By Tosha Reinmiller, December 22, 2018
At midnight on December 21st, 2018, there was a partial government shut down, due to lawmakers failing to pass short-term budget legislation. The National Association of REALTORS® (NAR) has been in consistent communication with congress and it’s leaders who are working with the White House, in order to clearly communicate the importance and critical need to keep these programs running smoothly in communities that depend on them so greatly.
Now the question: How does this change affect real estate businesses and our clients involved in transactions? It can affect it in three different ways…
The first, you could face delays when attempting to attain tax information from the IRS. Should the need arise, transactions could face delays due to offices being shorthanded from employment cuts of non-essential employees.
Secondly, Flood insurance. At midnight December 21, 2018, The National Flood Insurance Policies’s authority to sell or renew flood insurance policies expired. Existing National Flood Insurance Policies will remain in effect until they expire but new ones will remain inaccessible until the shut down is halted.
Finally, FHA programs could face delays due to furlough’s of non-essential employees in their departments as well, which could lead to loan delays. Mortgages backed by secondary mortgage companies Fannie Mae & Freddie Mac will not be affected, nor will the U.S. Department of Veterans Affairs.
Tosha Reinmiller
Principal Broker | OR
She/Her
ABOUT TOSHA Tosha specializes in the coastal communities of Manzanita, Cannon Beach, Nehalem, Wheeler, Arch Cape, Rockaway Beach and the surrounding areas in Tillamook County...
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- T: 541-231-5829
- F: 503-961-8224
- tosha@coastlivingre.com
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503-961-8224