The longer the government shutdown continues, the more uncertainty could be injected into the process of buying or selling a home.
That’s according to Denise Lewis, president of Maryland Realtors, a nonprofit association representing more than 25,000 realtors statewide.
“I think this is going to affect buyers and sellers equally,” Lewis told WTOP.
Despite concerns about what could happen if the shutdown drags on for a month or longer, Lewis said, “Nothing is coming to a screeching halt.”
The first place that buyers and sellers may feel the impact of the federal shutdown is in the process of getting flood insurance, Lewis said.
“The National Flood Insurance Program can’t issue new or renewal policies during the shutdown,” Lewis said.
However, Lewis said, there’s no need to panic. Realtors are learning about possible workarounds.
“We’re contacting insurance companies and finding out how to get the private insurance,” Lewis said.
There’s another possibility: “Existing policies that are backed by the National Flood Insurance Program can be transferred to the buyer,” she said, but there are some exceptions.
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