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Chronology of an Arizona Real Estate Listing and Sale

Someone wants to sell their house and they contact an AZ real estate agent to market their property and sell it. AND, this sales agent happens to be a REALTOR, so of course, the listing will be placed into the Multiple Listing Service, which means that the AZ REALTOR is asking for the help of about 40,000 other Arizona REALTORS to find a buyer for this property. Seems simple enough.

Then the real work begins. A REALTOR finds a buyer and does a lot of pre-qualifying, including determining:

  • What they want to buy.
  • If they need to borrow money to buy the property.
  • Their parameters regarding proximity to jobs and schools.
  • And the many other factors.

After reviewing many MLS planos, the buyers filter it down to perhaps eight properties to view in person. So the agent gasses up and away they go making appointments to show at the convenience of the sellers in order to perhaps narrow it down to maybe 2 or 3. Up to this point it is a lot of work, which includes the work of a lender.

Decision is made! The buyers allow the agent to write it up and take an earnest money deposit and give the sellers about three days to make a decision as to whether they will accept the offer. The three days go by and no answer, so the phone calls begin from the buyers—then from their agent to the OB (Other Broker) NO ANSWER!

Then the buyer’s agent discovers that the MLS reports the property as SOLD or PENDING. Then the call to the OB, whereupon, we discover that the listing agent is away on vacation. The buyers want an answer! AND, so does the agent that did all that work to get the offer.

If the seller took another offer, is it too much to ask for at least a written rejection per line 416 of the offer? This would tell the buyers that they need to go and find another house.

So please remember to use line 416 of the offer, if appropriate.

Understanding the AZ real estate purchase contract is paramount. West USA’s ProStart class is specifically designed to help agents understand all the nuances included in the purchase contract. Call us today at 602-942-4200 to learn more about ProStart and all the other education opportunities offered by West USA Realty.