Section 12.4 Offers and Options

• Jurisdiction: Arizona

Offers to buy or sell property are treated as an inferior type of sales evidence as they represent, at best, the opinion of only one party.

State v. McDonald, 88 Ariz. 1, 352 P.2d 343 (1960)

Unaccepted offers to purchase are not admissible to establish the market value of property.

State v. McDonald, 88 Ariz. 1, 352 P.2d 343 (1960)

Phoenix Title & Trust Co. v. State ex rel. Herman, 5 Ariz. App. 246, 425 P.2d 434 (1967)

In very limited circumstances, such as where there are few or no actual sales of similar property in the vicinity, a bonafide offer to purchase may be admissible. The party seeking to introduce the offer must establish sufficient foundation that the offer was bonafide, for cash, and made by a knowledgeable buyer able to comply with the offer if it was accepted.

State v. McDonald, 88 Ariz. 1, 352 P.2d 343 (1960)

An offer to sell may be admissible as an admission against interest of the owner.

State v. McDonald, 88 Ariz. 1, 352 P.2d 343 (1960)

Courts have also rejected an offer of proof showing the inability to sell property listed at a lowered price as evidence of decrease in value for...