Infestations

An infestation can be something as harmful as ants or as detrimental as bed bugs or termites. Remediation of an infestation can be as simple as going to your local home supply store. But in the worst case scenario, fixing this type of problem could cost thousands. I highly recommend being proactive and having an inspection completed.


In the past, I was surprised when walking a potential flip and discovering the house was infested with bees. The picture below does not express the magnitude of the bee colony and hive, which spanned the entire inner wall.


Water Damage

Being cognizant of water damage can save you thousands. It’s important to look in areas where water might be evident, especially if there’s an indication of an aging roof. Examine the ceilings for water spots. Other key areas to check are around the water heater and under sinks. 

In regions where properties have basements, I suggest looking for moisture around baseboards and water lines on the dry wall or block walls.


Asbestos, Mold, & Lead-Based Paint

In most states, if not all, these are disclosure items. That means, by law if the seller is aware or there’s evidence of any one of these three issues, it must be disclosed to the buyer.


In the past, a real estate transaction hinged on the premise of “buyer beware.” With new state regulations, there’s an effort to protect the buyer. Asbestos, mold, and lead paint disposal must meet certain environmental disposal regulations. Therefore, the fees associated with remediation and disposal are higher than traditional disposals due to the carcinogens in the materials.


Plumbing and Electrical

Plumbing and electrical are possibly the most critical components to inspect. Utilizing a professional home inspector and having a contractor review the systems is essential. In older homes, cast iron piping is something that needs to be replaced for the functionality of the plumbing.


Also, in older homes, knob and tube electrical or buss fuses are problematic. Rewiring or upgrading the electrical will cost thousands of dollars, which can blow a rehab budget quickly.


For the above reasons, these seven items need to be evaluated prior to purchasing a property. But there are many more items, such as roofing, foundation, and other structural issues, that are critical to check, as well. For that reason, my suggestion to my clients is always to have a professional home inspection done.




Source: Bigger Pockets


Dusty Rhodes Properties is the Best Realtor in Myrtle Beach! We do everything in our power to help you find the home of your dreams. With experience, expertise, and passion, we are the perfect partner for you in Myrtle Beach, South Carolina. We love what we do and it shows. With more than 22 years of experience in the field, we know our industry like the back of our hands. There’s no challenge too big or too small, and we dedicate our utmost energy to every project we take on. We search thousands of the active and new listings from Aynor, Carolina Forest, Conway, Garden City Beach, Longs, Loris, Murrells Inlet, Myrtle Beach, North Myrtle Beach, Pawleys Island, and Surfside Beach real estate listings to find the hottest deals just for you!


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Myrtle Beach OKs extension for halting new long-term rentals near ocean

By Dusty Rhodes • November 18, 2024
Myrtle Beach City Council on Tuesday approved first reading to extend the temporary moratorium established in the spring that halted converting short-term rentals into long-term ones. The original ordinance passed first reading on April 9 and second reading on May 14. It imposed a 270-day halt on “acceptance, review and approval of applications to convert multi-family short-term rental properties to multi-family long-term rental properties within an area spanning from the east or seaward side of Ocean Boulevard to Kings Highway, and from Grand Dunes Boulevard to the point where Ocean Boulevard and Kings Highway intersect near the south city limits,” the ordinance reads. The 270-day halt was set to expire in January, according to the ordinance. The extension adds another 60 days to the moratorium. The council also approved a motion to declare certain vehicles abandoned or derelict in an effort to improve the appearance of both commercial and residential neighborhoods. “This report includes vehicles staff tagged as abandoned or derelict. Council’s approval allows these vehicles to be towed from their private property locations to a tow yard where they may be reclaimed by the current owner upon payment of the applicable towing and storage fees,” the motion reads. “If the vehicles are not claimed by the owner within 30 days of the required notice, then the tow company may sell the vehicle and keep the proceeds as compensation.” All four items on the consent agenda passed, including three grants of $110,262, $84,825 and $300,000. The $110,262 grant comes from the South Carolina Department of Public Safety and is for continuation of Myrtle Beach police’s Project Safe Neighborhoods program. According to the motion, the funds will be used “to support the full-time NIBIN detective dedicated to the acquisition, correlation, analysis, investigation, and prosecution of gun and gun-related crimes.” The $84,825 grant comes from the South Carolina Attorney General for the Violence Against Women Act. Those funds will be used “to support the hiring of a Police Victim Advocate dedicated to immediately responding to the safety needs of victims of violent crime. This position will allow Myrtle Beach police to provide, enhance, and expand its direct services to primary and secondary victims.” The $300,000 grant comes from the South Carolina Department of Alcohol and Other Drug Abuse Services and will allow Myrtle Beach police to establish a Law Enforcement Assisted Diversion (LEAD) program. “LEAD is a pre-booking diversion program that allows law enforcement that allows law enforcement to redirect low-level offenders to community services, including mental health services and drug rehabilitation,” the motion reads. “MBPD will use this funding for two Health Outreach Coordinators and scholarships for participants.” Before the meeting, proclamations were also made recognizing former Horry County Police Chief Joe Hill, who retired last month, as well as Horry County Administrator Steve Gosnell, who will retire in December. Gosnell was awarded the Order of the Palmetto in September.

Ways to Thank Service Members and Veterans

By Dusty Rhodes • November 11, 2024
While any time is a good time to thank military members for their service, some military-related holidays and observances are an especially great time to recognize those who took the oath to serve and protect our country. Looking to show your appreciation for service members and veterans beyond just words? Here are a few ideas. Acts of Service Buy a meal. If you see a service member in uniform or recognize someone is a veteran while dining out, picking up the tab for their meal is a nice gesture – and an even better surprise. Lend a hand. Are you good at carpentry, plumbing, or landscaping? Do you enjoy sewing, cooking, or cleaning? Offer your skills to help a military family in need, especially if a service member is deployed. Using these skills to show your support could ] brighten someone’s day and make life a little easier for military families juggling responsibilities. Volunteer at a VA hospital or veterans’ shelter. Not every veteran has someone checking up on them, so seeing a friendly face, especially during times of struggle, could mean more than you know. VA medical facilities depend on volunteers to help with various services, including visiting patients, running errands, or helping facilitate recreational activities. In addition, serving meals at a veterans’ shelter or donating goods to food pantries and shelters that serve veterans helps ensure basic needs are being cared for. Connect With Veteran Networks Participate in parades and other veteran events. Many cities hold parades and celebration events during military-related holidays, like Memorial Day and Veterans Day. By attending the events, you can show your gratitude in person. Consider joining wreath-laying ceremonies for Memorial Day to honor those who made the ultimate sacrifice, or take your family to one of the many Veterans Day events across the country to show your support. Check-in with military families. If you know someone or have neighbors with a service member in the family who is stationed away from their loved ones, take time to check in and let them know you’re there to help if needed. The simple gesture will help the family know they have support and give the service member more peace of mind, knowing there is someone nearby to look in on their family members . Listen to veterans’ stories. If you meet a veteran, take time to connect and learn more about their time in service. You’ll likely be amazed and inspired by their stories. If you’re a company or organization seeking a veteran speaker for an event or fundraiser, programs like Wounded Warrior Project’s Warriors Speak® give warriors and military caregivers a platform to share their stories and raise awareness of the needs of injured veterans. Donate to a veterans’ charity. One of the easiest and most impactful ways to honor service members and veterans is to donate to a veterans service organization (VSO). Wounded Warrior Project is dedicated to serving veterans and their families by providing a holistic approach to care, including mental wellness , physical health and wellness , peer support , financial education , and much more. Supporting VSOs is a meaningful way to empower veterans to thrive and live their lives to the fullest. Send a Military Care Package Another way to thank active-duty service members is to send a military care package. Even during peacetime, there are things service members stationed in the U.S. and abroad can use and enjoy. It also doesn’t hurt to get an unexpected gift and reminder of home when you’re away from family. Here are some ideas on what to send in a military care package: Toiletries: Items like deodorant, soap, shampoo, and razors are always needed and appreciated. Costs for these little things can add up, and they are necessary, whether in the field, deployed overseas, or even at home. Deck of cards, puzzles, books. Even with all our modern technology, a deck of playing cards is a classic care package item. Books, puzzles, and games can also be a fun way to pass the time on deployment, in the field (if allowed), or at the barracks. Feminine-hygiene products. Women are the fastest-growing demographic of veterans, and more and more are serving in the Armed Forces. Sending items specifically to women warriors shows them they’re being seen for their service and helps provide much-needed supplies that are often an extra expense for servicewomen. Snacks. Consider portable snacks like beef jerky, trail mix, or energy bars for warriors in combat zones. For those in basic training or stationed away from home, send local treats or popular snacks that are easy to share. Add comfort items like soup cups, instant coffee, flavored drink mixes, or cookies. A card or letter. It’s always nice to hear that what you’re doing is appreciated. When sending a note or card in a military care package, include how important the service member’s sacrifice is to you why it matters. Reading these words of support and appreciation can go a long way in brightening someone’s day. Regardless of how you decide to show your appreciation to service members and veterans, we must never forget the sacrifice members of the U.S. Armed Forces are willing to make for us. Find out other ways you can help wounded veterans. Contact: — Paris Moulden, Public Relations, pmoulden@woundedwarriorproject.org, 904.570.7910 About Wounded Warrior Project Since 2003, Wounded Warrior Project® (WWP) has been meeting the growing needs of warriors, their families, and caregivers — helping them achieve their highest ambition. Learn more . 

Why Home Sales Historically Bounce Back After Presidential Elections

By Dusty Rhodes • October 28, 2024
With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG , in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day ( see graph below ): 
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