An article recently published by The National Association of Realtors reports that the majority of real estate contracts – 64% - are settled on time with no delays to closing. However, some real estate agents acknowledge facing delays or even having contracts
terminated for numerous reasons, according to the latest REALTORS® Confidence Index Survey, a survey of more than 1,500 REALTORS®. 26% of REALTORS® surveyed identified a delay to settlement, while 10% said they have even had a contract terminated prior to closing.
About 60% of REALTORS® reported some type of issue on their contract in April of 2015. For example, 12% identified a financing issue; 8% had home inspection problems surface; and 7% had an appraisal issue. 3% of agents also identified issues 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% 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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