Negotiating your Phoenix home offer can be a very exciting time
In today’s Phoenix real estate housing market it is important that when you find that perfect home that you really love you do not hesitate to write an offer. Prior to writing an offer on a Phoenix home you should understand the nuts and bolts of the purchase contract. Your Realtor should be available to help guide you through the real estate purchase contract but they will not interpret it for you. You are expected to read the real estate purchase contract thoroughly and ask any questions you may have for clarification.
The main terms to consider when writing an offer on a Phoenix home are:
- Purchase price
- Earnest money
- Contingency terms
- Inspection period
Want to review a copy of the Arizona Residential Real Estate Purchase Contract? Just drop in your email below and we’ll send you a copy.
The purchase price is obviously something your Realtor will consult with you about and will also be no higher than your pre-approved loan limit at your desired down payment amount.
The default inspection period in the Arizona Residential Real Estate Purchase Contract is 10 Calendar days. If you do not change or waive this in your offer you will be asking for a 10 day inspection period.
Contingencies are clauses in a contract that give either the buyer or seller a way to get out of the contract if certain conditions are not met. There are endless types of contingencies and they are negotiable but the three most common that are default when writing your offer on your Phoenix home are;
- loan–regarding Buyers ability to qualify for financing
- appraisal–regarding purchase price vs. appraised value
- inspection–regarding completion/satisfactory home inspection
