When should you do it and what should you look for?

When you're buying a home, it's essential to do one or two final walk-through inspections prior to closing.

Checking Completed Repairs

If the seller made requested repairs, verify that the repairs have been made as soon as the seller notifies you they are complete. Don't wait, because if problems still exist you'll need time to get them corrected before closing.

The home inspector who discovered that repairs were necessary should accompany you to verify that repairs were done correctly.

The Day of Closing

Always do a final walk-through after the sellers have moved, but before you go to closing. At this point you're not inspecting for repairs--you simply want to make sure that the home is in the same condition it was in when you signed the offer to purchase it.

· Have items been damaged during the move? Inspect floors for rips or gouges

Look at the walls, especially around door frames that large furniture and appliances might have been moved through.

· Most offers to purchase include wording that states that all major systems in the home must be working at the time of closing, so it's fine to do a quick test of appliances and other items such as the furnace and air conditioning. Those items should have been checked during the home inspection, but there's always a chance they've quit working since that date.

· Make sure all items the sellers agreed to leave are still there.

· Make sure all items the sellers agreed to remove have been removed.

If the condition of the home has changed since your offer to purchase, you are in a better position to get the problems handled when you bring them to everyone's attention before the deed changes hands.

If necessary, repair or replacement funds can be negotiated, deposited into an attorney's trust fund, then drawn on to bring the home back to the shape it was in on your contract date. If you do not use an attorney to close in your state, ask your real estate agent for advice on how to proceed. It's usually best to hold back an amount that exceeds the estimate for making repairs.

An alternative is to negotiate a flat amount to be paid to you at closing. Or, if damage is excessive, you might prefer to delay closing until repairs are made.

The final walk-through is not the time to do a home inspection. It's simply an opportunity to make sure that the home being conveyed to you is the home you agreed to buy.

http://homebuying.about.com/cs/howtobuyahouse/a/finalinspection.htm