This is a blatant “steal” from Mac Church from SunTrust. You can find him here…. https://www.suntrustmortgage.com/loanofficer.asp?mchurch
Some very important information to consider when writing contracts over the next two weeks.
The month of November is THE SHORTEST working month of the year. Veterans Day, Thanksgiving and Black Friday, the entire banking and courts system is shut down.
Also most of the courthouses close early at noon on Thanksgiving Eve. After taking out weekends, we literally only have 18.5 working days. Not very many working days.
This means that contracts written this week for FHA or conventional loans, closings need to take place prior to the 23rd (for funding in time before courts shut on Thanksgiving Eve) or after the 28th (either the 29th or 30th). Any FHA or conventional loans written next week, I would give it at least the last 2 days of the month.
I have found over the years, you NEVER want to schedule a closing on the Monday following the holiday or you are only asking for mishaps. With businesses being shut down for the last half of the Thanksgiving week, most title companies and lenders are not ready for closings on the Monday following Thanksgiving. And if a closing Has to go on the 28th, make sure it’s a late closing so the lender and title companies have time to get everything together for your deal.
Contracts for RD, VHDA or VA loans need to be scheduled for the first couple of weeks in December. Remember with all of the days missing, it will be incredibly difficult to get these deals closed in the month of November. VA appraisals can take up to 3 weeks to receive and VHDA and RD loans take a minimum of 22-25 WORKING days to close.
I hope you find this information useful. There is a lot of stress around this time of year, and with the holidays approaching, it compounds. Let’s protect our deals, our customers and our sanity over the next two months!
If you have any questions or need any further information, please do not hesitate to ask.