Statistics About Home-Buying Delays
The National Association of Realtors surveyed 2,643 agents internally in December of 2015; among other things, they looked into why so many closings get delayed. Here’s what they found:
- 46% of delays were caused by financing-related troubles.
- 21% of delays were caused by appraisal issues.
- 14% of delays were caused because of the home inspection.
- 19% of delays were caused for other miscellaneous reasons.
If you’re the seller, there really isn’t much you can do to push the transaction through, except keep your home in good repair and respond to your real estate attorney quickly to avoid unnecessary delays. As a buyer, though, you should really keep tabs on your lender and make sure they are doing everything in their power to keep your file moving in a timely manner