Thanks to an influx of refinance applications and appraisal complications, home sale closings have slowed from the standard 30 days to between 45 and 60 days, according to a survey released this month by the Campbell/Inside Mortgage Finance HousingPulse.
And closing times are even lengthier for short sales and foreclosed houses, which the survey estimated at 44.4 percent of the market (versus 45.9 percent two months ago).
The survey found that among its 2,500 participating real estate agents, one major cause of delays among short sales is mortgage origination preapprovals, which can expire before all involved parties agree.