The general line of thinking for a home buyer is that once a purchase contract is written for a home in Arizona that they can't cancel their offer. After all, they've already presented it to a home seller, so the contract has been legally delivered. Can I Rescind an Offer on a home in Arizona? Maybe!
As a realtor, it's great to have good industry partners to rely on for information and expertise. One such industry partner is Chris Combs, Combs Law Group PC. Although I've never used his services, he and his company are on my short list of referrals. Arizona is a non-judicial state. Attorneys can still be retained for real estate services, but are not used in the regular course of a real estate transaction unless a buyer specifically hires one that they have selected for assistance.
One reason Mr. Combs is on my list is that I can share his newsletters with clients. It's great to see good content and information from him, and know that they are coming from a veteran in the industry.
One such newsletter arrived today, "Can a Buyer Withdraw an Offer on a Home." This topic comes up in a frenzied time that exists in todays real estate market..
This article goes on to say that , yes you can cancel an offer until the seller responds to your offer. One tidbit that is seldom discussed is that a home seller can produce a monetary offer to keep a buyer in a contract.
In the current marketplace, offers are made on homes so fast that a buyer may not have time to research a home thoroughly before making an offer. That limited time frame can make a buyer feel pressured to perform, when their better judgement might take a backseat during the offer process.
Having the ability to cancel a contract helps a buyer to feel they are making a sound decision either way. Rushing into a purchase contract is never a good idea, but sometimes we must simply to snag a home that might be purchased by one buyer over another buyer.
If you're looking for a reputable real estate agent who understand both sides of buying and selling, give me a call. I'm happy to share tips and tricks of what works!