Nationally, about 14% of all home purchases were canceled during April 2025, according to a Redfin report. A canceled purchase can happen when a home buyer’s financing is denied, or the home inspection reveals a significant issue. In other cases, a canceled purchase happens because the offer itself wasn’t sound.
When selling your Northwestern Wisconsin home or land, the quality of the purchase offer you receive is just as important as the price! Here are things to look for when evaluating your purchase offers:
Vetted buyer. This means the buyer’s identity, financial ability and purchase intent has been verified by the buyer’s agent or mortgage company. In other words, the buyer is ready, willing and able to complete the home purchase.
Mortgage pre-approval. This is a letter from the buyer’s mortgage company showing preliminary financing approval. The best pre-approval letters include the type of mortgage, the mortgage amount, interest rate, terms and down payment.
Earnest money. A strong earnest money deposit is a sign of a well-prepared and serious buyer.
Contingencies. It’s reasonable for a buyer to include contingencies for financing, home inspections, etc. But creative or excessive contingencies could mean a lack of commitment from the buyer – or an attempt to “hold” the property while they continue to search the market.
Another thing that can trip up a home purchase is the lender’s appraisal. If the appraised value is lower than the sales price, the lender will decline the mortgage, unless a solution is negotiated. This is another reason to price your home correctly for the market!
If you are thinking of selling your Northwestern Wisconsin home, we can provide you with a market valuation and walk you through the process! There is no charge and no obligation. Six Lakes Realty is a locally-owned family business with over 45 years of experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com