REALTORS® and the New Closing Process Survey
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- Delayed transactions fell from 10.4% to 8.5%, but cancelations edged up slightly from 0.6% to 0.7%.
- 45.6% of respondents had problems getting closing disclosures down from 54.5%.
- However, REALTORS® were more likely to request closing disclosures from title agents than lenders in the 3rd quarter, especially REALTORS® with greater transactions volume.
- Delayed and canceled transactions cost consumers $410 and $226 on average, respectively. Rental and deposit expenses as well as lost vacation time accounted for most expenses.