Helpful Tips, Random Thoughts

The Significance of May 28th and Your Real Estate Closing

April 14, 2010 by · Leave a Comment 

The federal home buyer tax credit expires April 30 and the deadline is sparking a home sale surge in Chesterton, Crown Point, Dyer, Highland, Munster, Portage, Schererville and Valparaiso. It figures to burden real estate, mortgage and title offices in Northwest Indiana over the next 60 days so plan your closing date accordingly.

Especially because the last Friday in May is the Friday before Memorial Day.

Now, if the connection between the tax credit and Memorial Day is not immediately clear, think of your own office on a 3-day weekend’s Friday. Some of your colleagues take a half-day at work, others take the entire day off.

Office-wide, productivity drops.

The same is true in the real estate space. Offices are short-handed ahead of a holiday so, if you’re under contract for a home and plan to close in May, consider a closing date other than Friday May 28, 2010. 

And meanwhile, with 6 weeks until Memorial Day, here’s some steps you can take today prepare for other people’s time off later.  

  1. Notify your lender of your planned vacation time between now and your scheduled closing
  2. Purchase a homeowners insurance policy and prepay the first year. Send proof of payment to your lender.
  3. Have Power of Attorney forms lender-approved and signed by all parties in advance, if applicable
  4. Deposit gift monies and/or retirement fund withdrawals into an acceptable bank account, if applicable
  5. Schedule your final walk-through as far in advance as is realistic so there’s time to make “fixes”, if needed
  6. Have your closing funds ready at least 1 day in advance

The tax credit’s expiration is around the corner and as it gets closer, real estate-related businesses are taking on more work. Basic title and mortgage tasks are taking longer to complete and that should persist for a while.

Get ahead of the curve and beat your contract dates handily. Use the checklist above and be responsive to your lender’s requests. 

And, if at all possible, avoid closing on the Friday before Memorial Day and even the Tuesday after — it’s when office staffs are at their smallest.

Contact James K Barath in Northwest Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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