The Wisconsin Offer to Purchase (WB-11), Explained for Buyers

You've found the house. Your agent says, "I'll write it up tonight." What shows up in your inbox is a dense document called the WB-11 Residential Offer to Purchase, and you're being asked to sign it, often within hours. I'm Jeremy Fishnick, a Realtor and home inspector in Lancaster, Wisconsin, and I've written and reviewed a lot of these. This is my plain-English tour of the form for buyers in southwest Wisconsin: what each section does, what you're really agreeing to, and where buyers get into trouble.

A caution up front: I'm not an attorney, and this isn't legal advice. The WB-11 is a binding contract once accepted. If anything in it worries you, have a Wisconsin real estate attorney look at it before you sign. That's a normal, reasonable thing to do.

What the WB-11 is

Wisconsin is unusual in that its real estate contract forms are approved by the state. The WB-11 is the standard residential offer, and nearly every agent in the state uses it. The language has been refined over decades, and the same form protects buyers in Platteville the same way it protects buyers in Milwaukee. What varies is how the blanks are filled in and which optional provisions are checked. That's where your agent earns their keep.

The parts that set the deal

Price, property, and what's included

The offer identifies the property, states the purchase price, and lists what stays with the house. Fixtures (built-ins, light fixtures, a plumbed-in water softener) are included unless excluded. Personal property such as appliances is only included if written in. If you want the refrigerator or the window air conditioners, write them in. Assume nothing.

Earnest money

Earnest money is your good-faith deposit. The offer states how much and when it's due, and it's held in a trust account by a broker or a title company, not by the seller. There's no required amount in Wisconsin; a few thousand dollars is common around here, and more can strengthen an offer. If the deal closes, it's credited toward your purchase. If you back out properly under a contingency, you get it back. If you default, it can be at risk.

Closing date and occupancy

You pick a closing date, and the form addresses when you get occupancy, normally at closing. In Wisconsin, closings happen at a title company. If the seller needs time after closing, that's negotiated as a rent-back, which I arrange regularly for my sellers, so as a buyer you may be asked for one.

Binding acceptance and deadlines

The offer isn't a contract until the seller accepts it and that acceptance is delivered back to you. From there, every deadline in the contract runs from the date of acceptance. The form spells out how days are counted, and it's worth reading that paragraph yourself. Deadlines in the WB-11 are firm, and "time is of the essence" language applies to them, which means missing one can have real consequences.

The contingencies that protect you

Contingencies are the conditions that let you walk away with your earnest money if something goes wrong. The three most buyers in our area should keep are inspection, financing, and appraisal. I've written about each in detail in Contingencies That Protect Buyers in Wisconsin, so here's the short version.

Inspection contingency

You get a set number of days to have the home inspected by a qualified inspector. If the inspection turns up what the form calls Defects, which it defines in terms of conditions that significantly affect value, safety, or the expected life of the property, you can deliver a written notice of defects to the seller. If the seller's right to cure is selected, the seller has a chance to fix them; if not, or if they decline, you can walk. You can also propose an amendment asking for repairs or a credit instead. Which path to take is a strategy conversation with your agent.

Financing contingency

You state the loan type, amount, and terms you're seeking and a deadline for delivering a loan commitment. If you can't get the commitment by then, you can terminate and recover your earnest money. The seller has a limited right to terminate too if the commitment doesn't arrive. The 2020 version of the form separated the appraisal into its own contingency, so make sure you understand which protections you've checked.

Appraisal contingency

If the appraisal comes in below the purchase price, this gives you a window to object in writing and attach the appraisal. The seller can then cure by reducing the price to the appraised value, or the parties can negotiate, or you can walk. Without this contingency, a low appraisal means you make up the difference in cash.

Other provisions worth understanding

• Title. The seller provides title evidence from a title company showing they can convey clear title. Read the commitment when it arrives.
• Property condition representations. The seller makes certain statements about the property, and separately gives you a Real Estate Condition Report disclosing known defects. Read both and compare them to your inspection.
• Prorations. Property taxes, rents, and some fees are prorated to the closing date. Your agent and the title company handle the math, but ask how taxes are being estimated, because Wisconsin tax bills arrive in December.
• Well, septic, and radon testing. On rural property these are often added as their own contingencies or folded into the inspection period. Don't skip them. Testing takes time, so build it into your deadlines.
• Home sale contingency. If you need to sell your current home first, that's an addendum, and sellers in a competitive situation may not accept it.
• Additional provisions. There's space to add terms. This is where seller-paid closing costs, specific repairs, or personal property often get written in. Vague language here causes problems; be specific.

Where buyers get hurt

Trouble comes from three places. First, deadlines too short for the real world: a 7-day inspection window when the inspector can't come for five days and radon takes several more. Second, waiving contingencies to win a bidding war without understanding what that means. Third, not reading the form. It's your signature.

Being an inspector as well as an agent changes how I write offers. I know roughly how long an inspection and a radon test take, so I set realistic deadlines. I know what a USDA or FHA appraiser is likely to flag on an older house, so I structure the offer accordingly. Jaspreet S. described my work as thorough "in ensuring every inspection was done properly, leaving no loose ends." That starts at the offer.

Before you sign

1. Read the whole form, blanks and boilerplate both.
2. Check every deadline against a calendar.
3. Confirm the included and excluded items match what you were shown.
4. Make sure your lender has seen the financing terms.
5. Ask your agent to explain anything unclear; if it's a legal question, ask an attorney.

Talk to Jeremy

If you're buying in Lancaster, Platteville, Cuba City, or anywhere in the Driftless Area and want an agent who writes offers with an inspector's eye, I'm Jeremy Fishnick. Call or text 608-732-2564, or start your home search at jeremyfishnick.com/phf.