or as of February 1, 2025 y 1, 2025, National Association of Realtors® (NAR) members will have access to the updated Multi-Board Residential Real Estate Contract 8.0 alongside specific purchase and sale agreements. The Multi-Board Contract is designed to address diverse property types and markets across Illinois are required for officially making an offer on a home, and this is another area where you truly need the expertise of an excellent REALTOR®. If you choose to work without a REALTOR® or Real Estate agent, especially if you’re a first-time home buyer, you put yourself at risk of making expensive mistakes. Further, keep in mind that real estate laws and requirements can vary from state to state and can change over time. Keep yourself abreast of all new home-buying and housing market information applicable to your area. For second- or third-time home buyers: Don’t assume that because you bought a home in Illinois two years ago that you know the rules or conditions in Indiana. The process of actually drawing up an offer on a home in which you’re interested is a bit complicated. Working with a licensed REALTOR® is highly recommended. Here are a few basic things that are important to know about making an offer.
The offer:
* Must conform to local regulations and standards * Must mention the amount being offered as well as the actual asking price * Must include any terms and conditions on the purchase * Must be drafted and signed * Must be forwarded to the seller through an agent (your buyer’s agent or the seller’s agent) * Is not a binding sales contract * Is the buyer’s offer on the house based on its current condition * and according to the terms and conditions
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