Scott Selleck explains how a federal shutdown could stall home sales in Bergen County if your deal needs flood insurance, FHA/VA loans, IRS verification, or federal permits. Lock in flood insurance early, use conventional financing when possible, and submit financial documents ahead of time to avoid delays.
How the Government Shutdown Affects Home Loans and Sales in Northern New Jersey Are you buying or selling a home in northern New Jersey right now and wondering is this government shutdown going to affect my deal with everything else going on? If you're in Bergen county, especially in areas near river or flood zones, this could very well impact your deal and something more you have to really think about. Hey everyone, I'm Scott Selleck with the Selleck Group at Keller Williams City Views Realty. I help buyers and sellers of across Bergen county and northern New Jersey navigate today's market. And right now that includes making sense of this government shutdown that we're dealing with. So here's the real deal. Not every transaction is at risk, but there are certain situations where government shutdowns can create delays or complications and I want to go over some of these examples with you. Homes in a flood zones that need federal flood insurance, for example Buyers using FHA or VA financing land or development deals that require federal environmental review and approval, or any closing with really a tight deadline and no wiggle room for delays. These are areas that could run into issues. That's where shutdowns can cause serious headaches. Here's what you really may run into New or renewed flood insurance policies that might might be unavailable. FHA and VA loans may take longer to process. Lenders could have trouble verifying income through the IRS with transcripts, and that's something I'm concerned about. And if your deal depends on federal permits, that process could stall completely and create crazy delays. But don't panic. There's a smart way to protect your deal and keep things moving. Some of the best steps really include the following Locking in flood insurance early or considering private options if your lender accepts them using conventional financing when possible. If you can, switch out of that VA or FHA loan into conventional finance and do it getting all the financial documents submitted to your lender up front as quickly as possible. Gain time. Building flexibility in your contract to allow for these extensions is huge. And maybe most important, staying in contact and communication with your loan officer, your title company and your agent that really helps us. These moves can make the biggest difference between a deal that gets stuck and one close that closes smoothly, even in certain times like this. So bottom line, if you're buying or selling in Bergen county or anywhere in northern New Jersey, a government shutdown doesn't have to stop you with your plans. But it does mean you need to be proactive, prepared and working with the right team. If you want expert guidance to make sure this transaction stays on track. Schedule a consultation today with me, Scott Selig with the Sellig Group, Keller Williams, City Views Realty. I'm in Northern New Jersey. I'm a northern New Jersey realtor for 32 plus years. I'm here to help you navigate this market with confidence and get you to the finish line. Thanks for watching. Don't forget to like and subscribe my channel. More northern New Jersey insights. I'll see you in the next video.
