REO Final Walk through (banks, property, inspection, state)

[Zinva]

If a bank Winterize and De-winterize a REO property for inspection. Should we expect the same at the final
walk through?

[willow wind]

Ask them what their policy is. It varies.

I have a friend who recently closed on a Bank of America sale. They dewinterized /re-winterized for the home inspection. It was her responsibility and cost to get the utilities on after closing.

[Zinva]

Do you mean that it is a buyer responsibility or the bank?

[willow wind]

In the case I noted, it was the buyer's cost and responsibility.

[AZJoeD]

Originally Posted by Zinva

If a bank Winterize and De-winterize a REO property for inspection. Should we expect the same at the final
walk through?

It is normally the buyers responsibility, but for a final walk through which should be like 1 day before closing (or even the same day) I do not see the need to winterize, again, unless you do not plan to take possession right away. Have the power, water turned on, at your expense and leave it on. 1 or 2 days should not make a difference.

[Zinva]

Thanks everyone.
Planning to take possession at the closing date, therefore, winterizing back will not be an issue. But we are concerned if we de winterize on our own at the final walk through and the worst happened then who will be responsible. We don't owned the property at the walk through.

[willow wind]

That's the risk you take unfortunately. Nothing is likely to happen the same day or overnight, but it would be your problem.

The lender is not going to give on this, it's their way or the highway. Hopefully you'll be able to coordinate so that you do a final walk-through / get utilities on the AM of the closing and then close late in the afternoon. Or get utilities on the day before, then close early in the AM the next day.

[Zinva]

Good Morning:

There was frozen frozen pipe and the pipe bursting problem because of faulty weatherization. But that has been fixed and the same company re-winterized the property after that. Since it is much colder now and the same thing could happen when we turn on the water during the walk-through.

[NinaN]

It is still the banks property at the walk-through. If they did not winterized properly and another was broken when you turn the water on, I would think it would be the banks issue.

I had a client do the walk-through and sign on a property. In the days it took for the bank to do their final approval of the HUD one statement, somebody stole the air conditioner unit. It was the banks problem and they had to replace it before we can close on the house.