Selling a Home in Arizona
Ways to Sell A Home
Selling a home in Arizona starts the same as many other states. This process usually starts with a seller signing an agreement with a broker to market their property and represent them in the sale of their home. The seller can also choose to sell their home on their own. However, enlisting the help of a qualified, experienced Real Estate Professional will often yield better results.
Selling a home in Arizona is similar to many other Western states. Arizona is a what is called an “escrow state” where title is transferred through a title agency that prepares the documents necessary to sell your home. This is a little different compared to the east coast where title is transferred is differently. On the east coast most states are “title states” which require a law office prepare the documents to sell your home.
An important part of the home selling process is the buyer’s inspection period. During this period the seller must provide the buyers and their inspectors access to the property. The buyers get to have their time to look through the property and assess what they would like repaired/replaced.
There are special cases where a buyer will not perform inspections, however these are explicitly pronounced by a waiver of inspections or an AS-IS Addendum. The AS-IS addendum means that the buyers are willing to purchase the property without any corrections and without providing the seller and opportunity to correct any items.
The BINSR is an acronym used in the Phoenix Real Estate Purchase Contract that stands for “Buyer’s Inspection Notice and Seller’s Response“. This is the instrument that the buyer uses to communicate what they request to be fixed to the seller. The seller then responds to the buyer’s request and the buyer chooses whether or not they accept that request.
If the buyer is not pleased with the repairs that the seller is willing to perform pursuant to their requests they have the option to cancel the purchase of the home. This is why it is important as a seller to have a good strategy when responding to a repair request. Depending on the market agreeing to fix too little can cause a buyer to cancel their purchase all together.
Signing and Closing
By this time the seller has had to review many documents, respond to BINSRs, and sign their name a lot. One of the final documents the seller and buyer will need to review before signing is the ALTA Settlement Statement. After the ALTA Settlement Statement has been reviewed and the parties agree that all information is correct the seller and buyer can sign.
Once the seller and buyer have signed the loan will fund, title will distribute funds, and the new deed will be recorded at the county. Then the seller will have successfully sold their property.
If you’re interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here