With a typical residential real estate sale, here are the basic selling processes in Arizona:

  1. Prepare your property for sale.  Your REALTOR is the best and most qualified source to advise you on what you need to do in order to present your house to the market and obtain the maximum price in the least amount of time.
  2. Set the right price.  If you and your REALTOR are not in sync with the initial asking price, then a formal Appraisal from a licensed Appraiser is needed.  Expect to pay between $300 – $400 for a third-party Appraisal.
  3. Market the property (Active listing).  Professional multi-media presentations, primarily Internet-based, are the starting point, as 90% of serious home buyers engage the Internet for their home search.  The best buyer activity transpires in the first week or so.  If the property is priced right and shows well, there will be an offer(s) within a short time.
  4. Contract (offer) received.
  5. Escrow opened.
  6. Buyer due diligence (inspections, etc).  Typically a 10 day period upon Purchase Contract acceptance. Status changed to Active Contingent.
  7. Repairs negotiated.  Appraisal ordered.  Status change to Pending.
  8. Documents compiled.  Loan documents drawn by lender.
  9. Closing docs signed at Title Company.
  10. Lender funding.
  11. Close of Escrow (Recordation).