When you’re selling your home, you want the process to go as smoothly as possible—and that includes the closing process.
But not every home closes in a timely manner. So the question is—what, exactly, is delaying closings?
According to the most recent REALTORS® Confidence Survey, which collected data from over 4,000 real estate professionals about their real estate transactions for the month of January, while the majority of contracts (65 percent) settled on time, nearly ⅓ of all contracts (29 percent) faced a delay on the way to closing.
According to the survey, the main issues causing closing delays include:
Issues related to obtaining financing (22 percent)
Appraisal issues (20 percent)
Home inspection/environmental issues (11 percent)
So, what does that mean for you? If you’re selling your home, it’s important to understand the hurdles that might delay closing. Just knowing delays can occur and aren’t uncommon can help ease your concerns and anxiety.