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Updated almost 2 years ago on . Most recent reply

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Robert Mendenhall
27
Votes |
17
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Walkthrough contingency with active tenants.

Posted

Hey BP,

Im starting to put out offers looking for my first owner occupied duplex! I feel most of them are already occupied and Im not able to get in without being under contract. So we put in a walkthrough contingency to maybe avoid the inspection cost if it didnt pass my personal inspection first. If my offer were to get accepted Im curious on the ways to conduct a walkthrough with the current tenants stuff. 

What would be the appropriate way to go about this?

Most Popular Reply

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956
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663
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Bradley Buxton
  • Real Estate Agent
  • Nevada
663
Votes |
956
Posts
Bradley Buxton
  • Real Estate Agent
  • Nevada
Replied

@Robert Mendenhall

We always put a walkthrough contingency on multifamily that our client have under contract.  This will identify major issues with the property and give you an idea of any large capital expenditures needed and maybe give you some negotiation leverage. In my area in Tahoe there is commonly snow damage and subsequent water damage. On a recent walkthrough with a client there were tenants that had attached their own washers and dryers in the unit. While not a deal killer it might be something that would need some updating. Including a contingency in the first 3 days after the contract is accepted is a good idea especially if there are tenants.  I would still always recommend a professional inspection. 

  • Bradley Buxton

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