When Everything Fits – Act Quick

Every once in a while a perfect property will come along. How do you know it’s perfect? It fits your criteria. (I’ve spoken before of how important it is to know exactly what you are looking for, ie, house type, bedrooms, price range, area of town, needed repairs, etc.) You’ve run the numbers and they cash flow to your criteria or the play room is perfect for little Johnny. Everything works.

But for whatever reason you decide to wait a day, think it over and possibly discuss it with a relative. You then decide after talking to Dad and sleeping on it that you want to make an offer. But, alas, it’s too late. The property is under contract.

This is no big deal if you were “stretching” your criteria. If you can sleep fine without getting the property then it probably didn’t fit what you were looking for anyway. But if your criteria was clearly defined and you chose to procrastinate you will probably kick yourself!

I want to say this, again, as clearly as I can. Set your criteria before you start looking for an investment property. (Same goes for a personal home. Though more subjective criteria will probably be used.) If the property fits that criteria get it under contract…under your control. Then you can proceed to pick it apart and decide whether or not to move forward. If you have used a competent REALTOR there will be an inspection clause that will let you out if the property turns out not to be to your satisfaction. But get the property under your control as soon as possible.