Don’t be this person. What am I talking about? I’m talking about the buyer that says they’re going to buy a property. They go all the way through due diligence, and get to the day of closing, and then need another couple of extra days to close because we get it, things happen. And then after getting another three days to close says, “Well, we don’t like something about the property, so we can’t close on it.” Folks, this is exactly how you get yourself in trouble in this business. It is totally okay to walk from a property during due diligence. While not ideal, it is acceptable in many cases if you need a little extra time to close because something happens at the last minute. I have personally been there, and it’s not fun but as long as it’s prioritized, it gets done.
What’s not okay is to say that something came up in the end, and then it turns out that something is you decide you don’t like something about the property. This is how you get labelled as a flake, a con performer, someone that can’t deliver on closing the deal. This is how relationships turn sour. Everybody gets that things can go wrong. Again, we have been there. We get that. And it’s not wrong for them to go wrong, but when a party is committed to following through it is amazing how much people will work with you as long as you are committed. But when you blatantly say you’re no longer committed because of something that you didn’t handle when you were supposed to, that just doesn’t work well. So do the investing world a favor, and don’t be that investor buyer. You’ll be happily rewarded for it.