I don't think down payment is an issue. There are loan products available with as little as 3.5% down, and most sellers are not concerned with the amount of down payment that is required for the buyer to obtain his or her loan. Most sellers are looking at their bottom line and mitigating risk, so regardless of your financing type, the highest, cleanest offer usually has the best chance of being accepted.
If you are bidding on bank owned properties, you are going to be at a disadvantage with financing in general. Most buyers of bank owned properties under $150,000 are cash investors. If you are up against a cash buyer, you better have the higher offer by a significant amount or your offer won't go anywhere.
Don't ask the seller for any concessions (closing costs, home warranty, HOA resale fees, etc.), have an aggressive COE (close of escrow) date if your lender agrees, put significant money down as earnest money (at least $5,000). You can make your earnest money non-refundable after inspections, but only do that if you are 100% sure you are going to get the loan and don't anticipate any issues. I don't recommend non-refundable earnest money if other aspects of your offer are clean and strong.
I've seen buyers lose deals over a $400 home warranty request, so if you really want to get into a house, make as generous and attractive an offer as you can afford. Perhaps that means you start looking at less expensive properties, knowing that you will have to offer over list price. Ultimately you will need to turn to your Realtor for guidance, hopefully he or she has the experience needed to get you a home in this market.
I believe it has been well echoed here that there are several factors to a strong offer or an offer that will take precedent over others. With that said, unless you are looking at using a FHA/VA lending program; 10% or 15% down will still be difficult even it you have your "ducks in a row".
Best of luck.
Lucinda (Cindy) Tkach, Agent, Phoenix, AZ It is an agressive amount to put down on an offer. I have been making full cash offers on homes and having difficulty closing properties, There are some agressive additional verbage in a contract that can help in closing the property such as time to close, non refundable earnest money after inspection period. There are more however that can be some ways to include in presenting your offer.
Feel free to contact me direct if you would like any assistance.
Like so many others have stated, it's all about the total package and presentation of your offer. It can come down to when the offer came in if it was after the other deals were presented. It's important for your agent to gather as much information as they can to help you position your offer in as good of a position as possible when there are multiple offers on the table. Good luck.
As others have stated, it's not necessarily the amount of down payment you can give but other terms of your offer. Are you flexible with your closing date? Are you requesting a lot of repairs be performed by the seller? Do you have any other property that you must sell first in order to purchase? These are just a few other items that sellers consider before making a decision on an offer.
I suggest that you work with an experienced real estate agent if you already are not doing so to help guide and counsel you throughout the purchase process.
Good luck to you!
Prudential Connecticut Realty
If you must finance, make your best offer with regard to purchase price and closing terms. That is all you can do.
Please call me directly and I'll be happy to explain the purchasing process and answer any questions you may have about buying a property in the Phoenix market.
Keller Williams Sonoran Living
Happy New Year!
Offer $200,000 - 10% down
Offer $200,000 - 1% down
offer $200,000 - 50% down
All the above are the same to the seller. They get $200,000 and as long as your lender says any will work for them to give you a loan the seller could not care less.