Oct 27, 2009

Tip 28-2009: Settlement Dates and Month End

The last day of the month seems to be the most popular day for closings, and unfortunately the most crowded. If possible, please try to avoid scheduling a closing for the end of a month (30th or 31st), especially if the end of the month falls on a Friday. When this occurs (like this month, Friday, July 31) there is a possibility that the closing may not be completed by the end of the day. The loan package and final lender review could be delayed. The actual settlement may also get backed up with any last minute closing problems (these seem to happen more often now). Finally, if the Seller has an FHA loan to pay off, any delay in the closing may result in the loan payoff increasing by an additional month of interest.

PS—A second date to try to avoid is on the 15th of the month (as that date seems to be the next most popular date for closings).

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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