Like marathons, real estate transactions seem to never end.  Even at the closing table, the deal could be derailed by a myriad of issues.  Despite these potential challenges, buyers need to stay focused until they take sign the papers and take the keys to their new investment property.

Before you get to the closing table all buyers should do a final walkthrough to ensure that any requested repairs have been made and that the property is in the expected purchase condition.  Ideally, the premise will be unoccupied and you will be able to see the property free of furnishings and other miscellaneous items.  However, if this is not the case, you should go through the property with a fine tooth comb.  Remember, this is your last chance to save precious capital.  Come prepared with a checklist of all of the negotiated repair items and the inspection report if available.  Make a thorough list of items that have been neglected or items that seem to have fallen into significant disrepair since you last saw the property.  The goal is not to be nit picky, but rather to ensure that the deal you negotiated for has been executed.

Your list should be hard and fast.  While it may not be possible to repair all of the things you mentioned, the seller should be willing to negotiate a reduce purchase price based on the items that where not repaired as agreed to.  At this point in the deal, your real estate agent will not be your friend.  Remember, they are compensated based on a percentage of the selling price and their commission check is less than a day or two away.  They will do everything in their power to bring you to the closing table, so stick to your guns if your needs have not been met.  If the seller thoughtlessly left two garbage bags in the basement, that should not be enough to keep you from closing.  However, if the seller said they would bring all electrical outlets up to code and those have not been fixed, that should be enough to take a step back.  Again, it may not be necessary to hold up the closing, but it will certainly be necessary to get additional compensation in the form of a reduced purchase price.  Use 0.5%+ of purchase price to decide if something is worth mentioning.  This should include the time it will take you to get the item fixed as well.  If it’s a small item that takes 5+ hrs of your time to get fixed, it’s worth mentioning.

Never be eager to close.  It’s fair to be excited about the deal, but always remember that an honest penny saved is an honest penny earned.  Don’t let your hard work go to waste by being too eager to get the deal done.  Sellers are notorious for promising to do an enormous amount of work and then doing nothing because they know buyers and their agents make arrangements to move into the property immediately.

When everything is finally over, remember to send thank you notes to all the parties involved.  Relationships are important and despite the challenges of closing a real estate transaction, business is business and people are people.  Don’t mix the two up.  Always remember, negotiate everything and do it hard, but fair.