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Judy Minner

Judy Minner

Broker, Broker , CNE, GRI

C. (309) 645-8845    F. (309) 698-2248
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What to Offer

If you would like more information or have any questions about placing an offer please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

Finding the house you want to make your dream home can be an incredibly exciting moment. Making an offer on that house however, can be a daunting and stressful task. The written offer is a step in the home buying process that requires the finesse, experience and negotiating skills of a REALTOR® professional.

Deciding How Much to Offer

There are several factors to consider when deciding how much to offer: the listing price of the home, the prices of comparable properties that have recently sold, and of course what you can afford.

Once you have considered the factors at hand, it is time to decide on a number. In competitive areas or 'hot markets', you may have to offer no less than the asking price. You should be mentally prepared for negotiations, and in some cases even bidding wars, which can erupt among aggressive buyers. In hot markets, properties often sell for 10% to 30% above the asking price.

If you are making an offer in a hot market, you may need more than just a well-priced bid. Considering the seller's needs is the best way to achieve an advantage in the competition. Your ability to close the deal quickly is often an advantage. For example: buying with all cash or having your loan pre-approved tells the seller that you are a serious buyer. Your flexibility and accommodation of seller time frames can also be beneficial. For example: extending the closing time frame for a party that cannot move for several months; or making your offer for the property 'as is', meaning you will pay for any needed repairs.

In less competitive areas, or 'cold markets', you will have more room to negotiate with the seller at a lower purchase price. REO, short sale and Bank Owned properties can often be obtained at great prices, but be prepared for a long and challenging closing process. In any market, you will want to bid to win. Be sure to discuss the best strategy for your offer with your REALTOR®.

If you would like more information or have any questions about placing an offer please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

This information is meant as a guide. Although deemed reliable, information may not be accurate for your specific market or property type. Please consult a REALTOR® professional for more information on making a written offer.

Information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the Peoria Area Association of REALTORS®. Real estate listings held by brokerage firms other than this site-owner are marked with the PAAR logo and detailed information about them includes the name of the listing brokers.

The accuracy of all information, regardless of the source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals.

Copyright © 2018 Peoria Area Association of REALTORS®., All rights reserved.

East Peoria Office
821 W. Camp Street
East Peoria IL  61611
(309) 698-5600
Real Estate License # 475.128283
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