A Government Shutdown?

11 Replies

Hey guys! so I was supposed to have my closing this Friday on a HUD home but my agent told me today that because of this government shut down we can't proceed with the closing yet. im not a big politics guy so I wasn't aware of this. does anyone's have anymore info or a solution to help me out? any advice would be appreciated.

thanks!

You will just have to wait til the government opens. Nothing you can do about it.

Oh wow. I wouldnt of ever thought of this. I thought the government shutdown was just a hollow saying. Any details on what else this affects?

Originally posted by @Russell Brazil :

You will just havw to wait til the government opens. Nothing you can do about it.

Do you know off top of your head what percentage of mortgages are using a government program right now? 

Between FHA and USA it will be a fairly large number.

It might be a good idea to consider some special contract language for the next few months.  Something that would help protect the buyer who's contracts cannot close because of at shut down.

It affects me efiling F3 tax free transfers of machine guns, and I would imagine lots more. Military pay, etc. Probably doesn't affect those in power in WA they always find a way to make special rules for themselves.

Here is a nice little write up on how the shut down could affect lending. The interesting part which I hadnt thought of was verification of tax returns with the irs.

https://www.nationalmortgagenews.com/slideshow/5-ways-a-government-shutdown-will-affect-mortgage-lending

Originally posted by @John Thedford :

It affects me efiling F3 tax free transfers of machine guns, and I would imagine lots more. Military pay, etc. Probably doesn't affect those in power in WA they always find a way to make special rules for themselves.

Hey John... this Washington is in the District of Columbia (DC). 

Originally posted by @Cody Evans :

Oh wow. I wouldnt of ever thought of this. I thought the government shutdown was just a hollow saying. Any details on what else this affects?

 everything, it's a huge pain in the ***.... Only essential services are open/operated. 

How does your agent know this ? My recollection is that this is not the case. HUD personnel are not involved with the closing process. The Asset Management company handles the closing package via the P260 system as well as the execution of the deed

Additionally, bids will contribute be awarded as normal. The only difference is that "manually accepted " aka lower bids typically are not accepted during this time as they require HUD approval

Originally posted by @John Thedford :

It affects me efiling F3 tax free transfers of machine guns, and I would imagine lots more. Military pay, etc. Probably doesn't affect those in power in WA they always find a way to make special rules for themselves.

 Here's the "special rule"

https://constitution.laws.com/american-history/constitution/constitutional-amendments/27th-amendment

Originally posted by @Tom Gimer :
Originally posted by @John Thedford:

It affects me efiling F3 tax free transfers of machine guns, and I would imagine lots more. Military pay, etc. Probably doesn't affect those in power in WA they always find a way to make special rules for themselves.

Hey John... this Washington is in the District of Columbia (DC). 

BATF that handles this is in West Virginia. 

I'll let everybody know this week whether this is an issue or not... we have plenty of HUD deals working right now.

Updated 5 months ago

First email this morning was from Sage Acquisitions (who processes for HUD) regarding one of their files. I will update this once I determine that HUD also has someone to sign deeds during the shutdown.

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