In our market it is common practice to offer approx. 1% of the Purchase Price as Earnest Money. This year, we are seeing this number dwindle significantly as Buyers perceive that Sellers are anxious for a contract, regardless of the Earnest Money.
We have to make sure we counsel our Sellers that the Earnest Money is their protection against a Buyer Breach of Contract, and that the amount should take into account the length of time before closing, and their carrying costs, so that if the Buyer does breach at least those costs will be covered.
The Buyers are usually more focused on Purchase Price than Earnest Money, so it's becoming more and more common to include Earnest Money increases in Counter Offers.
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty
Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty