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What percentage of home sales in the United States typically go through the closing process without any issues or disputes with lenders, buyers, and sellers?
Across the US market, approximately 82-87% of home sales successfully close without encountering major problems.
California and Hawaii may experience slightly lower rates of successful closures due to complex property laws and stricter regulations.
Market conditions, property types, and buyer/seller preparedness can influence the percentage of successful closures.
Meticulous preparation, established communication, and proactive identification of potential roadblocks can increase the likelihood of a successful closing.
In 2023, about 4.71 million homes were sold in the US, with roughly 247,500 home sales falling through.
Data from the National Association of Realtors indicates that about 5% of pending offers fall through.
A study by Trulia found that 43% of sales fell through at the end of 2016.
The most common reason for a transaction falling through is that the buyer's financing falls through due to changes in employment, credit issues, or lender guidelines.
Other factors that can cause a sale to fail include appraisal problems, title claims, and natural disasters.
Delayed closings can occur when financing falls through, even when a homebuyer is preapproved for a mortgage.
The home closing process generally takes 30-60 days, depending on loan type, financing, and buyer or seller preferences.
Common home closing delays include loan approval issues, appraisal problems, and title issues.
Homebuyers can help prevent delays by maintaining a stable financial situation and addressing any potential issues before applying for a mortgage.
Sellers can help ensure a smooth closing process by addressing any known issues with the property before listing it for sale.
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