Another End of the Month & Closings!!!

When I write an offer I try to give thought to the proposed closing date. I shoot for mid-week if possible. I always avoid Monday closing because they require Friday funding and needless interest charges for the weekend as the money sits in the escrow company’s bank account. I know that title/escrow companies are busy on Fridays and end-of-month days so I try to avoid them to reduce the possibility of a problem.

On the other hand…Friday closing means the buyer can have their new house for the following weekend. That is always popular with excited buyers.

Everyone wants to have the weekend to move in and get organized for back to work on Monday. Let's close on the last Friday of the month!

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.

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, 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!

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!  

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.