Hi all,
Can some one tell if the best time to close on a house is the beginning middle or end of the month?
Thanks,
Joe
i have always heard, and practiced, the end of the month. I closed on a property on 12/31/04. First house payment wasnt due until 2/1, so I had a “free” month. Also property tax issues, you dont have to pay a prorated month. That is my understanding
If you are taking a mortgage, then it is better to close at the end of the month for the reasons that “sestep” noted.
If you are buying an investment property with tenants, it is better to close at the end of the month because your first payment will not be due until the end of the second month but the tenants owe you rent at the beginning of the month.
If you are paying cash for the property, it doesn’t really matter when you close…
Most people must agree with end of month. Ever notice how the closing schedule at the title company fills in quickly, and the closers get more and more impatient and short-tempered…
Well now it really doen’t matter Lender prorate interest anyway.
And if it is a MULTIFAMILY and owned rents you can collect prorated rents for the rest of the month if it is stated in the REPC, Plus collect rent on a month that you don’t have to pay a mortgage for.
End of the month is the best. You don’t have to pay any taxes for the remaining of that month and your next payment is scheduled begining of next month.
Just close the deal.