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The Government Shutdown for Home Buyers and Sellers

The prolonged government shutdown means non-essential functions of the federal government may not be happening for a while. When the government opens up again, whenever that may be, catching up on all those non-essential functions will take some time. If you are a home buyer or seller either in the middle of or close to a home purchase or sale, are there non-essential government functions that could derail your plans? Are there impacts from the government shutdown for home buyers and sellers?

Vacant seats due to government shutdownGovernment Loans

The short answer is it’s possible there will be impacts from the government shutdown for home buyers and sellers. If the buyer is getting a loan, there are a couple areas of concern to talk to the lender about. If the loan is an FHA or VA product, there may be administrative delays. Regardless of the type of loan, it’s typical for the lender to request tax documents from the IRS. Those may document requests may see delays or potentially not available at all until the government re-opens. If the shutdowns continues for any length of time, lenders will surely come up with a work around to continue to do business. The government shutdown should not stop the loan for your real estate transaction, but it could certainly cause delays.

If no loan is involved, your purchase or sale should be able to continue on without a hitch. The federal government has no involvement with real estate transactions in any significant capacity.

Federal Taxes

Most federal taxes due from the sale of real estate are determined when you file your tax returns.  However, you will need to pay any taxes the government is expecting from your transaction on time. The shutdown does not alter any deadlines. You will still face penalties if you delay payment whether or not they are there to collect the funds.

The bottom line is for both buyers and sellers to be aware of the potential for delays and to discuss those possibilities with the lender involved. If everyone is aware of the situation as soon as possible, buyers and sellers can make adjustments as needed to compensate for any hassles from the government shutdown.  You should expect minimal disruption from the government shutdown for home buyers and sellers. 

Posted in: Buyer Tips, Seller Tips Tagged: Government Shutdown

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About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

Jason used amazing strategy for pricing, selling and acquisition of our next property. In this market this strategy is critical for success – especially with the buying process.

Summit County real estate is a challenging market. We have bought and sold two properties and just bought our third. Jason and Meredith have been there for us throughout this entire journey, and we couldn’t be more satisfied. Jason and Meredith have excellent communication, are realistic and honest, and have incorporated strategy and wisdom from their extensive Summit County experience to help us make our dreams come true.

Ben from Centennial February 2, 2022

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You were very knowledgeable and supportive during this transaction. I was most impressed with your calmness and smart decision making during a chaotic process. Thank you again for your calmness during all of this.

Barbara from Centennial January 24, 2022

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Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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