The search for your "perfect home" may take a couple of days, a couple of weeks, or longer. The market and what's on your wish list are just two factors that determine the time required to locate a suitable property. In any case, when you know you have found the home, it's the time to stop looking and start writing the contract! Usually, if you've found something you love someone else will love it too.

Marketing Analysis

Realtors compare the value of homes that have sold in the area in the last six months to determine the current market value of property. Market value is the starting point in the offer. From there you must determine price, terms, closing time and other factors. Keep in mind that sometimes the asking price is the best offer. Regardless the more informed the purchasing party is the better the offer will be received.

Making the Offer

In the state of Arizona, purchase contracts must be in writing and must be accompanied by an earnest money check. Earnest money is a deposit on property that may or may not be refundable that demonstrates the purchaser's good intention. Any addenda, such as a contingency on the sale of another property, agency, or disclosures such as Lead Paint, etc. should be attached. In Arizona, Realtors use title companies to close the transactions. Rarely, are attorneys involved. However, if you choose to consult an attorney, he or she should be familiar with residential real estate .

The Negotiation

The negotiation process begins when the buyer's agent notifies the seller's agent of the offer. The listing agent presents the offer to the seller(s). Some agents leave it to the Seller's Agent to present the offer to the seller(s) without them present.