Are Your Closings Getting Delayed?

Read the blog below:

Anthony: If your closing is getting delayed, want your deals to close on time, think about everything that goes into a closing not happening on time. You have to get extension signed. You have to talk to the buyer. You have to talk to the seller. There’s a million different things that happen. Maybe not a million, but a thousand different things that happen when a closing doesn’t close on time. It’s nothing but aggravation. Everybody gets mad. Is it on record, is it not on record? Will the sellers turn the keys over one day? Has it been funded? Hasn’t it?

Folks, let me give you some advice if you don’t want to have closing delays. Two very basic things that you can do to stop having closings delayed. Don’t book them on Fridays and stop making all your closings for the last day of the month. Real estate contrary to popular belief, real estate transactions do close every business day of every single month. There’s nothing wrong with making it the 1st, 2nd, 3rd, 4th, 5th, 6th, 8th, 9th, 10th, 15th, 16th, 17th, 18th. You want them to close on time, avoid the last day of the month, avoid the 30th, the 31st. Close on the 22nd, the 23rd, and you will have less closing delays.

Back at the beginning of COVID, we had put out a blog about how we expected a log jam in the system and how there’d be substantial closing delays. Well, we weren’t right at the very beginning, but we ended up being right because the amount of closings that are getting delayed across the industry is higher than ever. It’s because of the refinance boom, these attorneys are doing the best they can, but they can’t totally keep up. Stop scheduling new closings the last day of the month, make it sooner, make it just after, that will help. There is a whole number of other things that you can do. I’m going to include that blog in the comments below. That’s all. Have a good day, my friends.