The Government Shutdown Just Affected Some Home Sales... Episode 231
Description
The Government Shutdown Just Affected Some Home Sales...
...and you are worried that it will affect the purchase of your home
Let's start by saying that most people believe that the shutdown will not last long
and if that is the case, most home purchases will be largely unaffected
But let's suppose that it does drag on for a couple of weeks
or if it continues even longer than that
home buyers that are using a mortgage to finance the property
would have the most concern in these areas
- homeowners insurance
- flood insurance
- qualifying income if the job is furloughed
- cash to close if they needed to use their savings while out of work
any of these could delay
or completely derail their loan application
and with that
the home seller may also be affected
if they were making a subsequent purchase
with the proceeds of this sale
there is a real domino effect
that can cascade into a world of pain and problems
for those that aren't under contract now
its a real possibility that they pause their search
and home sellers that are not on the market
may delay putting their home up for sale
until the situation normalizes into a more stable environment
today's show lays out the details of the most important challenges buyers will encounter
United States
