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Having just finished another hectic cramming to get closings done for the end of the month made me pause to reflect on the scheduling of closings. Like with everyone else, when you have double the amount of closings on a particular day than average, everything is last second and everyone is calling everyone asking where is my HUD1,
are we going to make it?
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23 Comments on Another End of the Month & Closings!!!
Ed, Thursday's have weekends also. I do understand the logic of a Friday closing,trouble is that there are only so many slots.Where you at if the closing has to be backed up a day or two ? Do you then wait until next Friday so they can have the weekend? Of course not, we close on Monday or Tuesday. We had 29 closings yesterday, one today !! Just seems there could be a better balance, but until then we will keep doing these crazy cycles.
29 closings in one day? Geez. That is amazing.
Hi Greg, cash buyers can close anytime as long as the seller agreed to the closing date. If the buyer require mortgage loan, end of the month closing will help the buyer to save daily interest charge from the day of closing to 1st of the next month.
Eric- that's how many were on our closing calendar yesterday morning. I haven't heard if they all indeed closed. But then 1 today , that's a crazy imbalance.
Kwee- yes you are correct but also the loan that I closed today is actually the only day of the month that there is actually ZERO (None, Zilch) daily interest charged on the HUD1 to the buyer, so why not close on the first?. Besides about half my deals lately, the closing cost & pre-paids(including daily interest) are paid by the seller so the buyer isn't out anything.
Greg-That's an interesting statistic on Closings. Early in my career I remember some experienced agent or trainer suggesting that we avoid Friday, last day of the month, and day before holiday closes. As you suggested, closing on those days just add stress to an already challenging situation.
Greg, good point about Friday closings. When I write purchase contracts or change closing dates I try to make it in the middle of the week. Makes a huge difference for escrow and title too.
Greg, I have been saying this for years, I agree with Ed and John about having the weekend to move in, but what if something happens? The two days when nothing gets done Sat & Sun, I like to stay away from them. having said all that I have a closing tomorrow.......HA!
Tammie- Ah a lady who gets it!!! I would indeed love you as client..
Wayne- I hoped to took that wise agents advice. As lender we accommodate but closers,title co. etc. are only human,It does add stress.
Pamela- A woman after my own heart. I'll take slower days anytime. You right on the other things too.
David - Spot on & have a great "Stress Free" closing day!!
Greg: I know your Paine,I try never to have a closing on a Friday or at the end of the month,keep up the good work, E
Greg. For years we have been negotating closing dates that don't fall at the end of the month. But nonetheless if there is financing involved the closing almost always gets pushed back to the end of the month. Go figure.
Good morning Greg - Interesting observation, and one I hadn't noticed. Buyers like to move in and settle in over the weekend instead of going to work with their new homes a shambles, I suppose.
Greg, your point is well taken. We scheduled a closing on the 20th of July which was delayed to avoid the last minute rush. There was a delay, but we should close tomorrow.
Great post Greg! When I write offers, I try to schedule them to close mid week. When we get closer to the closing day, I try to schedule them for early to mid afternoon so everybody has time to do things in the morning if need be. End of the month closings make me nervous, especially when we have multiple closings. Congrats on the feature!
Ed-Thanks , it's usually not painful just stressful because you can't always get the last minute details done when you are needing help from someone who is already swamped and you can't even get them on the phone.
Bryant- In some cases you are correct that it's (US) the lender who slots it there. another problem is bonuses and loan count for processors, Underwriters, REO dept. managers who all want to get that last deal to count for this month.
Wayne & Jean- yes they do and we mostly accommodate.
Michael- Here's to wishing you a smooth closing tomorrow!!
Jared- Great scheduling. After lunch "Afternoon" is also a great time of day to close . Especially to ensure that wire transfers arrive.
Jared- Thanks for the compliment, I didn't realize that this was featured, WOW, my first one. I feel like Steve Martin in the "Jerk" when he realized that he just got his name in the phone book " I'm somebody now" Kidding or course, thanks again!!
Great post Greg! I agree that closings should avoid month end and Friday crunch. I have seen many deals that have last minute issues that need to be addressed and end up delaying closing. I have always advised my friends, family and clients to schedule for mid week so if anything comes up and closing is delayed you still have 2 days to close before the weekend move. I do this on my own transactions too.
Month end closings are also hard because there are so many Refi's closing. So lenders are in swamped!
Thanks again for the great post.
Greg, you make an excellent point about a scheduling a mid-week closing, much less stress and if something does go wrong you do have two extra days to sort it out.
Best
Hi Greg, I do my best to avoid those Fridays and end of month closing dates, since I have learned the hard way that unexpected things can happen to delay any closings. Plus, I prefer morning appointments so we can Fund by the close of business on the same day.
As a buyer it apperas to me that my lender is happy with closing at the end of the month. Any conditions they have asked for have been provided within 24 hours or less. I was suposed to close last week, then today and still when I went to talk to the lender she said "oh we still have 2 whole days". They could have had Docs a week prior to when they did but hey... THEY wanted to wait for month end nno the me not the seller and not the agent who expected to close on the 23rd.