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The Worst Day to Close on a House

Closing on a house is a huge milestone in anyone’s life. You have finally found the perfect home and are ready to make it your own. However, there is one thing you need to keep in mind: the day you close on your house matters. This article will discuss the worst day to close on a house and why it’s essential to avoid it.

 

What is the process of closing on a house?

The process of closing on a house can seem daunting, but with the help of a qualified real estate agent, it doesn’t have to be. Typically, there are three primary phases that need to be completed to finalize the sale:

  • The contract is signed, and the deposit is paid
  • The property is inspected
  • Closing takes place, and the title is transferred to the new owner(s)

Each phase has its own set of potential complications, which we’ll go over below.

 

Phase One: Signing and Paying the Deposit

This is usually when things start moving quickly. The buyer and seller will agree on price and terms, after which a deposit (usually around 1%-2% of the purchase price) will be paid to the seller. This shows that you’re serious about buying the property and locks in the current price.

 

Phase Two: The Home Inspection

This is when both parties have a chance to back out of the deal if they find any significant issues with the home. For example, you will find out if the house has hidden problems like mold or sewer issues. It’s important to remember that not every defect will show up on an inspection report, so unless you’re prepared to re-negotiate or walk away from the sale entirely, it’s best not to get too hung up on small things.

Related: Home Inspection Checklist

 

Phase Three: Closing and Title Transfer

Closing usually takes place at a title company or bank and involves signing all final paperwork required to transfer ownership from one person/entity to another. This typically takes about two hours but can sometimes last much longer depending on how many people are involved with the transaction (i.e., attorneys, lenders, etc.)

 

What day of the week is best for closing on a house?

The day of the week you close on your house matters. The best days for a closing date are Tuesday through Thursday because they’re less busy at most title companies or brokerages than Mondays or Fridays.

Keep in mind there is a significant amount of paperwork that mortgage companies have to complete to prepare for the closing process. They have to organize loan documents, your closing disclosure, property taxes, closing documents, and even your first mortgage payment.

Even for the hardest working team, there could be unpleasant surprises when it comes to your mortgage approval or even your final walkthrough. That’s why it’s a good idea to set your closing for mid-week, so if for some reason you have to delay closing, you still have more business days in the week.

 

Why should I not close on my house Friday?

Friday is the worst day to close on a house. Friday is typically when most title companies and brokerages are busiest. Also, if there are any issues with real estate transactions, you’ll have to wait until the following week for them to be resolved.

 

What is the best month to close on a house?

Now that you know the best and worst day to close on a house, you might be wondering the best month to close on a home.

There is no definitive answer to this question. Some people prefer to close in the spring or summer when the weather is nicer, while others might choose to wait until the fall so they can enjoy their new home during the holiday season.

Ultimately, it’s up to you and your family when you want to close on your house – just be sure to avoid doing so on a Friday!

Moving into your new home should be a joyous occasion, not one that is filled with stress and frustration. If you know the end of the month would be hard for you, avoid it. If you know certain months are hectic for you at work, avoid those too.

There is no perfect day of the month or even month to close for everyone. It depends on your schedule with your family and your work.

 

What can go wrong on closing day?

In some cases, closing day can be delayed for various reasons. For example, the seller might not have all the paperwork in order, or there could be an error with your loan application that needs to be rectified before moving forward. This, unfortunately, happens more often than you’d think. If something like this happens, you typically can’t close until everything has been settled.

The worst thing that can go wrong on closing day is when something prevents you from getting into your new house right away. This could happen due to delays in processing paperwork at either end or any issues with financing. Sometimes there are issues with the lender, title search, or even the assigned closing agent could be suddenly unavailable.

Any number of things could happen. And while closings mostly go smoothly as long as everyone is prepared, occasionally, there are some things that could prevent you from signing on the dotted line.

 

Your financing falls through.

One of the most common reasons your closing could be delayed on the last day has to do with personal finance. You might be pre-approved for a mortgage, but that doesn’t mean the loan will close on time. Many things can go wrong at closing – for example you didn’t get enough cash from your bank account, or there’s a problem with the purchase price or purchase contract. It’s best not to close until everything has been settled financially.

 

The seller’s house isn’t ready to deliver as promised.

On occasion, a seller might not be ready to leave their house for various reasons. For example, maybe they forgot to book movers or don’t repair what they promised on time.

If this happens, you might have to delay signing anything until they have fixed whatever issues may exist (or agreed upon an extension).

 

You don’t have a clear title to the property.

This means that you might not be able to close on the home because of a legal complication with the home. It’s best to delay signing anything until this has been cleared up.

 

One party gets cold feet.

It’s not unheard of for one party in a real estate transaction – typically the buyer – to get cold feet at the last minute. In some cases, this may be due to a change in their personal circumstances (losing a job or having unexpected expenses come up). In contrast, others may just have buyer’s remorse over something they don’t like about the property itself.

When this happens, it could cause delays because now there are two parties involved who want different outcomes for their deal.

 

How long does it take to close a house?

The length of time needed for closing varies based on several factors, including location, type of property being purchased (single-family residence versus multi-unit), and whether or not an attorney is involved in the process.

It’s also essential that both parties come prepared with any necessary documents before heading into this meeting and that the mortgage company and title company are ready as well.

If there are no significant snags like the ones mentioned above, a smooth closing can take anywhere from 1-3 months.

 

What Should I Bring to Closing?

A mortgage closing is the final step in obtaining a home loan. It consists of signing all paperwork that transfers ownership from one party to another (usually buyer and seller), as well as paying any outstanding fees and closing costs before leaving with keys for your new property. The final process usually takes about two hours, but as mentioned, several steps are leading up to it that can take over a month.

You should bring a photo ID, copies of bank statements showing enough funds available at the closing time, and anything else they request you to bring. For example, if you agreed to pay prepaid interest, bring documents that show that as well as your down payment. Sometimes if you have to sign for another person, like a spouse, you’ll have to bring a power of attorney form. Make sure you ask about that ahead of time because you often have to get the power of attorney forms notarized prior to arriving at your closing appointment.

 

How to avoid a real estate closing delay?

The best way to avoid these types of situations is by making sure you’re prepared before heading into your first meeting with potential buyers and sellers. You should bring copies of all important documents (such as tax returns, pay stubs, bank statements, other money forms) along with a photo ID.

 

Final Thoughts: Worst Day to Close on a House

Closing on a house can be a stressful process, but by being prepared and knowing what to expect, you can make the experience as smooth as possible. The worst day to close on a house is typically when there is the most potential for delays – such as on a Friday, during the winter holidays, or at the beginning of a new year. So if you’re able-bodied and have plenty of time before your desired move-in date, try to schedule your closing for an optimal time.

If you do encounter any last-minute snags, don’t panic. There are often ways to work through these issues, even if one party wants out and the other wants everything to go according to plan. Stay calm and be willing to compromise so that everyone involved comes away happy with their decision about selling their home or buying one from someone else.

When choosing the best day for your closing date, one thing to keep in mind is that it shouldn’t just be convenient for you; everyone involved should feel like getting together at an appropriate time. Be considerate of others’ schedules and do your best to remain flexible throughout the process.

 

Next:  Best and Worst Month to Sell Your House

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