Government shutdown slows real estate transactions

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by Jaime Cerreta

Bio | Email | Follow: @CerretaNews

azfamily.com

Posted on October 3, 2013 at 8:25 PM

Updated Thursday, Oct 3 at 8:41 PM

PHOENIX -- The shutdown of the federal government is having a negative impact on some potential home buyer and sellers in the Valley.

"It is frustrating. They announced it but it interferes with the average person's life, like myself," said home buyer Brett, who did not give his last name.

He's talking about the government shutdown and his search for a new home.

"Everything's timing. I've missed out on a lot of different things in the past and I don't want to miss the next one," he said. 

Right now, home deals with mortgages are at a standstill due to the government shutdown. That's because to finalize the deal, the government needs to confirm two key pieces of information on a loan.

"It's the tax transcripts and social security number verifications which aren't available," says Duke Pyle of Academy Mortgage Corporation. 

That is not only concerning home buyers, but those selling homes as well. 

Many in the real estate world work on commission and if home sales don't close they aren't paid.

"If I can't close home loans with my buyers than I don't get paid, so everybody in the housing industry income is going to be affected, said realtor Lisa Bartlett.
 

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