Most people want to close at the end of the month and Friday is the most popular day of the week. During summer it seems everyone wants to move in at the end of August.
There are only so many hours in a day. Banks can handle only so many closings in a day. If everyone wants to buy their home at the same time it’s simply not possible.
I bet you’ve heard horror stories about closings delayed last minute by the bank. I’ll also bet you’ve heard how everyone waited and waited for the bank to clear the loan to close.
Evil bank? Nope. Impossible situation.
One day I’ll have my wish – home buyers and sellers will be told that closing on a Friday at the end of a month is not always assured. It’s a whole lot safer to avoid end of month Friday closings.
I understand why you want to close then – its expensive to pay rent and a mortgage at the same time. Some folks do want an overlap to spruce up their new home. If you don’t, consider moderating things even a little bit. You will be much safer. Imagine what it will cost you to stay in a motel for 1 week with your things in storage.
Registering a child for school is quite a project. It takes a lot of documentation from you and it takes a school more than a few days. If you want your child to start school on the first day of school in September you can’t wait past mid August.
If you’re moving into Bergen County or changing towns, get there by mid August.