order and decide if any additional repairs or replacements are necessary.
Step 9: Set the Time and Date of the Closing
The closing time and date are negotiable factors during the offer and acceptance phase of a home sale transaction. When making an offer, the buyer will include a closing date; depending on the seller’s situation, it might be acceptable or be countered with other terms. Don’t choose a date casually. The right date can ensure a smooth closing and reduce closing costs; the wrong date puts you at risk of not closing on time, needlessly complicating the move, increasing expenses, and even losing your new home. Expenses are prorated through the closing date rather than through a specific calendar date, so, generally speaking, no day of the month is inherently better than another to close. However, if you’re using a mortgage, there are some differences in what is collected as a prepaid item and when the first mortgage payment is due.
Some advice and tips:
• Give yourself enough time. Don’t set a short closing date unless you are paying cash. There are many steps to a home purchase, all of which take time. A short closing date might predate final loan approval. • Avoid closing at the end of the month, if possible. This is the busiest time for the various agents involved, including lenders and title officers. • Make your closing align as closely as possible with the actual move from your old residence to your new house.
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