Posted on October 4, 2013 at 8:17 PM
Friday, Oct 4 at 9:08 PM
BURLINGTON, Wash. -- The government shutdown is impacting some homebuyers on the verge of closing deals on houses.
Heather Rude planned to purchase a three bedroom house by October 15th, but the deal is on hold. Rude has a loan through the U.S. Department of Agriculture. Due to the shutdown, her realtor said the USDA is unable to process the loan.
Rude, a single mom, rents an apartment and has asked her landlord if she can extend her lease.
"It is really disappointing thinking about putting money into rent rather than my own home," said Rude.
Realtor Bill Sauneuf believes the shutdown could jeopardize Rude's agreement with the seller. Sauneuf said it could also impact several other deals he has negotiated for his clients.
"The seller wants to sell it. The buyer wants to buy it. All we have to do is get the government back in business so that we can close it," Sauneuf said.
The National Association of Realtors reports the government shutdown could slow real estate deals because tax and social security information is unavailable, which lenders need to check borrower qualifications.
Initially, Rude didn't realize the government shutdown would affect her. She is hoping to work with the seller, but realizes there is a chance she could lose the home.
"It's not only an investment for my future, it is for my son too," said Rude.