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<\/a>The Most Common Delays Toward Closing. Image courtesy of stockimages \/ FreeDigitalPhotos.net<\/p><\/div>\n
The majority of contracts \u2013 64 percent — are settled on time with no delays to closing, but some REALTORS\u00ae acknowledge facing delays or even having contracts terminated for numerous reasons, according to the latest REALTORS\u00ae Confidence Index Survey, a survey of more than 1,500 REALTORS\u00ae. Twenty-six percent of REALTORS\u00ae surveyed identified a delay to settlement, while 10 percent said they have even had a contract terminated prior to closing.<\/p>\n
About 60 percent of REALTORS\u00ae reported some type of issue on their contract in April. For example, 12 percent of REALTORS\u00ae identified a financing issue; 8 percent had home inspection problems surface; and 7 percent had an appraisal issue. Three percent of REALTORS\u00ae also identified issues buying\/selling distressed property; titling and deed issues; or with contingencies stated in the contract.<\/p>\n
“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,” economists at the National Association of REALTORS\u00ae report. “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.”<\/p>\n
Source:”64 Percent of Contracts Are Settled on Time,” National Association of REALTORS\u00ae Economists’ Outlook Blog (June 8, 2015)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"The Most Common Delays Toward Closing The majority of contracts \u2013 64 percent — are settled on time with no delays to closing, but some REALTORS\u00ae acknowledge facing delays or even having contracts terminated for numerous reasons, according to the latest REALTORS\u00ae Confidence Index Survey, a survey of more than 1,500 REALTORS\u00ae. Twenty-six … <\/p>\n
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