Sunday, July 6

Closing Dates

Recently, I had a seller tell me that she wanted to close on the afternoon of the official closing date. She saw no reason why this should be a problem I understand this completely. I remember thinking closing dates were carved in stone when I was a buyer/seller even after I had bought and sold several times (afterall, it was discussed and put in the final contract by the attorneys).

However, this is not the case. A closing can take place days before the official closing date or up to two weeks after. Usually, the closing takes place with a day or two of the official date, but it is not in the hands of your realtor.

Two things mess up a closing date: the attorneys' schedules or the mortgage company. Attorneys juggle many different clients and often don't know until a few days prior, whether or not they can close on the official date. That is why it is prudent to build in flexability to your moving schedule, whether buyer or seller. If something can go wrong, it often does...usually not terribly wrong, just a day or two wrong.

Mortage companies can ruin a closing date because they fail to get certain documents to the lawyer in time or the wire transfer of money fails to take place. That is why it is important that you stay on top of both the mortgage company and attorney, if you are the buyer. Do not assume that everything is fine and running on time....make sure.

If you are the seller, and buying another home using the proceeds of the first home, it is advisable to close first on your home and build in a day or two leeway on the closing of your new home. Two closings in a day can happen but it takes careful coordination of mortgages and attorneys.

Whether a buyer or seller, if your closing date is important to you, it is in your best interest to stay in close touch with the mortgage bank/broker and your attorney in the two weeks prior to the closing date, in order to assure you close when you need to close.

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Hoboken Realtor on Real Estate Now

Welcome to First Exit in New Jersey!

I am Stacey Morrison, a veteran of real estate sales in Hoboken, NJ. This blog is a straight-up discussion of real estate here from a Realtor's professional point of view.

Please feel free to write me with questions or comments. :)