When Do You Schedule Your House Closing In Charlotte, NC?

When do you schedule to close your Real Estate transaction in Charlotte, NC. to close? Do you have specific times each month you prefer to close a house transaction? Specific times a day you rather close? Does your Realtor gives you options or just tells you when you are closing? As a Real Estate agent I was always told when I had a buyer financing a house that the closer to the end of the month you could close a transaction the better. The reason was simple. If you close a house on the 30th of the month the buyer pays one or two days interest (depending if there are 31 days in the month). Then they do not have a payment due until the beginning of the second month. By this I mean if you closed on January 30th your first payment would not be due until March 1st. Same as if you closed on April 30th your first payment would not be due until June 1st... and so on. So there was a huge benefit to waiting to close later in the month....It cost the buyer less money. Because if you closed on the 10th or 15th of the month you would have your first payment due the same time as if you closed on the 29th or 30th of the month except you would be paying more upfront for the interest from that date to the end of the month. Because when you make that payment you are actually paying for the previous month. In other words you are paying in the rears. but what if there is a delay in the closing? Let's say you always schedule your closings for the last days of the month and in the late afternoon so your buyers do not have to miss too much work. But something happened and you cannot close at that time or day do to a glitch with the mortgage lender or the seller or one of a hundred things that can and do go wrong with a closing. What do you do? Now the buyer has to wait to the next day or the next month to close.... Can they still close out in time for the month and what are they to do that night with their items? These are things that as buyers and sellers we do not think about but as Real Estate agents we deal with on a regular basis. Two things I like to do. One is schedule a closing with a couple of business days left in the month and make the closing for the morning. For one, this allows me some flexibility if there is glitch in the package at the last minute to still get it closed that day. If it cannot close that day I still have time to get it closed by the end of the month for my client. Because what if your lease is up at the end of the month and you do not make the close. is your Landlord or apartment complex going to let you stay for free or charge you a proration or a full month rent? It can cost you more by scheduling the closing alter in the month than sooner... I always inform my buyers that this is why i recommend closing on a certain day and time. it is up to them to make the decision that is best for them....But I believe as a Real Estate agent it is my responsibility to give them information to help them make a decision that is the best informed. I am shocked when most tell me that they never thought of that and no one explained that to them in their past transactions. So when you are buying a house and have to decide on when to close; choose carefully. The time and day can be deciding factors that can have an impact on your loan and time frame and ultimately the cost to you out of pocket... Dave diCecco Realtor/Broker Coldwell Banker United Cell:704-519-7895 ddicecco@cbunited.com www.davedicecco.com