Act Now or Wait? IF Under Contract - Close, or Back Out?

[Scott Trench]

A lot of investors are reaching out to me right now, often those who are currently under contract on a first or second property. Luckily, almost all of the folks I've talked to are in strong financial positions overall - spend less than they earn, have a reserve, good credit, etc. Go BP!

Their question usually stems around one of the two problems:

1) This was it! This was the moment I'd been preparing for, and it's been a YEAR of self-education. I've listened to tons of podcasts, know my market, and am finally mentally ready to pull the trigger. Should I still continue to submit offers and roll on? 

2) I'm under contract and weeks away from closing! I'm a newbie and I think this is a "good" deal, or in the top X% of investment purchases I could make, and I'm unlikely to get a much better one. This is what my research has told me works well, but it's not WAY better than the next possible deal. Should I back out?

I'm sure that many folks are wondering along the lines of these two questions. Experts of the BP community - what do you have to say on the subject here? Assuming again that the folks asking these questions are in fact well-capitalized, capable of purchasing property. Should they act now, or wait and watch?