Closing question. When IS a date picked???

So we have an on or about March 15th.

I know that it can change dependign on several things.

So my question is what happens leading up to picking a closing date? How do you get to that point??

Is it when your bank finally says "You are approved! when would you like to close?"

Re: Closing question. When IS a date picked???

Once you get your bank commitment letter it should start being discussed.

Message edited 1/26/2012 1:58:45 PM.

Re: Closing question. When IS a date picked???

we couldn't schedule the closing date until we were "clear to close", which was weeks after the mortgage commitment. Prior to that, there was a tentative date on the table.

Re: Closing question. When IS a date picked???

We're on or about March 15th too! I don't have an answer but hopefully its really on or before would be good! Good luck!

Re: Closing question. When IS a date picked???

I found out my closing date 2 days before. The bank will not schedule it until they are complete and give you the clear to close.

Re: Closing question. When IS a date picked???

just to give you an idea, or on or about date is feb 1 (ie 6 days from today)

no actual date yet

Re: Closing question. When IS a date picked???

You can close up to 30 days after the on or about date.

You will be waiting on your clear to close. The bank needs to get all of its stuff in order and you will need to have your homeowners ins. done and paid for.

Re: Closing question. When IS a date picked???

Yup - Once the bank gives the clear to close (which can be at the same time as the mortgage commitment, but is usually given later), the buyer's attorney requests a closing date, and then all of the attorneys (sellers', buyer's, bank attorney) will schedule the date and location of the closing.

Sometimes it is set a couple of weeks in advance, but most of the time everyone only get a few days' notice!

Assume the on or about date is the earliest you will close. As others have said, you can (and probably will) close within a 30 day window after that date.

Re: Closing question. When IS a date picked???

Our on or about date was Nov 1...we closed Dec 15

Re: Closing question. When IS a date picked???

We closed like 3 days after or on or about date. It was the lawyers who held us up. They apparently had very busy schedules....

Re: Closing question. When IS a date picked???

My on or about date was November 15th and we are still waiting, so if its a short sale, the date means squat.

Re: Closing question. When IS a date picked???

We were called on a Thursday and told we were closing on Monday

Re: Closing question. When IS a date picked???

Our on or about date is Jan 30 - but we know we won't be closing until at least mid Feb because the seller isn't ready yet. Both sides usually have 30 days from the on or about date to actually close.

Re: Closing question. When IS a date picked???

THanks everyone.

I know the date COULD be 30 days after, but it was the mortgage "clear to close" info I was looking for!!!

Thanks!