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Not Doing One Last Thing Prior to Closing will cost you
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Not Doing One Last Thing Prior to Closing will cost you

The answer to the question, why are inventory checks important, is pretty straightforward. It doesn't take a real estate wizard to realize that reviewing the inventory is a must before putting down one's hard-earned money to buy a property. Yes, I am willing to admit that the process of checking each and every item on the inventory can be highly boring, even frustrating at times. However, I think we both know that there is no denying the significance of carrying out this process efficiently and effectively. After all, you, as the buyer, don't want unpleasant surprises thrown at you later on. So it pays to thorough during inventory checks, than crying over spilled milk later.

The most basic type of inventory inspection you can conduct is a simple visual inspection of the place. Although this will give you an overview of the place, this method doesn't really guarantee efficiency as you aren't really in the position to provide proof if you find something out-of-order later on. Therefore, it is highly advised that you make use of videotapes when conducting your inspection.

The proper procedure for carrying out a recorded inspection starts off by first clearly indicating the date and the time the inspection is commencing. As there are likely to be other third parties with you, you should introduce them at the beginning of the video. Ensure that at least one of the other members is part of the seller's team, thus granting your videotape greater strength.

While making the video, you are bound to be entering and exiting various areas and rooms. Therefore, before you enter each room/area, make sure to announce each location clearly. Providing such a verbal introduction to an area will allow you two-tiered benefits; firstly, this will help you keep track of things in case a problem arises, and secondly, this will ensure further verification for your point of view.

Make sure you clearly indicate and clearly state any problems you may find during the inspection. If an item is found missing, point that out as well. Be thorough in your inspection because you don't want to end up in a dispute about something found missing or damaged later.

Regardless of how cordial or trustworthy the seller may seem, don't, I repeat, don't, under any circumstances, accept the inventory list at face value. I'm not trying to tell you that the seller is out to scam you, although there are many incidents in the papers everyday which prove me otherwise. I am merely trying to inform you that people are prone to making mistakes. Hence, it's always better not to land up in a situation where you have to pay for the mistakes of others. Do the hard work now so that you are able to reap the benefits later for many years to come.

http://www.ira-401k-realestate.com

About the Author
John Krol has over forty years of experience in business, marketing, sales, engineering, general management, real estate, and estate planning. He has worked for and with global companies such as IBM, Electronic Data Systems, and Mahindra British Telecom.

John's diverse business experience has given him the opportunity to work in twenty-six different countries spanning three continents. Projects have focused on everything from marketing, sales, distribution, and software training, to international studies and international marketing consulting.

In the last eight years, John has focused on real estate investment. He has comprehensively studied and developed tax-advantaged investing strategies, using IRAs, 401(k)s and 103s, to preserve and create wealth for clients. John has a BS from Brown in Computer Science, an MA through IBM in Industrial Electronics, as well as a PhD in International Trade and Management from the London School of Business. He continues to monitor the everyday changes in laws governing wealth preservation.

http://blog.ira-401k-realestate.com

John Krol - EzineArticles Expert Author

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