The busiest season for real estate is just around the corner and before it arrives I’d like to bring up a small but ever-important little detail: the closing date. This seemingly inconsequential detail is often over-looked but can make a major impact on your closing experience.
Following are some expert tips in getting your closing date just right.
1. Beware of Friday closing
Fridays are popular closing dates, but there is good reason to consider moving the date. It makes sense to have a closing on a Friday, after all many purchasers will like to complete their moves over the weekend. Actually, it is this very fact that makes closing on any day but a Friday a good idea.
Fridays will be the busiest days for title companies as well as lenders, which means Friday closings are fraught with delays and setbacks. Any small hiccough an your closing will have to be rescheduled for Monday –– a full three days later.
Thursdays on the other hand are not quite so busy and both the title company and the lenders will be able to give their full attention to the closing. Furthermore, if there is a minor setback, it can be pushed to Friday –– just one day later.
If you have to close on a Friday, choose the earliest hour in the morning.
Friday mornings do have a chance of going well, but Friday afternoons are usually too late for all the detail. Wires will have to be sent back and forth, and there will be the potential for other small delays –– like a walk through –– but if you start early of Friday, you may clear the closing by the end of the day.
2. Beware of the Last days of the month
It is always best to close a couple days before the end of the month. Of course the last day of the month is usually the best day to close as the homebuyer will pay interest in advance for whatever remains of the month. So closing on the very last day, reduces the amount they must pay to close.
But this rush to save cash always places pressure on the lenders and title companies and there is no room for the slightest delay.
While closing a day or two before the end of the month will increase the costs of in interest, there is good reason to accept this cost. For example, if you wait till June 30th your title company may have over 30 closings to address, but if you were to do this the day before you would only be sharing attention with maybe 6 other closings.
3. AVOID Closing on Fridays that are the last days of the month.
Finally, make sure to steer away from setting a closing for the last day of the month when it land on Friday. This is the ultimate day of misfortune and a combination best avoided for all the combined reason mentioned above.
By following these few helpful guidelines, you will avoid the busy times for lenders and title companies and this will change the entire experience from stressing and tense to relaxed and enjoyable.