Survey: Home Buyers Confused by Process

A survey conducted for LandAmerica Financial Group, Richmond, Va., found that 86% of homebuyers said they had "difficulty and confusion" during the process.Over one-third said they experienced delays in closing on their purchase. The survey, conducted by Ketchum Global Research Network, found that just under half of the respondents expressed concern about the process of establishing an escrow account, while 46% said the contract negotiation process raised questions, 42% were worried if the appraisal was conducted properly and 42% said they needed more information about purchasing title insurance. Jan Alpert, president of LandAmerica, said "clearly, though they are buying homes in record numbers, homebuyers are in need of education and guidance from their real estate advisors."