Closing Date Strategy: Let's talk about it......................

We use a specific date, that is how our contracts read on both the seller side and the buyer side. (lol, okay that made no sense..but I'm leaving it!)

We also use specific dates. I'm negotiating an offer now and the buyer's agent changed the closing date in the last counter from Oct. 14th to Oct. 19th as part of the negotiations because it's taking longer than expected.

Using a specific date is the clearest way.  Putting a set number of days leaves some room for interpretation by either side.  Agents do need to remember to extend out the closing date when it take longer than anticiapted time to get a fully executed offer.  All too often, everyone forgets to set a realistic closing date.

I also use a specific date. It has worked best for me.

Cal

The only time we do "x" days is when it's an REO in a competitive situation and the paperwork will be a tangle anyways. You want to show you'll close asap, but you need 35 days or so after acceptance to get loan approval. So write in "The first business day that is 35 days after date of acceptance."

I usually put the number of days-- but I check the calendar first.  I have not done a sale that is over 20 days in a long time!  Kathy

Our contracts read specific dates (on or before).  I usually put it about 30-40 days out depending on how long we think negotiations might take, and I almost always put the closing on a Thursday, unless the buyer has a specific day they really want it.  Doing that allows for if there is some mistake and closing is delayed, there is still another day prior to the weekend to get it closed. -Kasey

Kathy must be dealing with my twin somewhere out there.  We can close conventional or FHA loans in 20 days but 30 is more practical when someone takes a few extra days to get their documentation to me.  I agree with you that 30 days is the better option but Leslie's suggestion of first business day that is 35 days after acceptance has one up on all of us.

Suggested. This was a good question and a really good suggestion by Leslie.

I use a firm date. If we negotiate back and forth new dates can be included on the counter offer form anyway.  And often, I'm trying to close on my client's day off from work so the date is important.

I always put a # of days down of the final offer after we negoiated price and terms (for things like mortgage & building inspection) but also an exact closing date,.

Ralph, we use specific date, find out from the listing agent where is the seller and how fast can it close if pay by cash, buyer/seller in town can close in 5 days, mail away closing may need extra time. If require mortgage loan in our area it may take about 35 - 40 days from contract to close.  

Ralph, Suggested. It is important to keep the closing date in mind when negotiating .

Hi Ralph~

I also Suggested this post.

I always have my calendar handy..clients and I take a look at it and make a decision...over the years, this has worked well...even the choice for a closing at the Blue Moon date =)