The Most Common Delays Toward Closing

The latest National Association of Realtors Confidence Index Survey of more than 1,500 Realtors indicates that 64 percent of contracts are settled on time, with no closing delays. However, 26 percent of respondents experienced a delayed settlement, and 10 percent had a contract terminated before closing. Of the 60 percent of Realtors who reported contract issues in April, 12 percent cited financing issues, 8 percent cited issues with the home inspection, and 7 percent cited problems with the appraisal. Another 3 percent experienced issues with buying/selling distressed property, titling and deed issues, or contract contingencies. “It is surprising that in a ‘tight’ and ‘difficult’ credit environment, only 12 percent of contracts that were reported to have settled or terminated had financing issues,” say NAR economists. “One explanation may be that potential home buyers are deciding to sit on the sidelines for now, so these buyers were not captured in the data.” | Read More