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Old 12-30-2012, 05:08 AM
 
132 posts, read 227,022 times
Reputation: 117

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A word to the wise: Never close on your home sale on a Friday before a Christmas Weekend. Here is my story:

We sold our home and they scheduled our closing for Friday December 21st. In Virginia you are not able to get paid for the sale of your home until the deed is transfered by the County "usually" on the next business day. Because Monday and Tuesday December 24th and 25th were Holidays, no paperwork was done on those days. On Wednesday and Thursday December 26-27 the Title Company and government offices were working with skeleton staffs, so nothing was done. Finally on Friday December 28th, they processed our paperwork and we got our home sale proceeds and the bank processed our mortgage pay off.

The result is we had to pay interest on our home loan for seven days after the closing of our home. So even though we no longer owned the home we had to pay on it seven days after we closed.

IF we would have closed on a Monday- in a week without a Holiday- our loan payoff would have been paid within 1-2 days and we would not have to had paid over $300 in extra interest on our mortgage loan and we would have been paid our home proceeds to invest much sooner than having to wait seven days.
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Old 12-30-2012, 07:27 AM
 
28,057 posts, read 66,289,907 times
Reputation: 17523
Did you have a listing agent or atttorney(s) involved? I would have thought somebody would've warned you that closings too near a holiday will often result in very drawn-out closings. You are correct that scheduling this sort of transaction cost you time & money -- probably did not really help the buyer either. If they took occupancy while this was happening they were in "legal limbo" should anything have happened that needed an insurance claim filed. If they waited for occupancy until all the I's we're dotted and T's crossed they had no real incentive to do the closing "early"...

Glad you shared, maybe others will learn why pros don't like to cram stuff in too close to holidays... Live and learn.
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Old 12-30-2012, 08:36 AM
 
Location: MID ATLANTIC
7,465 posts, read 17,114,704 times
Reputation: 7868
Agreed, it's common knowledge the world shuts down between the two holidays. The fact both are mid week pretty much seals nothing getting done. Look at the bright side, at least the HUD is dated 2012.
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Old 01-01-2013, 08:52 AM
 
26,589 posts, read 52,128,856 times
Reputation: 12935
You seem to have an awful lot of problems with your finances. Just saying...
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Old 01-02-2013, 08:34 AM
 
4,392 posts, read 11,301,822 times
Reputation: 2741
Nice to live in a state (MN) where everything happens at the closing table. You get your check 'on the spot'.
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