Your First Offer — What Happens After the Pre-Approval
Posted on April 24, 2026 Leave a Comment
Home Buyer Series — Part 3
In Part 1, we covered why your credit score is the foundation of everything. In Part 2, we walked through the difference between pre-qualification and pre-approval — and why only one of them actually matters when it’s time to compete for a home. If you haven’t read those yet, start there.
Today, we pick up where most buyers have been waiting: you have your pre-approval letter. Now what?
You Have the Letter. Now the Real Work Begins.
Getting pre-approved is one of the best feelings in the home-buying process. You’ve done the financial work, you’ve been vetted by a lender, and you have a number. You’re ready to buy a home.
But here’s what nobody tells you: having a pre-approval letter is not the same as being ready to write an offer. There’s a gap between “I’m approved up to $X” and “I know how to put together an offer that gets accepted.” That gap is exactly what we’re going to close today.
Step One — Finding the Right Home (For Real, Not Just on Zillow)
Browsing online is fun. It’s also a little misleading. Listing photos are professionally staged. Square footage looks different in person. And in a market like Lodi and the Central Valley, the home you fall in love with on a Tuesday night might have an accepted offer by Thursday morning.
Once you’re pre-approved, your search gets serious. Here’s how to approach it strategically:
- Define your non-negotiables vs. your nice-to-haves. Bedrooms, location, school district, commute — decide what you actually cannot live without before you start touring. Emotion is powerful once you’re standing in a kitchen. Know your priorities before that moment.
- Set up real-time alerts, not daily digests. In a competitive market, checking listings once a day is too slow. Set up MLS alerts so you hear about new listings immediately. Ask your agent to flag anything that fits your criteria as soon as it hits.
- Think like a lender when you tour. A home must appraise at or above the purchase price for your loan to be approved. If something looks significantly overpriced for the area, that’s not just a negotiation point — it’s a financing risk. Keep this in the back of your mind as you tour.
- Tour quickly, decide thoughtfully. Don’t rush the decision — but don’t sleep on a home you love. The goal is to be ready to move when the right one shows up, not to scramble after the fact.
Understanding the Offer
When you find the one, the next step is writing an offer. This is where strategy matters as much as enthusiasm. A purchase offer is a legally binding document, and every line of it has meaning.
Here are the key components you’ll need to understand before you sign anything:
| Term | What it means for you |
|---|---|
| Purchase price | The amount you’re offering for the home. This may be at, above, or below list price depending on market conditions and comparable sales in the area. |
| Earnest money deposit | A good-faith deposit — typically 1–3% of the purchase price — that shows the seller you’re serious. It’s held in escrow and applied to your down payment at closing. If you back out for reasons not covered by a contingency, you may lose it. |
| Contingencies | Conditions that must be met for the sale to move forward. The three most common are the inspection contingency, the appraisal contingency, and the financing contingency. These protect you — understand what each one covers before you waive any of them. |
| Closing date | The date you’re proposing to take ownership. In California, 30 days is common, but sellers with specific timing needs may favor a buyer who can be flexible. |
| Included items | What stays with the home — appliances, window coverings, fixtures. Anything not explicitly included in the contract can walk out the door with the seller. |
“An offer isn’t just a number. It’s a package. Price matters, but so do terms, timing, and how clean the contract looks to the seller. A well-written offer at the asking price can beat a higher offer that’s messy.”
The Three Contingencies — And Why They Matter
Contingencies are your safety net. They give you legal ways to back out of a deal — or renegotiate — if something goes wrong. In a competitive market, you’ll hear pressure to waive them. Before you do, make sure you understand exactly what you’re giving up.
Inspection contingency: Gives you the right to have the home professionally inspected and, if significant problems are found, to negotiate repairs, request a price reduction, or walk away. Waiving this means you’re accepting the home as-is — whatever’s behind the walls included.
Appraisal contingency: If the home appraises for less than your offer price, this contingency lets you renegotiate or exit the deal. Without it, if the appraisal comes in low, you’re on the hook to cover the gap out of pocket — or lose your earnest money.
Financing contingency: Protects you if your loan falls through. Even with a pre-approval, final loan approval isn’t guaranteed until the lender has reviewed the property itself and confirmed nothing has changed on your end. This contingency gives you a clean exit if financing doesn’t come through.
Keep in mind
Waiving contingencies is a competitive strategy — not a routine move. In multiple-offer situations, sellers sometimes favor offers with fewer contingencies. That can make sense in the right circumstances, with the right guidance. But it’s a risk calculation, not a default. Talk through it with your agent before you decide.
What Happens After You Submit the Offer
You’ve submitted. Now you wait — though usually not for long. The seller typically has 24–72 hours to respond, and there are three possible outcomes:
- ✓They accept. Congratulations — you’re officially in contract. Escrow opens, your earnest money is deposited, and the clock starts on your contingency periods.
- ↔They counter. The seller liked your offer but wants to change something — price, closing date, or contingencies. A counter is not a rejection. It’s a conversation. Review it carefully with your agent and decide what you’re willing to agree to.
- ×They decline. It happens. In a competitive market, you may lose a home or two before you get one. It’s not a failure — it’s part of the process. The right one is still out there, and your pre-approval is still valid.
Once You’re in Contract — What Comes Next
Being “in contract” means both parties have agreed to the terms and the deal is moving forward — but it’s not done. Here’s what happens between accepted offer and closing day:
- Escrow opens. A neutral third party — the escrow company — holds your earnest money and coordinates the transaction. They’re the engine that keeps everything moving.
- Home inspection. Schedule this as soon as possible. A licensed inspector will walk through the property and give you a detailed report on its condition. This is your chance to understand exactly what you’re buying — not to find reasons to back out, but to go in informed.
- Appraisal.Your lender orders this. An appraiser visits the property and determines its market value. If it comes in at or above your purchase price, you’re clear. If it comes in low, your appraisal contingency gives you options.
- Final loan approval. Your lender reviews the property and confirms your financing. Keep your financial life stable during this period — no new accounts, no large purchases, no job changes.
- Final walkthrough. Usually 24–48 hours before closing, you’ll walk through the home one more time to confirm it’s in the agreed-upon condition and that any negotiated repairs have been made.6Closing day. You sign the final documents, the lender funds the loan, the title transfers to your name, and you get the keys. That’s it. You own a home.
“The period between accepted offer and closing is when most buyers feel the most anxious — and understandably so. There are a lot of moving parts. The best thing you can do is stay organized, respond quickly when your agent or lender needs something, and trust the process.”
A Few Things I Want Every Buyer to Know Before Their First Offer
Your first offer probably won’t be perfect — and that’s okay. There’s no substitute for the experience of actually going through the process. The buyers who succeed are the ones who stay patient, stay ready, and don’t let early setbacks shake them.
Communication is everything. Respond to your agent and lender quickly. In a real estate transaction, delays can cost you. Keep your phone close and your documents accessible during the escrow period.
Read everything before you sign it. I know the paperwork is extensive. Read it anyway. Ask questions about anything you don’t understand. This is likely the largest financial transaction of your life — you deserve to know exactly what you’re agreeing to.
Your agent is your advocate. A good agent isn’t just there to open doors. They’re there to negotiate on your behalf, flag red flags in a contract, read the market, and protect your interests throughout the transaction. That relationship matters.
Ready to Write Your First Offer?
Whether you’re already pre-approved or still working on your credit, let’s talk about where you stand and what the path forward looks like in Lodi and the broader Central Valley. The first conversation is free — and it might be the most valuable one you have.jesserivas@kw.com
Jesse Rivas Realty · Lodi, CA
Jesse J. Rivas is a real estate agent based in Lodi, CA, serving buyers and sellers throughout the Central Valley and Contra Costa County. Before becoming an agent, Jesse personally bought and sold six homes — and brings that firsthand experience to every client.
⬅ Part 2: Pre-Approval vs. Pre-Qualification: Why Your Credit Score Makes All the Difference
Part 4 Coming Soon: Escrow Explained — What Happens Between Offer and Keys ➡
Jesse Rivas Realty 
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