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Real Estate Education: Why Walk-Throughs Are Critical!

Published on Tuesday - November 16, 2010

Any decent real estate education course will not only tell you how to find deals and how to make offers but will take you through the entire process of flipping houses from what rehab work you should do to successfully managing closings and marketing your properties.

A quality real estate investing education course will also highlight just how important walk-throughs are before closing on a property. All too often real estate investors come running out of real estate investing ed, jump into the game and get so busy they even overlook doing walk walk-throughs before closing all together. If you don’t you could easily end up with deals that are quite a bit different than you agreed on, and in worse case scenarios could even be so bad you cannot resell them and are left with a money pit draining your profits month after month.

Walk-throughs are you chance to make sure any repairs that were requested to be done by the seller have actually been completed. If they are not you had better hold off on the closing or renegotiate. You may even find new problems, the AC or heat could have broken, a tenant could have punched holes in the walls or in extreme cases the home could have even been damaged by a hurricane, flood or even been burned to the ground! A good real estate education course will also teach you that walk-throughs are even more critical if certain items were negotiated to be left in the property. All too often sellers or their tenants and relatives try to get away with clearing the place out and stripping it before closing. We are not just talking about furniture, it could be cabinets, fixtures, appliances, air conditioning units and even the plumbing. It doesn’t take an expensive real estate investing education to tell you this can change the deal by tens of thousands of dollars or more. Walk-throughs are also essential for ensuring that the property has been vacated if it was supposed to be. The last thing you want is a tenant, squatter or even the seller staying on and getting yourself into a huge, costly and drawn out legal battle while you lose money every month.

If you are selling a property you should also get in the habit of doing your own walk-throughs before your buyer does. Or at least having one of your team members do it. You do not want any last minute surprises to sneak up on you and hold up any closings.

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