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Real Estate and the Government Shutdown

Posted on October 2, 2013

iStock Sold-webIf you are currently in the process of buying a home, you can guarantee you are about to be affected by the governement shut down.

Thanks to the shut down of the IRS and Social Security offices many new loans are unable to be processed by lenders seeking to verify tax returns and other important documents necessary for underwriting. So, while you may have found your perfect home or rental property with Brad Shoults Real Estate, depending on how long this shutdown continues, expect your closing date to get pushed back. After the crash, lenders are more careful than ever before so no one will be moving forward without the ability to verify all necessary paperwork.

Real Estate will not be shutting down due to the government stand-off, however. The Federal Housing Administration will remain open and endorse new loans so, depending on your who is backing your purchase, you may want to to continue to shop and move forward with buying your property. For questions or concerns on how the situation in Washington D.C. may affect your real estate purchase, contact your real estate agent today.

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