Closing Hints from Clear Title
The Busy Season
Last Minute Problems and Delays
Most people schedule for the last Friday or last day of the month. Avoid these days! If you must close on these days, schedule your closing early! Closing on the last Friday or last day of the month opens the door to many problems and delays:
- For closings at the end of the spring and summer months, you may find the vendors you need are booked and unavailable. You may have a hard time getting a contractor, inspector, or appraiser out for last minute issues.
- This issue is not limited to local agents. Every agent, attorney, and seller schedules for the same time nation wide. This means the last days of the month will have last second or late lender approval, long delays on wires as the Fed is overwhelmed, and an increased likelihood of delay or problems.
- You may have a hard time scheduling your closing. In fact, many title companies will be totally booked and tell you they cannot close. In 18 years, that has never happened at Homestead. However, waiting to schedule your closing might mean you can't close at the exact time or location you prefer.
- Closing on the last day of the month can cost your Seller substantial mortgage interest if they have an FHA loan. Those loans do not refund prorated interest and your Seller may pay an extra month of interest.
Please call and schedule your end of April Closings as soon as possible and try to avoid scheduling closings on the last Friday and last day of the month between April and July.
Remember, we’re all part of the team and we’re here to help in any way we can. Let’s get excited and ready for a busy real estate season together!
Shelley and Team at Clear Title