WASHINGTON – June 10, 2015 – Two out of three real estate contracts in the U.S. (64 percent) close on time, even though Realtors report that most (60 percent) have some kind of issue along the way. For about one-third of all contracts, the issue impacts the closing date.
Realtors said a number off issues impacted their closing dates – or terminated the contract – in the latest Realtors Confidence Index Survey of more than 1,500 Realtors. Of the issues the cropped up, 26 percent identified a settlement delay, while 10 percent said they had a contract terminated prior to closing.
When asked about the issues that delayed closings, 12 percent of Realtors identified a financing issue; 8 percent had home inspection problems; and 7 percent had an appraisal concern. Three percent of Realtors identified an issue with buying/selling distressed property; titling and deed issues; or with contingencies stated in the contract.
“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 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.”
Source:”64 Percent of Contracts Are Settled on Time,” National Association of Realtors Economists’ Outlook Blog (June 8, 2015)
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