What a Government Shut Down Could Mean for House Sales

NAR did an analysis of what a Government shut down could mean for those trying to either buy or sell a home. It’s not good for either.

On the Realtor.org website, they discuss the implications:

• FHA would not be able to insure/endorse any new loans.
• IRS cannot process federal tax returns. This means that if your bank is requesting your 2010 return for your loan, and you have not filed yet, you would not be able to get this. Also, if you were planning to use any money from a possible refund, you would not be able to get that money, since they will only be processing payments.
• USDA loans, if not fully committed, would not be able to be processed until funding legislation is enacted (even past the government restarting).

Other things that I have been discussing with others that government employees attempting to get loans need to take into consideration should the government shut down:

• Employment Verification. If you work for the government and your bank needs to do their verification of employment, is that person who does the verification there?
• If you are a “non-essential” government employee, are you currently being paid? Does this affect your qualification for the loan?

This could be devastating for those who are under contract and hoping to close in the next few weeks. Banks will not be able to start the FHA loan process, order appraisals, or get case numbers until resolved.

What other implications for homebuyers and sellers will there be?

Real Estate Agent Social Media Networking Presentation for Women’s Council of Realtors in Baltimore

Thursday was a wonderful day — great weather, great people, and I had a blast presenting at the Greater Baltimore Board of Realtors (GBBR) to the Women’s Council of Realtors (WCR) on social media networking for real estate agents.

I was asked to present based on my experience and success using social media to enhance my Towson real estate business.

The four networks I discussed were Facebook, ActiveRain, Linkedin, and Twitter.

Although I also actively participate on Trulia and Zillow, I only had 20 minutes to present! On May 21, 2009, I have been asked to present a follow up because there was so much interest from the Baltimore realtors.

I met some fantastic people, and enjoyed speaking with many of the attendees afterwards. I am looking forward to the next presentation, and will also be teaching another 1.5 CE credit course on the same topic for GBBR on May 28, 2009.