While the majority of home sales close on time, there are some that are delayed and canceled altogether. Whether it’s issues with buyer financing or discrepancies with the appraisal value, things can go wrong. And if you don’t have a professional by your side guiding the process who knows how to handle it, a speed bump can turn into a major delay. Outlined in the infographic below are the 5 most-common reasons for a delayed settlement according to the California Association of REALTORS:
- Issues Related to Obtaining Financing (32%)
- Appraisal Issues (20%)
- Home Inspection/Environmental Issues (16%)
- Titling/Deed Issues (11%)
- Contingencies Stated in the Contract (6%)
Closing is a stressful time, but it doesn’t have to be chaos if you know what to expect and how to handle issues. Make sure your home purchase or sale goes smoothly by working with an experienced First Team agent who can navigate rough waters.
