Can I Rescind an Offer on a Home in Arizona?

By
Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5cNs

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!  

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HomeSmart Elite Group                                  

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Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

I bet you are on his list Anna Banana Kruchten CRB, CRS, Broker !  Anyone worth their weight in salt, and been around a while, is on his list.  Definitely!  Hey there's a new Flower child at Desert Ridge!  Should we try it?!

Jun 15, 2018 04:12 PM #5
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Yes there are  a few ways to undo a contract Hannah Williams .  Thank you for commenting.  Have a great weekend!

Jun 15, 2018 04:13 PM #6
Rainmaker
2,660,438
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Jan Green great post for your area.  Here in Texas you certainly can rescind your offer and we have a promulgated form for buyers to do just that.

Jun 15, 2018 09:00 PM #7
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Lucky you to have a form Lisa Von Domek !  We end up writing Addendums for a lot of different ideas.  Thank you for commenting! 

I invited 2 sets of clients to dinner tonight and one set lived in the Boston area for many years, so it was fun to talk about the different areas of Boston.  Boston here we come!

Jun 15, 2018 10:11 PM #8
Rainmaker
2,965,509
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jan what an awesome and client centric post, here in the  Los Angeles area buyers can get out during their investigation period... our Contracts have been adjusted over the past 20+ years and it is all geared for the buyer to be able to walk away "no muss no foul" because they used to create frivolous lawsuits hence it was just easier to let them go...Endre

Jun 15, 2018 10:45 PM #9
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

I so hear you Endre Barath, Jr. . We can do the same thing during our 10 day inspection period, but it has to be a legitimate reason and put in writing.  The first day or 2 recision is another matter!  

Jun 15, 2018 10:55 PM #10
Ambassador
1,688,730
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Our inspection period is purely subjective. Buyers have an out for any reason whatsoever - the paint on the wall doesn't match their eyes. Lol.  

Jun 16, 2018 07:46 AM #11
Rainmaker
1,150,406
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

"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."

It's a double edged sword, isn't it Jan?  

Jun 16, 2018 09:07 AM #12
Rainmaker
2,327,507
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

As an agent here in California, I think that Endre Barath's comment #9, describes how this issue is handled here.

Jun 16, 2018 09:07 AM #13
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thanks for the chuckle Debb Janes EcoBroker and Bernie Stea JD !  I understand how you feel.  We have to have a good reason and it does have to be in writing to cancel.  I'm just speaking about a buyer changin his mind once it's written without seller responding.  Have a great rest of your weekend!

Jun 16, 2018 03:00 PM #14
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

So true Carol Williams .  I know you understand that dilemma.  They want the house and must act fast to seal it up, then second guess their decision.  It's not easy being a buyer right now!

Jun 16, 2018 03:01 PM #15
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Yes, we have a very similar contract scenario, except that our contracts are As Is.  The As Is Addendum was eliminated recently because the contract is As Is; however, buyers and sellers still negotiate repairs same as always.  Thank you for commenting Myrl Jeffcoat !

Jun 16, 2018 03:02 PM #16
Rainmaker
1,859,657
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Jan Green - With so much information about Real Estate flying out to the universe from different sources, it's important for consumers to know what their State Law says about Buyer's rights when they make an offer. Only a licensed real estate agent in the state where buyers want to buy would know what's is real or not real for their specific state. 

Jan, I highly recommend buyers and sellers contact you for accurate information for Scottsdale, AZ and its surrounding areas. 

This information is well done!

Jun 22, 2018 09:40 PM #17
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Hey Patricia Feager !  And you would know and represent buyers well in Southlake and the surrounding areas.  Thank you so much for your comments and compliments. You're a class act!

Jun 22, 2018 09:48 PM #18
Rainmaker
3,837,349
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jan, I think may differ in each state.  When we send over our electronic contracts, if the Buyer wants to rescind it, we make it unavailable to the listing agent.  Of course, before the Seller has signed.

Jun 24, 2018 12:30 PM #19
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Yes Joan Cox that's why I put Arizona in the title :)  Sounds the same for Colorado and Arizona.  Thank you for commenting!

Jun 25, 2018 09:41 AM #20
Ambassador
2,900,159
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Same here in NC - as long as it's in writing and boy, I hop to it the minute I hear, "I want to rescind my Offer!" I haven't had this happen more than two or three times but, I'm always fearful the acceptance and the withdrawal will cross each other (in email) but, that's never happened...yet! 

Jul 08, 2018 09:37 PM #21
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Good for you Debe Maxwell, CRS !  It's so important to be quick and you sure demonstrate that.  Have a great week! 

Jul 09, 2018 08:40 AM #22
Rainmaker
554,864
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Like Debe Maxwell, CRS said, it doesn't happen often but if a buyer wants to rescind an offer, do it immediately! And now with text messaging and email, we can do it instantly if necessary. It's good to have an attorney you can consult when we have questions or need legal advice.

Jul 10, 2018 03:59 PM #23
Rainmaker
938,377
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thanks for commenting Pat Starnes-Front Gate Realty !  I've never rescinded an offer.  You're smart to have that resource for your clients Pat.  Have a great rest of your day!

Jul 10, 2018 04:48 PM #24
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