Sedona Real Estate, Offers, Purchase Agreements
You find a perfect property in Sedona.
You want to make an offer…
What can you expect?
First, you will probably be working with a REALTOR member licensee who will be a member of the Sedona Verde Valley Association. That REALTOR will be using the AAR Present Property Condition Residential Purchase Agreement.
Your agent will sit down with you and find out what you propose as a price, as well as the additional terms and conditions you wish to have presented in the PPC RPC.
Ask your agent for comps. Go over the comps.
Ask your agent for a copy of the Seller Property Disclosure Statement in the MLS document section. If the SPDS is not available, have your agent call and ask for a copy of the SPDS before making your offer. It will help you know and understand the property condition as stated by the seller. Check the date on the form. As a buyer, you will want to know as much as possible about the property before making your offer.
Loan or cash?
You should be prequalified before making an offer. The AAR PPC RPC requires the prequalification information be attached. If paying cash, the agreement requires you attach a statement showing the available funds to cover the purchase price. A screen shot of your account will suffice.
How long for inspections? Will the 10 calendar days be enough for you to find out all you need to know to determine if you want to continue with the transaction? That’s all the time you have in order to have an inspection, get bids, ascertain Seller Property Disclosure Statement information, and determine your continued interest in the property.
After the inspection, you and your agent will submit a BINSR (Buyer Inspection Notice Seller Response) to the seller with 3 options:
- Property accepted
- Premises rejected (reason about property required)
- Buyer offers seller an opportunity to remedy listed issues
Seller then has 5 days to respond:
- Seller agrees to remedy all
- Seller agrees to some
- Seller agrees to none
Then (maybe, determined by previous responses):
- Buyer elects to cancel
- Buyer accepts seller’s response
So now you are past the “acceptance” period and you are moving on towards closing.
Hope this helps you get that property you are looking for in the Sedona area. Sedona properties are special. Our small town is special.
- Uptown Sedona Resident
- Lifestyles of Arizona LLC
- Sedona, AZ 86336
- 928-274-4088 (call or text)
PS. Kathy Howe is not an attorney and each buyer and seller should always check with legal or financial confidants prior to purchasing a Sedona property