RealtorMag has compiled information about the top reasons for delayed closings. This is why it’s important to not only work with a realtor you trust to navigate the local market for the best inspectors or title companies, but also to work with a lender that will actively help you ensure your financing comes through!
5 Most Common Reasons for Closing Delays
Seventy-three percent of home sales closed on time in October, but 25 percent of REALTORS® report a delay in getting to the settlement table, according to the latest REALTORS® Confidence Index, a survey based on responses from more than 3,500 real estate professionals. Only 2 percent say a contract was terminated completely.
What are the main problems encountered with delayed settlements? Real estate pros report the following:
- Issues related to obtaining financing: 32%
- Appraisal issues: 20%
- Home inspection/environmental issues: 16%
- Titling/deed issues: 11 percent
- Contingencies stated in the contract: 6%
Seventy-four percent of all contracts in October contained contingencies, most often for home inspections, appraisals, or financing.
Source: “REALTORS® Confidence Index Survey,” National Association of REALTORS® (October 2017)
