We’re now nine days in to the Tea Party Temper Tantrum, otherwise known as the federal government shutdown. Depending on whether you’re a tourist or a resident, an applicant for a home loan, someone who wants to eat a crab sandwich overlooking the Pacific or a dog owner who whose pup needs a run at the beach, the local effects of the closure of the government will be different.
Because this is a real estate blog, I’ll start with the effects on homebuyers (and refinancers). Included in every home loan application package is a form called 4506-T, which gives the lender the right to pull copies of the borrower’s tax transcripts from the IRS to verify that they match the documents provided by the borrower. But there’s no one home at the IRS to provide the transcripts. During the shutdown many lenders are waiving this requirement, but don’t count on that happening! If you are currently buying or refinancing a property, stop everything you are doing and call your lender to find out how they are dealing with this. If they’re not waiving the requirement, and the shutdown continues, your loan could be on hold indefinitely.
It might not be as important as a home loan, but a visit to Alcatraz is high on many visitors’ lists when they come to San Francisco. But the Rock is closed until the government reopens.
So what’s a visitor to do? All is not lost for those hoping to visit an island in San Francisco Bay. Hop a ferry to Angel Island, which is a California state park and is open and operational. Take a cruise on San Francisco Bay. Stop and smell the roses (and the redwoods, and the hundreds of other natural attractions) at the Botanical Garden in Golden Gate Park.
Or, write a letter to your congresscritter and tell them to do their damn job.