What's in your offer
- Price. Based on recent comparable sales I pull for the specific home.
- Earnest money. Often around 1% of the price, deposited with escrow after acceptance. It's refundable if you cancel during the inspection period.
- Close of escrow date. Usually 30 to 45 days out, adjusted for your move.
- Inspection period. 10 days by default.
- Loan contingency. Protects you if your financing falls through.
- Seller concessions. A request for the seller to pay part of your closing costs or a rate buydown.
Offer strategy
- Send your pre-approval letter with every offer.
- On homes that have sat for a while, there's often room to negotiate price and credits.
- In a multiple-offer situation, an escalation clause or a shorter timeline can help, but only with clear guidance on the risk.
- Skip the personal letter to the seller. NAR warns these "love letters" can create fair housing problems, so I don't recommend them.
Common questions
How much earnest money is typical in Arizona?
Around 1% of the purchase price is common, but it's negotiable. It's held by the escrow company and applied at closing.
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Rules, rates, and limits change, so confirm current numbers with your lender and escrow officer before you rely on them.