Impacts of the Government Shutdown

Reblogger Rebecca Gaujot, Realtor®
Real Estate Agent with Vision Quest Realty WV0026375
https://activerain.com/droplet/59pV

Debe Maxwell provides good information on the impacts of this Government shutdown in regards to a real estate closings. Agents this would be good information to send to those sellers/buyers who may be impacted by this shutdown.

 

 

Original content by Debe Maxwell, CRS 228209

Impacts of the Government Shutdown

With the current shut down, I wanted to update you on how this could potentially impact loans for current and future property. If this shut down lasts 2-3 days we do not think it will have a major impact; 2-3 weeks is a totall different story though. 

 

Below are the specific types of loans and the areas of concern for each  

 

  • Government ShutdownUSDA - Office is currently closed so no new commitments can be issued.  Essentially unless you are already clear-to-Close, no USDA loans will Close.

  • FHA - Office is currently closed.  So if your loan has not already been assigned an FHA case number, you will be delayed until they are back in business.

  • Self Employed Borrowers - They are required to get IRS transcripts back to verify their tax returns.  This will have to be completed by you, as a buyer, on your own thru the following website: www.irs.gov

  • Government Employees -  Some branches of the government are currently on Furlough (meaning no work no pay).  This could potentially cause a delay.

  • Domino effect - Even if your loan does not fall into the above category as you know a loan down the chain could be delayed which could affect your loan.  Please make sure to check with your agent so you can get out in front of any delays.

  • Delays once shut down is over -  Again, it depends upon how long the shutdown is but, you can imagine the first day they are back open they will have a back log of loans to approve/review.  Delays will not instantly go away the day the shutdown is over.

 

If you are currently under Contract, you will want to reach out to your lender with questions. Our preferred lenders will be reaching out to you if there are any issues as well.

© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Impacts of the Government Shutdown

 

     

Charlotte Real Estate Team - The Maxwell House Group

 

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Debe Maxwell, Realtor®/Broker/CRS

CharlotteBroker@icloud.com

Direct:  (704) 491-3310

 

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Rainmaker
2,503,900
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

I don't have any closings scheduled at this time. I do feel sorry for those that had closings scheduled this week.

Jan 22, 2018 10:55 AM #1
Rainmaker
1,329,198
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Good choice for a reblog, Rebecca. 

Jan 22, 2018 12:00 PM #2
Rainmaker
1,544,569
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Thank goodness that ended quickly!

Jan 22, 2018 12:43 PM #3
Ambassador
3,356,615
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I'm thrilled that this ended so quickly, Rebecca! I should have posted this early this morning but, thankfully, we don't have too much to worry about other than a couple of 1 or 2-day delays now.

Great talking to you and thank you so much for the re-blog too!

Jan 22, 2018 01:57 PM #4
Rainmaker
1,434,235
Yolanda Cordova-Gilbert
Richmond, TX

Rebecca,

 Good re-blog I will stop by Debe's and leave her a message! I too am glad it is over! Take care and have a good one. If you retire I hope it means more time in the rain for you! Take care!

Jan 22, 2018 02:11 PM #5
Rainmaker
2,807,121
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Rebecca Gaujot thanks for the very good report on the impact of government shutdown.

Jan 22, 2018 05:03 PM #6
Ambassador
3,983,227
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Business has not been impacted so far and now things will return to normal this week only to have another deadline in 2 1/2 weeks. Can they really come to an agreement in that length of time?

Jan 22, 2018 06:18 PM #7
Rainmaker
4,797,528
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This one is now history, but I hope it won't repeat in a couple of weeks.

Jan 26, 2018 05:27 AM #8
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Rainmaker
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Rebecca Gaujot, Realtor®

Lewisburg WV, the go to agent for all real estate
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