With the current government shutdown threatening to become the longest in U.S history, we’re beginning to see disruptive consequences for lenders, homebuyers, attorneys, and title companies.
“With each day the shutdown continues, we can expect an increase in the impacts on potential homeowners, home sellers, and the entire housing market.” says the U.S. Department of Housing and Urban Development. “A protracted shutdown could see a decline in home sales, reversing the trend toward a strengthening market that we’ve been experiencing.
Similar difficulties are being experienced by title companies trying to get IRS information on lien payoffs as a result of the shutdown. A backlog of crucial requests from title companies is building up as a result of IRS workers' limitations on or inability to perform their duties due to the closure. Deals are either being delayed or canceled, which Bill Burning NTP, executive vice president and general counsel for Orange Coast Title Co., called a "major challenge" for the sector.
Nick Hacker, president/ and CEO of North Dakota Guaranty & Title, said one underwriter his company works with has advised against closing deals involving IRS liens. The company is also holding some seller proceeds until the payoffs are confirmed in order to continue closing transactions.
To get beyond these obstacles, firms will need to be committed to treating customer problems with care and integrity. Flexibility and planning will also be necessary. Call Concierge Title Services at 352-241-8629 for additional details, and if you want more information about this Government Shutdown visit our blog post
Singapore-based conglomerate Clermont Group has announced the acquisition of Eviation Aircraft, the company building the world's first all-electric commuter plane.
A garage door fixes the problem of your home's door.
By calling the Clermont Garage Door Repair, you are going beyond investing or repairing a home improvement.
You are allowing us to assist you and ensure your safety and security.
