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The majority of contracts settle on time, but more than a quarter of practitioners are citing delays due to common culprits.
Read more: Survey: Despite TRID, Closing Hiccups Persist
In the latest REALTORS® Confidence Index report, 29 percent of real estate professionals say they faced a delay to settlement and 5 percent reported a contract that was terminated. Sixty-seven percent of practitioners reported their contracts were settled on time.
Among the contracts that had a delay to settlement, 38 percent were due to issues related to obtaining financing and 22 percent were from appraisal issues. Survey respondents blamed appraisal-centered delays on the shortage of appraisers, valuations that were not in line with market conditions, and “out-of-town” appraisers who were not familiar with local conditions.
Among contracts that were terminated, the most common reasons were related to home inspections, obtaining financing, and appraisal problems.
The median number of days to close a contract was 40 days in January, down slightly from 42 days a year ago in January 2016, NAR reports.
Source: “REALTORS® Confidence Index: January 2017,” National Association of REALTORS® (Feb. 22, 2017)
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