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Home Selling Process in Arizona

If you are thinking of selling your home in Arizona please contact me. I have an extensive real estate agent network and can help you find the perfect agent to work with. Also, I can help you with making sure your property is free of any unknown liens or title issues that could potentially stop your home selling efforts.

Working with a Realtor

Your Ready to sell your home! The 1st step is to choose a Realtor  to assist you with ideas to get your home ready for sale.  If you are not already working with a Realtor, please select the “Find A Real Estate Agent” button on the right to be paired with one of my preferred partners. You will need a professional, experienced agent to represent and guide you through the selling process.

What should you list my home for?

There are many considerations that will affect the list price of a home: location, condition, amenities, supply and demand.  Your Realtor will assist you by providing a comparative market analysis of your home to help you arrive at a realistic and competitive list price.

What is the Seller Property Disclosure Sheet?

Most sellers of single- and multi-family residential homes  in Arizona are required to provide a potential buyer with a completed and signed property condition disclosure form. Please consult with your Realtor for complete details.

Marketing.

During the listing presentation your Realtor will explain every aspect of the selling process to you. Once you list your home, he/she will begin managing the sale of your home with the implementation of their Marketing System.

Your Realtor will listen to your goals, answer your questions, and use his/ her knowledge and experience to create a custom marketing plan to sell your home as quickly as possible.

A Buyer is Ready to Present an Offer on your home!

When an offer is presented, your Realtor will advise and help you to obtain the best possible price and terms. Understanding the purchase contract and the many transaction issues is key to negotiating the best terms for you. Making sure buyers are pre-qualified is extremely important in negotiating a successful sale.

Traditionally, an offer to purchase is initiated by the buyer through his/her Realtor and typically includes the following information:

  • The amount the buyer is willing to pay
  • Mortgage amount, if any
  • Closing and possession dates
  • Contingencies, such as the mortgage commitment
  • Any personal property specifically included or excluded
  • If the offer is not acceptable to you, further negotiations may be necessary to reach terms agreeable to both you and the buyer otherwise known as a counter offer. Because counter-offers are common (any change in the offer can be considered a counter-offer), it is important that you remain in close contact with your Realtor during the negotiation process.

Escrow

An escrow is a neutral, independent account created to process a transaction such as a sale or loan.  It protects the interests of all parties involved and favors neither the buyer or seller.  An escrow is opened after the purchase contract is fully executed and becomes the depository of all monies, instructions and documents pertaining to the transaction.

How does the escrow process work?

The escrow officer follows instructions based on the written terms of your Purchase Contract and the lender’s requirements for closing.  The escrow officer secures the satisfaction of all requirements of the title commitment.  Escrow cannot be closed until all the terms and conditions are met.

Opening escrow

Any party to the real estate transaction may open escrow as soon as the Purchase Contract is fully executed.  The Purchase Contract is executed by placing the initial deposit (earnest money) in an escrow account at Old Republic Title Agency.

Information you will need to provide

You will be asked to complete a Statement Of Identity for the Title Company.  This is a confidential tool used to correctly identify all parties involved in the transaction.

Title Companies and escrow officers

Title Companies in Arizona offer escrow services. An escrow officer is employed by the title company to handle the escrow transaction.  The duties of the escrow officer include:

  • Accept executed contract and issue earnest money receipt
  • Request a commitment for title insurance which shows requirements for issuance of a title policy.
  • Order payoff/assumption statements from the existing lender/(s).
  • Prorate taxes and insurance upon instructions fro the seller and buyer.
  • Accept hazard insurance policy, inspection reports and all relevant bills.
  • Compute settlement figures.
  • Assist the buyer and seller with signing documents.
  • Record the appropriate documents with the county recorders office
  • Disburse final documents and money on the basis of mutual instructions.

The appointment for signing

The escrow officer will contact you to arrange an appointment for you to sign all the necessary documents.  Your appointment will take approximately 30 minutes.  Your signature will be notarized so make certain to bring either a passport or current driver’s license for identification purposes.

After Your Signing Appointment

After you and the buyer have signed all the necessary instructions and documents, the escrow officer will return them to the lender for a final review.  Within a day or so, the lender will be ready to fund your oan and will advise the escrow officer so that all necessary work can be completed to record the documents and close the escrow.

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Real Estate Marketing