Local real estate market impacted by closure of Bureau of Indian Affairs
Indian lease land transactions on hold
The Bureau of Indian Affairs is just one of the many federal agencies affected by the government shutdown.
It's closed for business, meaning a delay in finalizing the sale of more than three dozen homes or commercial buildings located on Indian lease land in the Palm Springs area. They're all currently in escrow. The Bureau of Indian Affairs is required to approve all transactions involving tribal land.
"We've had no one cancel escrows as a result, but yet we have not seen what's going to happen in the future," said John Burge, president of the Palm Springs Regional Association of Realtors.
A delay in closing escrow could also mean buyers could lose their locked-in interest rates they negotiated on their mortgages. An extension can be acquired by paying about 2 percent of the loan amount.
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