When selling your home, the closing date is one of several negotiation points that you will have to agree on with your buyer. When creating an offer, the buyer will most likely propose a closing date that is suited best for their circumstances. While there are several aspects related to the closing date that you may not be able to control there is one that you certainly can. If exercised correctly can save you a bundle of money and frustration. But let’s begin with the circumstances where you may have little to no ability of influence.
- If your buyer is financing the purchase of your property through a lender, it is important to keep in mind that most lenders cannot turn around a loan and get it through appraisal and underwriting in less than 30 days. For this reason, your closing date is likely going to be at least 30 days out. In many cases the time required could be up to 90 days.
- Your buyer needs to sell their property before they buy yours, and already has a closing date on their existing property. The buyer does not qualify for bridge financing to purchase yours ahead of time. Simply put, they have no money to advance towards the purchase until their deal is closed. In this case your closing date cannot be any sooner than the closing date of your buyer’s existing property.
- Your buyer has external circumstances limiting them to take possession of the home due to work or completion of schooling for their children.
The circumstances above, represent the most common elements related to a proposed closing date by your potential buyer. However, the commonality in all these cases does not necessarily take into consideration the exact date of the calendar month. For more clarity, even if all the above were a factor in your sale you will still have ability to propose an extra few weeks more or few weeks less. Why is this important? Simply because choosing the optimum day of the month can save you time and money!
Tradition and/or habit, combined with busy schedules and lack of planning has encouraged closing date selection to most often fall right at the end or very beginning of a given calendar month. In fact, May 31st, June 1st, and June 30th are the most common annual closing dates of the year! These time periods represent the busiest cycles for moving companies, law offices, lenders, insurance companies, and land registries. Every of which will be involved in the closing process of your property. Moving companies will charge premium rates during these periods, some may not be available at all. Finding your own moving truck may not be as easy as you think, unless you book months ahead of time. Legal offices may not accept anymore files and very often experience delays, while charging premium costs to boot. As far as the land registry goes, well sometimes they simply have no time to transfer the deeds that day. Which means you may be renting a room at your local Day’s Inn.
By this point, the answer is simple. When choosing a closing date avoid the busy times. While, you may not always have the ability to select the exact month of the calendar year, you can always choose the exact day of the calendar month. Therefore, select a date that falls at least one week before or after the beginning/end of a given month. A safe bet is always the middle 2 weeks of a given month. Last, but not least avoid Fridays. Law offices are closed on the weekends, so if there are any issues with your deal, they will stay unresolved until Monday. By doing such you will save a bundle of money and have a much more pleasant moving experience!
- Martin Rygiel
Real Estate Expert and Entrepreneur
CEO at Sig2Web.com
Taking the time to prepare yourself and your property for the sale, will ensure a more profitable and stress free sale experience. An educated and prepared vendor speaks volumes during the sales process, literally, as you will be dealing directly with purchasers and potential agents. Your home will do all the selling, and you will do the negotiating. Thus, it is also important to ensure that your home presents itself at its very best. A well staged and clean home will effectively sell itself. Consider any time or resources that you invest in advance a worthy investment, that will not only pay for itself but make your sale a lot more enjoyable.
Staging Your Property
Staging, a term commonly used in the real estate industry, refers to improving the overall physical appeal of your property. Generally, applicable to most real estate sales, but may be excluded from the sale of land or other commercial or industrial properties. However, if your property falls into the category of a residential home, then be sure to apply some of these common staging strategies.
Staging your home at it’s very best will ensure that you sell your home for top dollar and within a reasonable amount of time. Regardless of what route you chose to sell your home, for sale by owner or with an agent, preparing your home for sale is of equal importance and will require your personal investment of time and money. This process can be greatly simplified if you tackle the right projects. A common rule of thumb, avoid any major construction projects but rather focus on simple cosmetic improvements such as cleaning, de-cluttering and refreshing. Below is short list of the biggest bang for your buck projects that you can do yourself.
- Clean or paint your front door. (first impressions are always the most important)
- Cut your lawn and mulch your gardens.
- Clean all visible exterior surfaces such as porches and driveways.
- Replace any non working light bulbs.
- Fix leaky taps.
- Lubricate squeaky doors.
- De-clutter kitchen and bathroom counter tops and clean all surfaces.
- Paint or clean walls and baseboards, ensure there are no major marks or nail holes.
- Clean mirrors and windows.
- Steam clean carpets and/or polish all hard floor surfaces.
- De-personalize any space by removing excessive personal memorabilia.
- De-odorize your home and replace the furnace filter.
It is always wise to have all information relevant to your sale on hand. Some of the most common questions on buyer’s minds relate to costs of ownership and more specific property details. This includes taxes, heating and cooling costs, survey’s etc. This is also a great opportunity to address any deficiencies that you may be aware of related to the property. For more clarity, deficiencies that you are not planning on repairing prior to the sale that may be revealed during a home inspection. For example, if you are aware that the roof is in need of replacement, take the time right now to obtain several estimates. This will allow you the time to obtain and select from the most economical estimate of repair. You can present the estimate to your purchaser in advance, and avoid the harsh negotiations following a home inspection. The list below outlines some of the more specific documents that you may wish to have in advance.
- Most recent tax bill
- Heating and cooling bills (This includes hydro and gas or other heating fuels for past year)
- Property survey
- Rental agreements (for items that are being leased, such as a hot water heater)
- Estimates for any major repairs
- Receipts for recent improvements
- User manuals and warranties for appliances
Once you are fully satisfied with your preparations, be sure to capitalize on your investment and save the real estate commissions. Visit our sign store and get the real estate solution that will help you keep your investment where it belongs!
– Sign2Web Team