Opening 6% below asking on a $920,000 Phoenix coastal home

Neither obvious option feels right: offer near the $920,000 asking price before the evidence is clear, or open 6% lower and risk being dismissed after only 10 days on the market. The Phoenix coastal home needs updating, and asking prices nearby do not tell me what comparable properties have actually sold for.

My proposed figure is $864,800. I can provide financing proof and accommodate the seller’s preferred completion date, but that flexibility matters only if it addresses their reason for selling. Before submitting, I plan to request the completed comparables supporting the list price and ask what timing the seller wants.

Would you present the 6% reduction simply as reflecting the condition and limited sales evidence? I also need the offer to state the inspection and appraisal terms, any approach to repair credits, the response deadline, and exactly when the deposit could become exposed.

Present it as a complete package rather than a verdict on the property: the price reflects the updating required and limited evidence from completed sales, while the financing and flexible date reduce uncertainty for the seller. Keep the explanation brief and avoid itemising every dated feature.

I would retain inspection, financing and appraisal protections. Ten days is not long, so expect a counter rather than acceptance. Use a reasonable response deadline, not one designed to pressure them.

Do you know anything about the seller’s motivation or preferred completion date? Flexibility only has value if it solves their particular problem. I’d also ask for the completed comparables behind the listing price; nearby asking prices show competition, not the clearing price.

I’m less convinced that 6% is well supported yet. “Needs updating” can justify a discount, but without closed sales or rough repair costs the number may look arbitrary. There is also a tension between offering low and expecting the seller to provide broad repair credits later.

Decide before submitting whether $864,800 is merely an opening position or close to your ceiling. Also consider what happens if the appraisal is below the agreed price: promising an unlimited appraisal gap would undermine the protection you are trying to preserve.

Make the offer easy to evaluate: financing proof, your preferred and alternative completion dates, a clear response deadline, and ordinary inspection/appraisal terms. If inspection reveals material issues, request focused credits rather than reopening every cosmetic update.

Pay particular attention to when the deposit becomes exposed and what cancellation rights remain at each stage. Contract wording and practice vary, so have the local form explained before signing rather than relying on the headline contingency names.