Offer
An offer is a formal proposal to buy property at specified terms. Understand how earnest money, contingencies, and acceptance work in offers.
Definition
In real estate, an offer is a formal proposal from a buyer to purchase a property at a certain price and under specific terms. Written offers detail the purchase price, earnest money deposit, financing method, contingencies (inspection, financing, appraisal), closing date, and any personal property included. Once the seller receives the offer, they may accept, reject, or counteroffer. Acceptance creates a binding contract if all parties sign the agreement. Offers should be thorough and clear to avoid disputes and may be time‑limited in competitive markets.
Why It Matters
An accepted offer is a contract, not a conversation. Washington's NWMLS Form 21 converts your price, dates and contingencies into deadlines counted in business days, and missing an inspection response date can waive the exact protection you were relying on. Earnest money, often 1 to 3 percent of price, is the piece you can genuinely lose.
Examples
The offer is $645,000 with $20,000 earnest money, a 7-day inspection contingency and a 30-day close. The seller counters at $660,000 with earnest money released to them once inspection passes.
An offer waives the financing contingency to win. The appraisal comes in $22,000 low, the buyer cannot cover the gap, and the seller keeps the $15,000 deposit.
Three offers land on a Bellevue listing. The winner is not the highest at $912,000 but the one at $905,000 with a completed pre-inspection and a rent-back through the end of the school year.
Tips
Count every response deadline in business days from mutual acceptance and calendar them the day you sign. Washington forms skip weekends and holidays, and a silent buyer is a defaulting buyer.
Use an escalation clause with a hard ceiling and a requirement that the seller produce the competing offer. Without that proof you are bidding against an assertion.
Selling without a listing agent does not mean handling offers alone. A flat-fee MLS listing through a service like Wayber gets you into the NWMLS feed while you hire a real estate attorney or escrow officer to review contract terms.
Related Terms
Contingency Clause
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Kick-Out Clause
A kick-out clause allows sellers to continue marketing a home under contract with contingencies. Lea...
Lease Option
A lease option combines renting with the option to buy. Learn how lease-option agreements work and w...
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