The Last Day of the Month…
Do yourself a favor- and don’t try to settle on that day!
For some reason, all Realtors seem to want their clients to settle on the last day of the month. I don’t suggest such a thing.
Here is the scoop- since mortgage payments are made in “arrears”…..IF you settle say May 31st., your first monthly payment isn’t due until July 1st- and you need less monies out of your pocket to settle (its a complicated equation). But if you settle June 1st- your first payment isn’t due until August 1st- but you need to pay all the interest for the month of June at the settlement table. Either way….you gotta’ pay the piper.
The last day of the month is busy at all title companies and if your stuff is packed up on a truck, circling the block, awaiting for you to settle on your new Philly condo– the day can be a mess. Why complicate it even further by trying to settle on a day when the title companies are jammed and fully booked? Do yourself a favor…always settle mid-month. You may not understand why, but I do 🙂
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
