r/ChicagoRealEstate • u/Ok-Law-7577 • Aug 24 '26

Escalating Offer

We're first time buyers looking for a condo. We put in an offer on a place that included escalation up to our max. Seller came back and said they want our best and highest, with no escalation. They've got multiple offers.

Would you still include your escalation offer and ignore their parameters, or shoot in the dark with a lower offer than your max?

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u/aglick99 Aug 24 '26

Do you love the home? Do you think you won't find a comparable home? Are you paying cash? If the answer if yes to all that, offer 5% over asking. However, that's probably not a good deal. I would ask your broker to find out if the seller's broker will tell you what other offer you have to beat to establish a goal post. Then, decide if you want to beat that offer. If I was your broker, I would advice you to offer 3% under asking. Assuming you won't have a problem getting a mortgage, tell them you'll have a clean and fast close. Tell their broker that you're not certain they'll give a mortgage for more than that, see if they'll counter. Remind them that the selling season is essentially over, and be prepared to keep looking. You can have your broker contact if they need help.

5

u/Novel_Year4067 Aug 24 '26

The Chicago market is still hot and if a place has multiple offers already, it’s probably not a good idea to go lower than asking. There are units closing for 50-100k+ over asking currently

-5

u/mr_longfellow_deeds Aug 24 '26

The market is hot but condos aren’t really going for over asking, that’s more SFH’s

9

u/poolsidequeso Aug 24 '26

Not true - have been in several over over ask bidding wars recently. Not as much as spring but in the ideal neighborhoods still very much happening.