Home Buying in Minneapolis>Question Details

Andrew Scher…,  in Roseville, MN

I have a buyer waiting to close on a FM property & they are wondering if the impending govt. shutdown will affect them in any way. Any thoughts?

Asked by Andrew Scherber, Roseville, MN Mon Apr 4, 2011

Fannie Mae property (Minnesota), and we are closing on or before May 10. If the government shuts down, how will this affect Fannie/Freddie properties? Will it affect them at all?

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Hi Andrew,
One of the main rules of Real Estate is sooner is always better than later. Your broker should have experience in expediting this deal. On the negative side, I have had numerous deals with both Fannie and Freddie where they were not ready on closing date. Good luck.

Donald James
Partner / Broker
Weichert Advantage
0 votes Thank Flag Link Mon Apr 4, 2011
Andrew, Great Question. Fannie Mae is no longer supposed to be government entity... So I would say it shouldn't impact, but you know how those non-government entities are (IRS and Post office for example)... they typically follow suit. I would say get it closed as quick as you can so your not impacted by the looming government shutdown or plan for it to create a delay for your closing.

Best Wishes!
0 votes Thank Flag Link Mon Apr 4, 2011
If you can get a "faster" closing, that would increase your chances. I sincerely doubt it has any effect though.
0 votes Thank Flag Link Mon Apr 4, 2011
If all parties agree to and are capable of closing early, I would work toward that end - you have everything to gain and nothing to lose. I don't know if there is a definitive answer to your question, because not everything at the Federal level shuts down, i.e. the military, Medicare, etc., so maybe FM is unaffected.
Web Reference: http://www.chrisney.com
0 votes Thank Flag Link Mon Apr 4, 2011
Close sooner rather than later :P
0 votes Thank Flag Link Mon Apr 4, 2011
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