When to schedule a closing…
Dustin on 05 28, 2006
Dan Green of the Mortgage Reports asks “When was the last time you had 20 people involved in anything and it went perfectly smooth?”
His conclusion:
Never schedule a purchase money closing for a Friday or the last day of the month — especially in the afternoon, and especially in the summer.
About the Author: Dustin Luther
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Excellent article and I totally agree with no Friday or last day of month closings, except I have two on the 31st this May for some reason.
But I would point out that the article is not very West Coast oriented, as our closings pretty much take place at the same time of day by phone call, and late afternoon here is not an option as it is on the East Coast. The article does not seem to be using the Escrow Model of close that we have on the West Coast. He refers to the Title Company handling the closing and all of the “participants” on the day of close, which is more of an East Coast phenomenom which I actually, greatly perferred.
HI, Ardell. Thanks for explaining the differences.
You’re right about it all — I am based in Chicago and we tend to have a few more cooks in the kitchen than other states. For one, we use attorneys in every closing and, while not unique, it is different from many states.
Hi Dan, I started in the biz in South Jersery. North Jersey and New York used attorneys, but South Jersey and PA did not. I miss the days when we all had “settlement” in a room with the buyer and seller and agents and closing agent, all present in the same room at the same time. I find the whole system was a lot more honest that way.
Strange to me that South Jersey and North Jersey had different practices… I am a Philly-native myself!
As a side note: I think there is an epilogue brewing to my post. I have a closing this TUESDAY, the day after a long weekend and am curious how blown closings Friday are going to impact my client Tuesday.
It’s just Human Nature, but think about all of the parties involved in the closing will be recapping their weekend, easing into the work week. Thankfully, our closing is not until 3:00P…
Fridays are absolutely the worst day of the week to schedule a closing. I completely agree with you and say if anyone has to chance to schedule a closing on any other day, do it.