Selling a home in Arizona is pretty strait forward when using a good Realtor. It can be very hard and difficult not using a good Realtor due to the required disclosures, marketing, contracts, recordings, etc. required. Using a Realtor now days just makes good sense, especially if you need to Short Sale! If you need to Short Sale a home in Arizona, then you should use a Realtor with Short Sale education, experience, continuing education, and certified in these types of transactions (which I am) also known as Distressed Properties.
No matter if your a Homeowner or Investor selling a home (or a number of investment homes) in the current Arizona real estate market, there are basic steps along the way that make it easy and simple …. when you utilize a Realtor that excels at keeping his clients informed about the process, while smoothing out the road to hit your goals in selling a home. So as a Homeowner, or Investor, faced with a traditional sell or Short Sale, I can assist you in hitting your goal.
If you are Underwater, Upside Down, facing Foreclosure, or just heavily stressed paying your monthly mortgage payment, please read through the Distressed Owner section of this site. If you are already considering a Short Sale, or just want to understand more about your personal situation and if a Short Sale is a good option for you, please sign up for my FREE Short Sale Consultation as noted on the right side bar.
The following is a quick, basic, 7 steps of selling a home in Arizona.
(To receive a very nicely organized, in depth, step by step guide, request my FREE Homeowner’s Guide to Buying & Selling in Arizona. Simply send me your name and email by using the easy request link noted on the right side bar.)
1. Find the Right Realtor.
One reason I am asked to represent Sellers and Investors is because of the many tools and experiences I can bring to the process. generally you want to work with a Realtor you feel you can trust and has your interest foremost. Someone you feel comfortable with and has a personality you would like to work with. Someone who is also available and easy to reach. Someone who can be flexible to work within your time frame and stays within the criteria and budget you decide on. Never let an Agent push you into a sell that does not fit your criteria. The Agent should let YOU make the final decision.
2. Getting ready to Sell.
Once you have selected the right Realtor, you might be asked to enter into an Agency relationship with your Realtor for a specific time frame. The Agent then has a responsibility to work in your interest only. This also creates a loyalty and responsibility from both parties to work toward the common goal of finding and securing the purchase of your home. Many Realtors, myself included, will not hold a client to an Agency agreement for the duration of that agreement if the Client for some reason becomes no longer comfortable working with that Agent. However any introduction to a Buyer or Seller during the time of the Agency relationship that leads to an actual transaction later on will most likely still lead to you having to compensate that prior Agent, which is only fair.
Listing your home on the MLS is very important and of course you will want to consult with your Realtor to which he should give you great ideas on how to prep your home for optimum marketing photos and of course for later visits from prospective Buyers.
3. Selling your home.
Now the fun begins as your Agent will utilize the tools available to him to market and seek out Buyers of your home that fit your unique requirements. During the selling process, I often set up what is called an MLS Portal by an email link that provides my Clients with an up to date looks at their homes on the MLS. You will need to work closely with your Realtor to provide easy access to Buyers on viewing your home, commonly called “showing” your home. Let your Realtor guide you with the latest and greatest methods of marketing so as to securing the right Buyer into making an Offer to Purchase.
4. Receiving an Offer.
Good News! A Buyer has made an Offer to Purchase and now your Realtor must carefully evaluate it to determine the details and actual financial outcome. He will discuss and answer questions about the Offer, note if it has all the required documents, and can offer his opinion of the value of the offer. Sometimes it might be less than the list price. Sometimes due to other offers, or the particular nature of the market, you may want to Counter Offer to the full asking price. You will also want to make sure that any terms and conditions that you required, or that your Realtor has suggest you consider, be included in the Offer. As your Agent, I will expedite any Counter Offers and responses to the Buyer’s Agent in a timely manner and in the proper format. If your home is a Short Sale, the Offer process is more complex and will require experienced handling by your Realtor. This is also why most all Lenders require a licensed Realtor work with you for Short Selling your home. I have even had other Realtors ask me to Short Sale their homes!
6. Escrow
The Seller can decline, countered, or accepted an Offer. If you accepted an Offer between you and a Buyer, the Buyer will most likely be required to place a deposit of earnest money in an escrow account to demonstrate his sincerity to proceed with the buying process. This action actually begins the Escrow process. The size of the earnest amount depends on a number of factors which usually your Realtor can guide you as to what is acceptable, and not too significantly large. The Earnest Deposit is held for eventual use as part of the the closing costs and is subject to being refundable to the Buyer, or forfeit to the Seller, if certain expected conditions do not materialize during the escrow process. Usually the earnest deposit will be forfeited to the Seller if the Buyer does not proceed in good faith within the terms of the accepted Offer contract. Another reason to use a Realtor is to protect your interest and help you understand your requirements in fulfilling your side of the purchase.
Escrow is a neutral independent third party and account. It is created to process the sales transaction in accordance to the instructions contained within the Purchase Contract. It protects ALL parties involved and favors neither Buyer or Seller by acting as the depository for all monies, instructions and documents pertaining to the transaction so that a legal smooth transaction can occur. It is also allows time to complete financing qualification, appraisals, structural and pest inspections if desired, check into insurance, secure a home warranty, and other items specified in the Purchase Contract or desired by time of conclusion.
7. Close of Escrow
The close of escrow (COE) and transfer of ownership occurs when the transaction has been recorded at the County Recorder’s office, as noted by law.The close of escrow date in the Purchase Contract is usually noted as the date that the transaction was given to be concluded, in terms of all contractual and other items to be considered, such that on this date the final exchange of funds and document signing between the Buyer and Seller will occur. It is also known as a settlement date. You must bring a valid ID and any funds not already sent to escrow that you might be required to bring. These funds should be in the form of a Cashier’s Check or wired previously. The Escrow Company will either wire or send a Cashiers Check to you for any funds you are to receive as proceeds from the sale.
Once actual recording of your transaction takes place and is confirmed (usually electronically the same day or next day), you will have finished transacting the sale of your home! Congratulations!!
