Home Buying in Staten Island>Question Details

Steve Scala, Home Buyer in Staten Island, NY

When is anyone going to get it that the shutdown has a direct affect upon home buyers?

Asked by Steve Scala, Staten Island, NY Mon Oct 7, 2013

How are the mortgage banks going to originate loans? How they going to verify tax
returns? Why have some major banks suspended mortgage applications? What are we going to do with our down payments that are still sitting in market securities if the market tanks? Have no choice but to sit it out & pray. Don't see any point in looking till this mess is behind us.

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4
Keep in mind that buyers who are ready to buy are continuing to do so and mortgages haven't stopped for those who qualify...
1 vote Thank Flag Link Mon Oct 7, 2013
That is one approach.
However, the reality is homes are being bought and sold today, (Oct 7, 2013).
Yes, there are REAL chanllenges, but the REAL challenges are not those you listed.
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Of course there is yet anohter layer of complexity and a greater need of education and alternatives. Such complexities have become part of the DNA or real estate transactions that have flooded the industry since 2008. Real estate professionals, invedstors, local lenders and attorneys have all collaborated in providing solutions individually or collectively.
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If you need to sell your home, it's time to chat with a professional.
If you don't, which apparantly you do not, then stay tuned to FOX and stay put.
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The shut down,at this time, is irrelevant. However, the big banks and insurance companies are the ones who have there hands around the neck of the home owner. As you suggest, it is the big banks that are imposing issues, while local lenders are stil financing home sales and magicly are not held hostage by the IRS. (a clue) Friends won't let their friends do business with the big banks.
1 vote Thank Flag Link Mon Oct 7, 2013
Why don't you write Speaker Boehner and his Tea Party nudniks instead of complaining to us?
0 votes Thank Flag Link Mon Oct 7, 2013
Although not on a level with the Depression, some economists think the psychological blow of the financial crisis was severe enough that households won't increase their borrowing and spending to what would be considered normal levels for another five years or longer. The shutdown has just reinforced all those people's fears.
0 votes Thank Flag Link Mon Oct 7, 2013
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