The next potential shutdown occurs Nov. 17 if Congress doesn’t agree on a budget. While not dire yet, soon-to-be buyers may want to secure flood insurance before then.
WASHINGTON – The government appeared on the verge of shutting down on Sept. 30 after Congress failed to agree on a new fiscal budget, but lawmakers postponed that shut down for a few weeks so they could discuss it further – to Nov. 17, 2024.
However, the next potential shutdown is now less than 10 days away.
Lawmakers may reach an agreement, or they may vote to extend the budget talks again.
At the moment, most observers aren’t panicking and a government shutdown is complicated if it happens. Still, some real estate functions – like the ability to secure a flood insurance policy from the National Flood Insurance Program (NFIP) – generally end, even though homeowners with an existing policy remain covered. Homebuyers who need flood insurance and have a closing date after Nov. 17 may want to secure coverage before closing.
Other government services that play a part in real estate transactions may continue unaffected, stop altogether or continue to work at an abnormally slow speed.
While it’s too soon to panic over a possible shutdown, it’s not too early to prepare for one.
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