Er, sorry, wrong network.
Actually, it’s “When NOT to close”, courtesy of Dan Green, mortgage planner extraordinaire.
Bottom line? Don’t even think about scheduling your closing on a Friday afternoon, anytime during the summer. The whole transaction will blow up in your face, leaving you homeless and heartbroken, while your mortgage broker, lawyer and (ahem) real estate agent go off to enjoy the sun and frolic on the beach.
More often than not, purchases close without a hitch. But, occasionally, something goes wrong and changes are required to the sales contract, the loan sizes, the title policy, or any of the other countless details that are endlessly checked, and double-checked at the closing table.
If things go wrong, you need to make sure that the highest percentage chances exists to make them right.
A botched closing on a Friday means that the buyer won’t get his new house keys until Monday. It doesn’t matter if the moving vans have already been rented, or if his existing home has already been sold, or if his rental lease expired — if the transaction isn’t closed, the buyer can’t move in.
So, my recommendation to clients is this: Close mid-week, and as early in the day as possible. Not to be left out: take the whole day off from work.
More information and tips for closings: When NOT to schedule real estate closings – By Dan Green