Closing Days - What is the Best Day of the Week to Close on a Home?
DON’T CLOSE ON A MONDAY OR FRIDAY! This is a weird tip that I find to be important because it has caused problems for my clients and I in the past.
When choosing a closing day, obviously it is important to pick a day that works for your client’s schedule (and all the other parties involved for that matter). However, I find that certain days of the week are better to for closings. I like to close between Tuesday and Thursday and the reason for this is simple: Closings take a lot of back-and-forth prep work between lenders, under writers, attorneys, and title companies. Sometimes closings take a while as the back and forth of final document preparation occurs.
If you close on a Friday, you may get in a position where you just run out of time and can’t finish the closing. Now you may have to wait until Monday for a wire to go through or for the paperwork to finalize.
If you close on a Monday, that means a lot of the prep work would have to be completed on the preceding Friday. Many times, those same folks who are scrambling to close on Friday, before the weekend, just may not have gotten to your file yet. Which means your Monday closing may take that much longer.
If Friday or Monday are the only available days, then making sure everyone has all of the information and paperwork in a timely matter is critically important. And remember to do your part in helping make a smooth transaction by facilitating transfer of information and documentation!
