{"id":4062,"date":"2017-05-01T00:00:00","date_gmt":"2017-05-01T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/the-biggest-roadblocks-to-closing\/"},"modified":"2017-05-01T00:00:00","modified_gmt":"2017-05-01T00:00:00","slug":"the-biggest-roadblocks-to-closing","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/the-biggest-roadblocks-to-closing\/","title":{"rendered":"The Biggest Roadblocks to Closing"},"content":{"rendered":"

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Twenty-three percent of real estate<\/a> professionals say they faced closing delays for a transaction in March, and 7 percent say the sale contract was terminated altogether, according to the REALTORS\u00ae Confidence Index, which is based on responses from more than 2,500 REALTORS\u00ae nationwide. Clients who had trouble obtaining financing<\/a> was the most common reason for delays, respondents to the survey say, followed by appraisal issues.<\/p>\n\n

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Another problem: New Closing Rules Remain a Challenge<\/p>\n<\/blockquote>\n\n

Though it remains the top roadblock to closing, fewer respondents cite financing as an issue today than when the survey began tracking such data. The decline may reflect the improvement in the economic environment, better credit histories from borrowers, and improvement in the loan<\/a> evaluation processes of mortgage<\/a> originations,” the report notes.<\/p>\n\n

But appraisal issues are growing more common. Real estate practitioners say a shortage of appraisers, valuations that are not in line with market conditions, and “out-of-town” appraisers who are not familiar with the local market are the biggest problems they face concerning appraisals. Indeed, 55 percent of mortgage originators recently surveyed reported some level of difficulty getting appraisals, according to a separate NAR survey.<\/p>\n\n

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Source: REALTORS\u00ae Confidence Index<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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 link <\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Twenty-three percent of real estate professionals say they faced closing delays for a transaction in March, … The Biggest Roadblocks to Closing<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":4063,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,408,41,818,84],"class_list":["post-4062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-mortgage","tag-property","tag-real","tag-real-estate"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/Contract%20delays_NAR.png?fit=1197%2C684&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7350,"url":"https:\/\/amazingproperty.com.ng\/blog\/5-most-common-reasons-for-closing-delays\/","url_meta":{"origin":4062,"position":0},"title":"5 Most Common Reasons for Closing Delays","author":"Amazing Property","date":"December 4, 2017","format":false,"excerpt":"Seventy-three percent of home sales closed on time in October, but 25 percent of REALTORS\u00ae report a delay in getting to the settlement table, according to the latest REALTORS\u00ae Confidence Index, a survey based on responses from more than 3,500 real estate professionals. Only 2 percent say a contract was\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"1217delays.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/1217delays.png?fit=1200%2C939&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/1217delays.png?fit=1200%2C939&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/1217delays.png?fit=1200%2C939&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/1217delays.png?fit=1200%2C939&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/1217delays.png?fit=1200%2C939&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1274,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-threatens-your-closings-the-most\/","url_meta":{"origin":4062,"position":1},"title":"What Threatens Your Closings the Most","author":"Amazing Property","date":"February 24, 2017","format":false,"excerpt":"[ad_1] 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\u00ae Confidence Index report, 29 percent of real estate professionals say they faced a delay to settlement\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/2_24_settle.png?fit=397%2C216&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":837,"url":"https:\/\/amazingproperty.com.ng\/blog\/survey-despite-trid-closing-hiccups-persist\/","url_meta":{"origin":4062,"position":2},"title":"Survey: Despite TRID, Closing Hiccups Persist","author":"Amazing Property","date":"February 17, 2017","format":false,"excerpt":"[ad_1] More than half of lenders last year gave loan estimates to home buyers that later had to be revised before closing, according to a new survey released by ClosingCorp, a provider of data on closing costs and technology related to residential real estate. 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