of a home sale. When making an offer, the buyer will include a prospective closing date. Depending on the seller’s circumstances, it may be acceptable or may be countered with other terms. Work with your client closely and don’t choose a closing date casually. The right date can ensure a smooth transaction. Be sure to review if there are any holidays in the timeline of the transaction to prevent any delays.
Some advice and tips:
• Coordinate with the buyer on the closing date. As you can see, there are many steps to a home purchase. It takes time for the loan process. • Make your closing align with the actual move from your client’s old residence to the new house. Ideally, the move should be from one to the other without a hotel stay in- between. This is better for your client and reflects favorably on you and your skills as an agent. • Mortgage payments are almost always due on the first day of the month with the payment applying to the preceding month. As example, if your client closes in July, the first payment (for August) is due on the 1st of September. However, interest is due for the month of July from the date of closing. If the close is early in the month, say on the 10th, the buyer would have to pay for 21 days, while if closing on the 25th, they would have to pay six days of interest. If money is tight, closing toward the end of the month will reduce immediate out-of-pocket expense. If you schedule a closing and fail to complete it on that day, can cause headaches for all. Although sellers may work with buyers if
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