Why Real Estate Agents Don’t Like Closing On Fridays And Mondays
Looking at that title, you may be wondering what I am talking about. Let’s face it, most real estate agents don’t like closing at all – the more days they are open the more sales they can make. Of course, that could just be the wrong interpretation of “closing” too – and it is. By closing, we mean closing the contract, exchanging the keys for the funds and generally finalizing, or closing, everything.
Now that we have cleared the air on the term “closing”, what is wrong with closing on a Friday or Monday? Actually, a lot – unless you like delays and frustrations. Let’s look at closing on a Friday.
There is a very simple explanation for trying to avoid closing on a Friday. If there is a delay of any sort, everything will need to be postponed to the next business day – and that’s not until Monday.
But, they don’t like closing on Mondays either. Why? Closing is actually a reasonably complex matter. All parties must have the paperwork ready; a certified bank check must be ready (try getting that in a hurry on a Monday morning); the loan documents must be ready. There is a lot of pressure and a lot of documentation that must all come together on closing day.
If Monday is closing day, everything needs to be organized on the Friday before and left over the weekend. By closing on Tuesday to Thursday, you have time the day before to organize everything methodically and, if a document or two is found to be missing, you have the following day to put everything right.
Real estate estate don’t like closing – their doors that is. When it comes to real estate sales, they are always happy to ‘close’.
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March 28th, 2010 at 7:10 pm
Whatever day you close, everything has to be ready by the prior business day. It makes no difference if there is a weekend between the closing day and the prior business day. Everything will still have to be in order by Friday in order to close on Monday. As for closing on Friday – well I guess if your closing is delayed, yes you’d have to wait two extra days. But that could be the case if you’re closing on Thursday and the documents don’t come in for two days. I work for a real estate company in Phoenixville, PA and we had a settlement scheduled for Monday this week but the mortgage company (not our mortgage company) missed some important underwriting details that pushed settlement back a full week. So I really don’t think the day of the week makes any difference. What really matters is that the real estate agents follow through on every detail and make sure that everyone is doing what they are supposed to be doing to get settlement done on time.