The effects of the government shutdown are rippling through the real estate industry, and practitioners are feeling the pain all over the country. Most of the complaints we’re fielding are about USDA loans, which have been entirely frozen. Real estate pros are seeing deals fall apart, as the Department of Agriculture has shuttered its mortgage division during the shutdown.
For more information:
http://speakingofrealestate.blogs.realtor.org/2013/10/09/showdown-with-the-shutdown-tales-of-how-the-government-closures-are-affecting-real-estate/
With eight of experience in selling homes in Central Florida working for Luxury Realty, Bernardo’s knowledge and dedication has made him a leader in the local real estate market. He has developed a strong reputation of character, integrity, honesty and reliability. Using his focus and unique ability to set aside personal agenda, he is thought of as a trusted adviser to his clients and friends.
The effects of the government shutdown are rippling through the real estate industry, and practitioners are feeling the pain all over the country. Most of the complaints we’re fielding are about USDA loans, which have been entirely frozen. Real estate pros are seeing deals fall apart, as the Department of Agriculture has shuttered its mortgage division during the shutdown.
ReplyDeleteBut agents and brokers whose clients hold every type of loan are getting slammed. Though the FHA is still operational, it has drastically reduced its staff, causing widespread delays in the processing of FHA loans. And while the IRS is down, it can’t verify tax documents tied to conventional, FHA, or any other loans. That translates to many real estate deals being put on hold — or just disintegrating.
ReplyDeleteIt’s becoming a madhouse out there for many practitioners fighting to keep deals alive as the shutdown puts a stranglehold on the market. We’ve gotten a few of their stories.