Last Minute Closings Put Tax Credit Opportunity At Risk

Take note—this June won’t be normal for end-of-month closings. Lenders and settlement agents across Virginia anticipate a very high volume of closings scheduled to beat the June 30 federal tax credit deadline. To make sure your homebuyers don’t miss out on their tax credit, be proactive.

Schedule closings on different days of the week—the earlier in June the better. Don’t wait until the end of the month just to save your buyer per diem interest, only to have them miss the deadline. Closing earlier allows time to resolve unforeseen problems.

Help prevent holdups by encouraging buyers to provide documentation to their lender ASAP and arrange for homeowners insurance well in advance of closing. Their response, and your guidance, can make a difference in meeting the scheduled closing date.

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One Response to Last Minute Closings Put Tax Credit Opportunity At Risk

  1. Brian Block says:

    Janice,

    Yes — right on! The last thing you want to do is schedule your closing to be the one at 4 p.m. on June 30th. However, I imagine that many settlement agents will be working against the clock and up to the wire to complete some of these tax credit settlements.

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