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?
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Listing information last updated on July 13th, 2020 at 7:13pm MDT.