How The US Gov't Shutdown Could Impact Park City & Deer Valley Real Estate

Posted by Erik Asarian on Wednesday, October 2nd, 2013 at 10:17am.

Warning:  If you're getting a loan for a real estate purchase in Park City or Deer Valley during the shutdown, beware these pitfalls....

I just spoke with a friend who owns a mortgage company here in Park City about how the US Government shutdown could impact real estate in Park City & Deer Valley. 

Fannie & Freddie loans can still be processed to a certain extent, as these entities are open for business.  However, there are still potential challenges for these conforming loans.  See below for details...

USDA Loans Not Available in Wasatch & Summit County at This Time

On the flip side, since the UDSA is not operating at full strength, the USDA rural loan programs that are popular here in Wasatch and Summit Counties will simply not be able to be processed.

No Park City loans are a slam dunk

Did you know that one of the requirements for lenders to wire loan funds is a certified "Tax Transcript"?  Now that most operations at the IRS are shut down, who is going to process these tax transcripts?  Picture buyers and sellers signing their closing documents, but lenders refusing to wire closing funds because nobody can sign off on under-writers' tax transcript condition.

Can you picture any delays in closings, sellers refusing to grant extensions, potential lawsuits coming out of this?

1 Response to "How The US Gov't Shutdown Could Impact Park City & Deer Valley Real Estate"

Lynne wrote: Very good article! We will be linking to this
particularly great article on our website. Keep up the
good writing.

Posted on Wednesday, October 2nd, 2013 at 10:29pm.

Leave a Comment

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

The multiple listing information is provided by Park City Board of Realtors® from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2021 Park City Board of Realtors®, All Rights Reserved. Access to the multiple listing information through this website is made available by Keller Williams PC-Mtn Resort as a member of the Park City Board of Realtors® multiple listing service. No other entity, including a brokerage firm or any franchisor, may be listed in place of the specific Listing Broker on the foregoing notice. Terms of Use

Listing information last updated on April 20th, 2021 at 11:28am MDT.