How Do Offers Work, and Why Do Some Offers Lose?

An offer is a written proposal with a price and a set of terms. Price matters, but it isn't the only thing the seller looks at, and a strong offer isn't always the highest one.

I'm a Home Buying Realtor in West Allis, WI. Here's what goes in an offer, and what makes one fall short.

• Price: what you're willing to pay
• Earnest money: a deposit that shows you're serious
• Closing date: when you'd take ownership
• Contingencies: conditions that let you back out or renegotiate, such as the inspection and your loan
• What's included: appliances, fixtures, and anything else in the deal

The seller can accept it, say no, or send back changes. That back and forth is normal.

1. The price is too low for the home. Recent sales help us set a fair price, not a guess.
2. There's no pre-approval letter. A seller wants to know you can actually get the loan.
3. The terms are tangled. Too many conditions or unclear wording makes the seller nervous.
4. The dates don't fit. A closing date that doesn't work for the seller can matter as much as the price.
5. Another offer was simply stronger on the things the seller cares about.

• A pre-approval from a lender you've talked to
• A price based on recent sales of similar homes
• Clean, clear terms
• A closing date that gives the seller what they need, if you can do it
• Earnest money that's ready to go

None of these means paying more than the home is worth. I'd rather lose a house than pay too much for it, and I'll tell you when I think a price is off.

I look at the sales around the home, explain what each term means, and write the offer so the deadlines are right. If there are other offers, I help you decide what to change and what not to. The final call is yours.

1. What have similar homes sold for lately?
2. What's the most I'm comfortable paying, not the most I'm approved for?
3. Which terms matter to me, and which can I give on?

Once the offer goes in, the seller may accept it, decline, or counter. A counter isn't a no. It's the other side telling you what they'd change, and we look at it together, one term at a time. Offers often have a deadline for a reply, so keep your phone close, and I'll keep mine close too.

If you're in West Allis and getting ready to make an offer, call me. I'm a residential Realtor in West Allis, WI, with a real estate agency behind me, Realty Experts LLC. I answer the phone, and I'll walk you through each term. No pressure.

See how I help buyers in West Allis. I'm Rich Barnes, and my number is 414-899-8146.