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Lingering shutdown may hit real estate sales
“If the shutdown lasts a week to even 10 days, I don’t think there will be that much of a noticeable effect for home buyers and sellers,” said Kim Riddell, a senior mortgage planner with Regency Mortgage in Hooksett. “Anything beyond that is when we could start to run into problems.”
“We had a meeting about the shutdown on Tuesday, and we all agreed we weren’t seeing any real effect right now,” said Gail Athas, president of the Greater Manchester/Nashua Board of Realtors. “The real question is where we’ll be a few weeks from now if the shutdown isn’t resolved, and the answer is I don’t think anyone truly knows.”
“As we’ve witnessed over the past five or six years, general uncertainty can affect consumer confidence, which in turn carries the potential of an impact on the real estate industry,” New Hampshire Association of Realtors (NHAR) President Bill Weidacher said. “Though we can’t know to what extent that impact would be, we hope it will be short-lived.”
Lenders will not receive approvals during the shutdown. If the lender has already received a conditional commitment from the Rural Development office, then the lender may proceed to close those loans during the shutdown.
Riddell also said it could become difficult in the coming weeks for mortgage specialists to receive tax forms they need for loan applications.
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