MAKING AN OFFER
4.1 What Should I Offer? Once you find the property you wish to purchase, Garry and Mary will prepare a Comparable Market Analysis (CMA). Recent sales of comparable properties in that subdivision which are similar in size, quality and amenities are checked to determine if the home is priced accurately and how it relates to other similar homes that have been sold. The CMA is an excellent indicator of how home buyers perceive the value of the community. Analyzing this information will help you with your decision to determine what you should offer.
4.2 Other Factors to Consider. There are a number of other factors that may affect your offer: What is the supply and demand in that area? How long has the property been on the market? Have there been any price reductions? Have there been other offers on the home? What is the motivation of the seller? How much do you really want this home?
4.3 Making the Offer. The next step is preparing the Arizona Residential Real Estate Purchase Contract and required addendums to accurately convey the terms and conditions of your offer. Garry and Mary will explain each paragraph of the contract and addendums so you know and understand the specific details of the purchase offer.
The purchase offer includes:
- Legal description of the property
- Purchase price offered
- Amount of earnest money
- Down payment amount
- Mortgage amount
- Close of escrow date
- Personal property included
- Type of financing
- Who pays for the discount points (if any)
- Who pays for the loan origination fee (if any)
- Who pays for the ALTA Lender's Policy
- Who pays for the appraisal
- Name of the Title Company
- Length of the inspection period
- Who pays for the Homeowner's Association fees
- The time seller must respond to this offer
- Any additional terms and conditions
4.4 Negotiating the Offer. At this point of the transaction, it is time to enter into negotiations with the seller in order to reach an agreement. Almost everything is negotiable when buying a home and Garry and Mary have the market knowledge and negotiating expertise necessary to make sure that your offer is given the best consideration. They will ensure that you are well informed through every step of the negotiation until you are satisfied with the outcome.
For more information or if you have any questions, please contact Garry and Mary at any time.