**IMPORTANT**
How To Make Offers On This Site
Online Offers Terms and Conditions – Please Read Entire Section
REGISTER TO MAKE OFFERS
DO NOT USE A MOBILE PHONE FOR PLACING OFFERS!
MOBILE PHONE PLATFORMS ARE NOT COMPATIBLE WITH THIS ONLINE OFFER SYSTEM!
PLEASE ONLY PLACE OFFERS ON A COMPUTER!
In order to place an online offer on any property available on this web site (our online offers platform), you must first REGISTER on our platform and then in order to get access to the area where you will place your offer(s) you must provide EITHER acceptable Proof of Funds (if paying in all cash) OR a FULL Underwritten Loan Pre-Approval Letter From a Licensed Mortgage Lender (prequalification’s are not sufficient) to the listing agent on the property you are interested in. The pre-approval letter must show the maximum purchase price you are qualified to make offers up to.
For example, if your Pre-Approval Letter states you are pre-approved up to $300,000.00 and you want to place an offer for $350,000, your offer above $300K will be deleted unless you provide an updated pre-approval letter no later than noon CST on the final day of the event.
Upon review and acceptance of the documentation provided we will then manually approve you (in our platform back office area) to have access to the online offers area so you can make offers.
EACH PROPERTY WILL HAVE DIFFERENT TIMES THAT ACTIVATIONS / OFFERS WILL TAKE PLACE SO PLEASE READ THE DESCRIPTION FOR THE PROPERTY YOU ARE INTERESTED IN WHEN MAKING AN OFFER.
If you need to finance a property purchase for any property listed on our platform and are not yet pre-approved, you can get loan pre-approval started with one of our approved lenders by clicking here
If you are not pre-approved and want to come to the event to tour the home, you may do so but you will not be allowed to access the online offers platform to make offers unless and until you either supply the listing agent of the property you are interested in the appropriate pre-approval letter or proof of funds as stipulated previously. We will have licensed lenders on site at the event to pre-approve anyone who is not already pre-approved but wants to make an offer on the home. For those buyers who want to get pre-approved on site, they need to bring and provide the lender acceptable documentation to facilitate pre-approval or they will not be allowed to place an offer.
You MUST first register to access the online offers platform as explained above by clicking the link below.
Please use your last name as your username and your phone number as password
CLICK HERE to register for access to the online offers platform.
By creating your account, you agree, accept AND you understand the Terms and Conditions of the online offers process and the NorthernIllinoisOnlineOffers.com platform.
Registration and documents (lender pre-approval letter or satisfactory proof of funds for cash offers) must be received NO LATER than 12:00 pm CST on the final day of the online offers sales event.
If you have not registered and/or you have not provided suitable documentation by NOON on the day the sales event ends on the property you are interested in and want to make an offer on, you will NOT be allowed to place any offers!
We also STRONGLY encourage you login to your account well in advance of the end of the stipulated online offers time limits on the property you wish to make an offer on in case you want to see where the top 10 offers are at or if you want to increase your offer. It is IMPORTANT to understand the steps and functionality needed to place your offer(s). Technical or agent support will not be available after 12:00 pm cst on the final day of the sales event.
CLICK HERE to register for access to the online offers platform.
Please use your last name as username and your phone number as password
Upon acceptance and approval of your documentation submitted as described above (acceptable proof of funds / lender pre-approval letter) you will be granted access to our online offers platform which means you will receive access to make offers on properties that meet your criteria.
You MUST be Working with a licensed Illinois Real Estate Agent – No Exceptions!
If you do not have an agent to represent you, we can recommend several that you can choose from. These agents will work ONLY on your behalf and only in your best interests but they are also familiar with and understand this type of platform. Please contact us to let us know if you need us to refer a licensed agent to represent you by calling 847-922-8423 or clicking here Contact Us
A licensed Real Estate Agent must prepare all required documents (other than loan pre-approval) and initiate the process.
Once you have an agent representing you, our registration page will have you enter their contact information. Our agents will contact them and review the online offers procedures.
Our agents are experts in this process and can guide you and your agent through the entire online offers process from beginning to end and answer all of your questions. They can also explain the financial benefits of working with us.
“Final Declared Winning Offer” – Being the highest offer on the site property page does not necessarily mean your offer is the final declared winning offer or your that your offer is accepted. There are many factors that go into a seller accepting an online offer such as type of mortgage financing, down payment, amount of earnest money, closing date, home sale and other contingencies etc. The listing agent will call all agents representing buyers who have placed competitively priced offers on a particular property on our platform to learn all the details of their offers. Only after the seller and seller’s agent discuss the terms of all the competitive offers submitted on the site will they determine who the “Final Declared Winning Offer” will be from all competitive registered buyers involved in the online sales event.
If Your offer is declared the “Final Winning Offer” by Seller or Seller’s Agent – If you are declared the final winning offer, you must have your agent submit a signed Illinois 7.0 Multi-Board Purchase Agreement to the seller / seller’s real estate listing agent along with the earnest money deposited with the seller’s attorney as escrow agent within the time specified in “sale terms and conditions” (typically within 24 hours but please see the property posting for complete details). If you do not have an agent, please Contact Us as you must have a licensed agent perform this function and be registered on our site prior to your being able to place any offers on a property on our platform.
Seller(s) reserve the right to accept, negotiate or reject the highest offer or any offers submitted.
What is the “Buyer’s Premium” – Using the NorthernIllinoisOnlineOffers.com online offers platform, real estate commission is paid in whole or in part from what is called a “Buyer’s Premium”. Buyer’s Premium can range from 1% to 10% of the “Final Declared Winning Offer” price accepted (this is not the Final Sales Price). The exact percentage amount of Buyer’s Premium can be different for each property offered on our platform so be sure to read the specific terms on the property page and MLS listing for the property you are interested in.
The FINAL SALES PRICE which will be shown on the 7.0 Multi-Board Residential Contract is calculated in the following manner:
Buyer’s Premium Amount = Final Declared Winning Offer Price x Buyer’s Premium Percentage stated on Property Page (as well as in the MLS – the two will be identical)
Final Declared Winning Offer Price + Buyer’s Premium Amount = FINAL SALES PRICE.
The Buyer’s Premium is NOT based on the Sales Price Shown in the 7.0 Multi Board Contract.
Realtor Fees are paid from the Buyers Premium NOT the final sales price.
Please read the full Terms and Conditions of our site
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensate the real estate agents who conduct and close the transaction.
Each property listed on our platform site will offer different terms, conditions and buyer’s premium percentages, so be sure to research the property you are interested in thoroughly along with all of the details on the property page.
Properties will be available for viewing by the general public ONLY on the day(s) specified on the property page of each specific property (unless agreed otherwise) – There may also be a specific Realtor Broker Open House a couple days before the general public viewing but those will be case by case and will be indicated on the property page of the property you are interested in so please read the property page for full details.
Seller(s) reserve the right to accept, negotiate or reject the highest offer or any offers submitted.
An online offer is a binding agreement and a seller can legally pursue a non-performing buyer.
Be sure to contact us if you have question on the offers process.
Terms You Should Know
WE SUGGEST YOU ALWAYS LOG INTO THE SITE 5 MINUTES BEFORE THE SCHEDULED ONLINE OFFERS EVENT ENDS TO SEE WHERE THE OTHER OFFERS ARE AT IN CASE YOU WANT TO MODIFY YOUR OFFER(S).
Auto Time Extension of Offers – Our system prevents last second unfair “Sniper Offers” by automatically extending the online offers event expiration time.
If a buyer places an offer within 2 minutes of the end of the online offers posted expiration time, the system will automatically extend and allow more offers to be placed for an additional 5 minutes in order to allow all registered buyers the opportunity to respond and will continue to operate like this until there are no more offers placed during any 5 minute extended time period.
Attention – Final Declared Winning Offer
If Your offer is Declared the Final Winning Offer: Our Seller’s Agent will contact your agent to discuss and finalize your offer and to determine the actual final sales price to be inserted into the 7.0 Multi-Board Residential Contract. The Highest Offer on our site does NOT mean you have an accepted contract. Once we have discussed the terms of your offer and the seller accepts your offer, your agent MUST submit a signed purchase agreement to the seller within the time specified in “sale terms and conditions” (please see the posting details on the property page). If you do not have an agent, please Contact Us.
Notice to Final Declared Winning Offeror: Important – If your offer is declared the final winning offer by seller and seller’s agent at the end of the online offer event (after seller and or seller’s agent discusses with you all other terms of your offer and your offer is accepted by same and you are then declared the “Final Winning Offer”) and if you then back out without submitting a contract, you will have been considered breaching our terms of use of our online offers submission system and you may be liable for a $500 withdrawal penalty fee. We will invoice you for that amount.
Seller(s) reserve the right to accept, negotiate or reject the highest offer or any offers submitted.
By agreeing to these Terms and Conditions you agree and understand any offers you submit will be available and visible to the public in real-time on the property page of our web site.
The Seller has required the listing agents to have all offers submitted online. We have been instructed NOT to review or present offers that were not submitted through the online process.
If you are making offers from a different time zone than the property, you MUST change the clock on your computer to insure your bids are submitted in a timely manner.
DO NOT USE A MOBILE PHONE FOR PLACING OFFERS! PLEASE ONLY PLACE OFFERS ON A COMPUTER!
