How Will The Government Shutdown Effect Your Real Estate Transaction

Dated: 10/01/2013

Views: 3772

As we all know, the leaders we have elected to office were unable to come to terms on the budget standoff now facing the country.  this means that any loans that have not been settled may be delayed.  

Whereas VA and FHA will still be processing applications, both the Social Security Administration and Internal Revenue Service will be unavailable in dealing with loan processing until the budget gets approved.  
Since all loans need the IRS to verify tax transcripts to make sure the individual applying for the loan is indeed the person who filed the tax return.  The SSA also will not be available to verify that applicants are indeed a legit person using the social security number provided.  This could possibly cause substantial delays in loan closing's.
Whether you are buying or selling a home make sure to prepare for a possible delay in closing.  Stay in contact with your loan officer and agent for any changes that may effect your transaction.

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