What do I need to submit an offer?
Preparing To Submit An Offer
After months of scrolling listings, touring homes, and imagining your furniture in every living room, you finally find the one. You are ready to submit an offer. So what actually needs to happen next?
Here is what goes into submitting an offer, and what you should have ready before it is sent.
A Comparative Market Analysis (CMA)
Before any numbers are written into a contract, your realtor should prepare a Comparative Market Analysis, often called a CMA.
A CMA looks at:
Recent sales in the building or neighborhood
Current active listings you are competing with
Pricing trends, days on market, and list-to-sale ratios
This helps determine what the home is realistically worth in today’s market, not just what it is listed for. The CMA is the foundation for a smart offer strategy.
The Offer Strategy
Once the CMA is reviewed, your realtor will help you decide how to structure the offer.
This includes:
Purchase price
Earnest money amount
Inspection and attorney review terms
Closing date and possession timeline
Any additional terms that make your offer stronger
This part is about balancing competitiveness with protection, not just offering the highest number.
A Pre-Approval Letter (If Financing)
If you are using a loan, you will need a pre-approval letter from a lender before submitting an offer.
This letter shows the seller that:
A lender has reviewed your finances
You qualify for a loan up to a certain amount
You are capable of closing
This does not lock you into that lender. It simply proves you are a serious and qualified buyer.
Need lender recommendations? Reach out today!
Proof of Funds (If Paying Cash)
If you are buying with cash, you will need proof of funds.
This is typically:
A recent bank or investment account statement
A letter from your financial institution
The statement usually only shows the necessary balance, with account numbers blacked out for privacy.
The Purchase Contract
Your realtor will prepare the contract. In Illinois, this is usually the Multi-Board Residential Real Estate Contract.
The contract outlines:
Price and terms
Contingencies
Timelines and responsibilities for both sides
Nothing is fully binding until all parties have signed. Even after acceptance, there is still room to renegotiate during attorney review and after inspections.
