Labor Day 2024 can sneak up on you, especially when you need to close on a house. Keep an eye on your calendar. The last Friday of this month coincides with Labor Day Weekend, which may make for a complicated end-of-month closing.

Labor Day 2024 is celebrated/observed on Monday, September 2nd.

Labor Day is the three-day weekend ending the summer. It’s a federal holiday that celebrates the American labor movement and the contributions and achievements of the American worker. 

Avoid Labor Day Closing Delays by Planning Ahead.

We take the Labor Day holiday seriously in Collin County, Texas! For many, it’s the last chance for summer family fun, lake outings, and mini-vacations before settling into a welcome change of pace — September.

If you’re planning to close around the end of August, plan ahead. Leaving anything to the last minute could delay your closing by hours in a best-case scenario and by days in a worst-case scenario.

This is because Labor Day is among the most popular vacation times in the real estate, title, and mortgage industries. As Labor Day approaches, it’s increasingly complex to resolve “issues” related to settlement—not all parties are readily available for resolution.

A small closing issue can spiral into a major one when you can’t reach your attorney, or the title company is short-staffed.

Stay connected to your REALTOR®, Lender, and Title Company.

Your REALTOR® has big responsibilities in the process, not the least of which is communication. They should generally be your first point of contact. But there’s no substitute for direct communication with the title company. Ask to speak to the escrow officer who’s handling your closing.

For Collin County home buyers currently under contract and homeowners with a refinance in process, the best defense at a time like this is a good offense: Get proactive with the mortgage process.

These steps can help your end-of-month closing go more smoothly this month:

• Prepay your first year of homeowners insurance, effective your closing date. Provide proof of payment to your lender.
• Document and deposit all gifts and retirement withdrawals that you need as early in the process as possible, in conjunction with your closing.
• If applicable, have all parties sign Power of Attorney forms and get them lender-approved in advance. Don’t leave this for the last week.
• Reply immediately to your lender when they request paperwork. Jump on it within 24 hours. 
• If you’re a home buyer, schedule your home walk-through as early as possible. That way, if there’s an issue to resolve, there’s plenty of time to address it among all parties.
• If you have planned vacation time between today and your closing date, make it known to all parties, and make sure to be reachable in the event of an emergency by phone and/or email.

As Labor Day approaches, real estate brokerages, title companies, and mortgage lenders often operate with short staffs. You know that routine tasks will take longer than usual.

Plan ahead for August Closings – It would be foolish not to.

History of Labor Day

Are you looking for an excellent real estate agent to represent your interests? Call me anytime!
Norma Wall, Broker, 214-212-6770