One-third of deals face closing delays

My-Closing-Is-Going-to-Take-How-LongNational Association of REALTORS®

Appraisals that are different from the agreed-upon contracted sales price

That’s according to a survey conducted last month by the National Association of REALTORS® of more than 2,600 real estate professionals who were reflecting on their sales and purchases for the previous three months. The survey found that 32 percent – or nearly one-third – of all real estate transactions encounter some type of delay to closing.

Of those real estate professionals who say they’ve faced delays, 46 percent say it was caused by “financing issues,” up from 40 percent during the first half of 2015, according to NAR’s survey. Appraisal problems prompted 21 percent of the delays, and issues that arose from home inspections triggered 14 percent of the postponements to closing, the survey found.

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