The highest offer does not always win, and a closed price below your offer usually has an ordinary explanation your agent can track down. The common ones: - A higher offer fell through. The seller may have accepted an offer above yours, watched it collapse, then replaced it with a lower one rather than starting over. - A low appraisal. The appraisal came in under the contract price, and the seller cut the price to keep the deal together. - Inspection findings. Repairs turned into a negotiated price reduction or a credit. - A stronger buyer at a lower number. A buyer putting, say, fifty percent down can give a seller enough confidence to take a similar or even lower price, because a big down payment lowers the odds of a financing problem. Less commonly, an offer was never presented properly by an agent behaving unethically. We are not suggesting that happened to you, only that it belongs on the list. If the result is nagging at you, have your agent pull the closing details and ask the listing agent directly. Knowing which explanation applies helps you sharpen your next offer.