Quote of the day: Don't close on Nov. 30

“[T]here may not be a worse day in 2009 on which to try to close on a home.”

– Dan Green, loan officer and editor of The Mortgage Reports blog, warning buyers not to delay closing until the November 30 deadline for first-time buyers to cash in on the federal government’s $8,000 tax credit.

Trib writer Mary Umberger explains:

“Green reasons that not only will a veritable horde be aiming to close on that date, but other factors also suggest you ought to consider the November calendar: Nov. 30 is the Monday after Thanksgiving weekend; Nov. 28 and 29 are weekend days (no closings); Nov. 27 is the Friday after Thanksgiving (an unofficial holiday for many); Nov. 26 is Thanksgiving (no closings); Nov. 25 tends also to be an unofficial holiday, or, at least, a lot of offices turn into ghost towns by afternoon.

“He suggests Nov. 24 may be a more practical deadline day, but if something goes wrong at the closing table (an unfortunate fact of life), you might have a heck of a time rescheduling by Nov. 30. So he suggests trying to close during the week of Nov. 16.”

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