Tight supply and the difficulty in accessing credit were often cited as factors by REALTORS® who did not close a sale in August, according to data gathered in the August 2014 REALTORS® Confidence Index Survey.
About 18 percent of responding REALTORS® reported having clients who could not obtain financing in August 2014, broken down into 11 percent who reported the buyer gave up and eight percent who reported that the buyer will seek financing from other institutions. Appraisal issues were reported as accounting for four percent of failures to close a sale. About 11 percent of REALTORS® who did not close a sale reported that the buyer and seller could not agree on the price, and eight percent reported the buyer lost the bidding competition. “Other” reasons include responses such as no interested buyer or listing, that the buyer is still searching, or that the transaction is in the escrow period or a closing is underway.