Articles

It seems as if real estate transactions never close on time or by the date stated in the contract.  While this can be typical in a real estate brokers’ work, this can create a lot of stress and frustration in a buyer or sellers life.  In today’s current market, there are so many factors that can affect a closing.   With the myriad of inspections that a buyer can perform and the endless requests of lenders as they comb through a buyers financials, the possibilities of a delayed closing is more commonplace than most people realize.   According to the National Association of Realtors’ Confidence Index Survey of 2018, below are some of the problems that were encountered on contracts with a delayed settlement.

Financing Issues – 33%

Appraisal Issues – 22%

Home Inspection/Environmental Issues – 15%

Title/Deed Issues – 11%

No Problems – 8%

Issues in Buy/Sell of Distressed Properties – 4%

Contingencies Stated in the Contract – 7%

Home/Hazard/Flood Insurance Issues – 2%

Other – 25%

Buyers and sellers do need to be aware that a delayed closing is a real possibility and need to be flexible and realize that timing in real estate transactions is important in order to keep the process moving forward.  Communication with your real estate broker and lender is very important in nagivating the closing process. 

Master Brokers | July, 2018 |  828-726-9180