Will the government shutdown affect your closing?
Q. I'm closing in Nocatee this month. Will the government shutdown delay my closing date?
A. It may. Depending on the type of financing you're using you may experience delays. And with the IRS on limited staff, obtaining tax return transcripts may be difficult. Also, rural loans under USDA will be on hold. My sources tell me most of our larger lenders have work arounds in place to get buyers to closing. The work around we don't have in place is for flood insurance. If your lender requires flood insurance in order to close, you will be delayed as new policies are not being issued by the NFIP (National Flood Insurance Program). But here's a tip - if your seller has a flood insurance policy in place, check with their insurance agent to see if it's transferable. You may be paying a higher premium but as least it will get you to the closing table. Good luck.
Have a real estate question or need some sound advice? Call or text Phyllis Staines at (904) 476-7653 or email firstname.lastname@example.org. Every question will receive a response and may be chosen to appear in Saturday's Times Union newspaper.