Closing dates are one of the most stressful dates for any real estate deal – this is the meeting when you complete the real estate transaction and contracts are signed, transferring ownership of the real estate in question.
Not only are there so many important items to take care of during the weeks leading up to your closing but the closing itself brings its own brand of heavy stress. It’s during times of high stress that we make mistakes – and a mistake at the closing table can mean huge money you could be losing in the future – in the form of lawsuits or wasted time.
When to have the closing
I know there’s urgent events going on in your life. You may be moving and you’re trying to get that taken care of. Maybe you have tons of business items you need to get a hold of. However, I want you to want to pick a closing date that’s convenient to the lender. Yes, that’s right, think about the lender. More importantly, think about the good it’ll do for you having a date that’s convenient for the lender. If you choose a date and time where the lender won’t be as busy as usual, you’re going to save massive amounts of time and massive amounts of money that you would’ve spent on aspirin from the headaches you would’ve had.
Days: Pick Tuesday, Wednesday or Thursday. This is going to assure you get the top closing agent – plus you’re going into the office at non-peak hours so they won’t be in as much of a rush to get it done and get you out. On top of that, the usual lender closing agent may have taken that Friday or Monday off so you may get a second-tier closing agent – and you only want the best for your transaction.
Weeks: Pick your closing date to land on the 2nd or 3rd week of the month. You definitely do not want to set it for the 15th of the month either. This time of the month is non-peak so you and your file will get more attention, usually assuring your closing will be done on time.
Time: Choose from 11am to 3pm EST, especially if the parties may be on opposite sides of the country. This assures all items and packages have been received by all parties and gives some room for any unforeseen items that need to be transferred.
Get your inspection done early: As a buyer, you’re going to want your inspection done early to avoid any problems later on. TIP: Write down serial numbers of all major appliances (refrigerators, washers, dryers, etc). The reason I recommend you do this is that I’ve seen some sellers try to switch appliances after the inspection for older, broken down models – and you have no proof they did this. Sometimes they try to get real smart and switch it for the same model, just a broken version they had in a shack someplace. When you have that serial number at hand, you can feel secure you have written proof.
The importance of following the right closing procedures
If you’re a buyer, you’re under contract with a seller, not a lender. The lender has no responsibility to you to close the loan on the date you want. If you’re not the persistent type, you’re going to have to learn new skills. I’ve seen so many lenders try to push dates around. You want to keep in constant contact with the loan officer – call them every few days. Make sure the loan officer has your closing documents all nice and done. Keep reminding them to keep your closing file on top of their pile – you want them to give you the attention you deserve. It often helps to tell the loan officer you’ll likely close a day early – this may give your file special attention.
Most importantly of all, when looking for a lender, you want a lender that’s known for quality service and that is known to keep their commitments when it comes to the closing date. A lot of the tips I’ve given you won’t even need to be used with a top-notch closing company because they do all the heavy lifting and it’s a dream experience for you. Don’t focus so much on saving a little money and focus on getting a quality loan officer on your team. Keep your sanity and get yourself a top-notch lender!
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Your paragraph "Weeks" makes no sense. You say the 15th of the month to close is a definite no, but then you say it would get the best attention and allow you to close on time. ?
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