Another End of the Month & Closings!!!

Mortgage and Lending with Ruoff Home Mortgage 234777

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,end of the month closing are we going to make it?

As the lender, I try to accommodate the closing time that is stated on the Purchase agreement as much as possible. Yesterday got me to asking myself, why does it seem that the majority of the closing dates on purchase agreements are for Fridays or the last day of the month?

 I wondered if this was just my assumption or was truly the case, so I looked at the last couple of months of our companies closing calendar. I would consider my company a mid-sized lender who closes approximately 150-180 loans a month. those breakdown to a average of 5-8 closings per day on a typical Monday-Thursday work day and amazingly 20-30 closings on Fridays and the last day of the month. Katie bar the the door if the month ends on a Friday!!!

 I'm guessing that is pretty universally done like this everywhere. Realtors are writing a purchase offer on say the 20th, 23rd,26th and they just figure "We'll ask until  the end of next month to close". OR "We'll give them 4,5,6 six weeks to close"," so Friday the *?*?* it is"..

Just some food for thought & a tip for making the last days less hectic: Wednesday closings on the (say) 6th day of the month are so easy and relaxed for everyone. Closings on (maybe) Tuesday the 16th are a breeze!!!


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Greg Miller   
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NMLS # 234777



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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

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!

Aug 01, 2012 11:10 AM #3
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

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.

Aug 01, 2012 11:30 AM #4
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

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.

Aug 01, 2012 12:29 PM #6
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

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.

Aug 01, 2012 12:40 PM #7
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale
Greg, I steer my buyers and sellers away from Friday closings and never close the last day of the month. It sounds like you would love to have me as a client.
Aug 01, 2012 02:43 PM #8
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

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.

Aug 01, 2012 02:54 PM #9
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

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.

Aug 01, 2012 05:20 PM #10
David O'Doherty
Raleigh Realty Inc - Clayton, NC
Clayton NC Homes, Raleigh, NC

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!

Aug 01, 2012 06:32 PM #11
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

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!!

Aug 01, 2012 08:34 PM #12
Ed & Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

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

Aug 01, 2012 09:18 PM #13
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

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.

Aug 01, 2012 10:27 PM #14
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

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. 

Aug 01, 2012 10:52 PM #15
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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.

Aug 01, 2012 10:53 PM #16
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

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!  

Aug 01, 2012 10:56 PM #17
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

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!!





Aug 02, 2012 12:19 AM #18
Sarah O'Reilly - Quality Escrow, Wilsonville, OR

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.


Aug 02, 2012 01:16 AM #19
Adrian Willanger
206 909-7536 - Seattle, WA
Profit from my two decades of experience

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.



Aug 02, 2012 03:04 AM #20
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.
20-30 closings on Friday? Impressive.
Aug 02, 2012 08:31 AM #21
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

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.

Aug 04, 2012 12:21 AM #22

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.

Aug 29, 2012 12:50 PM #23
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