Monday
December 11, 2017

5 Most Common Reasons for Closing Delays

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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:

  1. Issues related to obtaining financing: 32%
  2. Appraisal issues: 20%
  3. Home inspection/environmental issues: 16%
  4. Titling/deed issues: 11 percent
  5. 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)