Step 4 - Negotiating the Offer

Arizona is like the majority of states, in which it is not standard to involve a lawyer in a residential real estate transaction. We do advise that if you have any legal questions concerning the contract, other forms/documents involving the purchase of a home, or any other concerns that you do seek legal council.

Arizona sets the standard in the development of a clear, concise, and overall easy to understand real estate contract. Some buyers feel more comfortable getting familiar with the purchase contract early on in the buying process. If you wish to review a blank copy of the contract then please feel free to contact us so that we can send you one.

The following forms are typically required to be provided/signed by the buyer before submitting an offer:

• Arizona Real Estate Purchase Agreement
• LSR or Proof of Funds (explained in step 2)
• Home Owners Association Addendum (if applicable)
• Real Estate Agency Disclosure and Election
• Signed acknowledgment of having received the Arizona Buyer Advisory (view here)
• AS-IS Addendum (typical in bank owned and short sale transactions)
• Short Sale Addendum (if applicable)
• Various other disclosures/addendums when applicable

The Offer is written up on the 9-Page Purchase Contract and is then sent to the seller for their review. If the Seller decides to accept the offer as written they will sign the acceptance on p9 and the contract is then considered "executed."  The Seller may also choose to reject the contract or sign and return it to the buyer along with a counter offer. If they do counter the offer it is then up to the buyer to either accept, counter back, or cancel.  This process can go back and fourth several times.  If the offer does become "executed" at any point it is at that time that the "escrow period" then begins.  This also signals the beginning of the "inspection period," which is a standard 10-days in Arizona.  Both the "escrow" and "inspection" periods are further described as you continue on below.

We have recently adopted a new electronic signature technology known as DocuSign.  With DocuSign we are able to coordinate an entire real estate transaction without ever printing out a single document.  The best part for our clients is that they also don't have to worry about printing and faxing.  It is now possible to execute an entire purchase contract using just your email and the internet.  This has made things so much easier for ourselves and our clients, especially our long-distance clients who sometimes even purchase properties sight-unseen, which is a another type of transaction we also have of experience in.

We try diligently to stay ahead of the crowd when it comes to adapting in this ever changing.  We are constantly bring on new technology and acquiring new skills.  We have also written special sections for bank owned and short sale properties.

Please Go Here to Register with Us so that we can help you begin the process of finding the right home and purchasing it at a great price.

If you have any questions at all please don't hesitate to Contact Us.