By Joe Szabo, Scottsdale Real Estate Team
When you close your escrow is a negotiation point between you and the seller. Timing is everything. You should set the closing date according to when your current lease ends. If you close at the beginning of the month and your lease doesn’t end until the end of the month you will be paying double rent for nothing. This only works if you have work to do on your new home and need somewhere to stay in the meantime. In addition if you close at the beginning of the month the lender will require you to prepay the interest from the day of closing until the end of the month. If you close closer to the end of the month, the less money you will pay out of pocket.
Remember that you get to take deductions for your house in the year that it closes, even if it closes on the last day of the year. But make sure your deductible costs will be greater than the standard deduction allowed by the IRS. You may want to contact your accountant to find out how this may affect your situation.
The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo. Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020 480.688.2020 or visit www.scottsdalerealestateteam.com for more information.