Multiple Offers on Your Chicago Condo: How to Choose, and What to Do When a Better One Shows Up During Attorney Review
How should a Chicago condo seller handle multiple offers?
Compare net proceeds and certainty to close, not just price. Then call for highest and best with a firm deadline, and pick the offer most likely to reach the closing table.
The Short Answer
When you get multiple offers on a Downtown Chicago condo, compare every offer on a net sheet and weigh certainty as heavily as price. If a better offer arrives during attorney review, you generally can't cancel just for more money. Take it as a backup instead.
What does "multiple offers" really mean for a seller?
It means leverage. But only if you use it right.
Three buyers want your West Loop loft. Great. Now the real work starts. The highest number on the page is not always the best deal.
Nationally, offers are thinner than they were a few years ago. NAR's Realtors Confidence Index recently showed homes getting about 2.2 offers on average, with roughly 1 in 5 selling above list. So when you get two or three solid offers in the Chicago condo market, treat it as a real opportunity. Don't fumble it.
How do I compare multiple offers on my condo?
Line them up side by side. I build every seller a net sheet for each offer. Here is what I look at:
- Net to you. Price minus credits, closing cost help, and any concessions. A $10,000 higher offer with a $12,000 credit is a LOWER offer.
- Financing. All cash, cash with financing allowed, or a financing contingency? A strong local lender matters. In condo buildings, the building also has to pass the lender's review.
- Earnest money. Bigger earnest money usually means a more committed buyer.
- Contingencies. Inspection with requests, inspection with no requests, appraisal, sale of the buyer's home. Every contingency is a door the buyer can walk out of.
- Closing date and possession. Does the date line up with your next move? Do you need a rent-back?
- Condo document review. Buyers get time to review association documents. A buyer who already understands the building is less likely to spook.
A clean offer at $5,000 less can beat a messy one at full ask. Every time.
Should I call for "highest and best"?
Usually, yes. When you have more than one serious buyer, give everyone the same deadline and the same instructions.
Keep it fair. Keep it simple. Every buyer gets one shot at their best terms by a set date and time.
A few rules I follow:
- One deadline, in writing, sent to every buyer's agent at the same time.
- Don't reveal other buyers' terms. It backfires and it erodes trust.
- Be careful with counteroffers to more than one buyer. Two counters out at once can mean two accepted contracts. Your attorney should approve that language first.
- Watch escalation clauses. Ask to see the competing offer that triggers it, and make sure there is a cap.
What happens once I sign one offer?
In Illinois, signing starts attorney review. Under Paragraph 13 of the Multi-Board Residential Real Estate Contract 8.0, either side's attorney has five business days to approve, disapprove, or propose changes.
Here is the part most sellers miss. Disapproval cannot be based solely on the purchase price. And attorney modifications cannot change the purchase price.
So the deal is not "loose" during attorney review. It is a signed contract with a short review window.
A better offer came in during attorney review. Now what?
This happens more than you'd think. Especially on well-priced units where buyers are watching for new listings.
By the way, your agent should still bring it to you. Under the Realtor Code of Ethics, listing agents keep presenting offers until closing, unless you waive that in writing.
So what can you do?
Can I cancel the first contract and take the higher offer?
Not for price alone. Attorney review is not a do-over button for money.
Some sellers get told "just have your attorney find something to object to." Be very careful. Using a made-up reason to get out of a contract for more money can invite a lawsuit. A buyer who sues can tie up your condo for months. That kills your sale AND your backup.
What CAN I do?
- Call your attorney first. Before you reply to anyone. This is a legal question, not a negotiating one.
- Don't sign a second primary contract. Two signed contracts on one condo? That's a mess nobody wins.
- Accept the new buyer as a backup. The Multi-Board 8.0 contract has a paragraph for backup offers. If the first deal falls apart for a legitimate reason, like financing, inspection, or condo documents, your backup steps up.
- Let your attorney handle the real issues. Closing dates, possession, and terms can still be negotiated in good faith.
- Keep the first buyer moving. A strong backup is your insurance. Your first buyer is still your deal.
Illinois attorney Justin Abdilla's Multi-Board 8.0 guide explains how Paragraph 13 works, including the new 13(d) proposals that do not kill the contract if rejected.
I'm a Realtor, not a lawyer. Every contract is different. Talk to your real estate attorney before acting on any offer.
Key Takeaways
- Compare offers on net proceeds and certainty, not price alone.
- Use one written deadline for highest and best.
- Never counter multiple buyers without your attorney's language.
- Attorney review under Multi-Board 8.0 cannot be used to cancel over price.
- A better late offer is best used as a backup, not a replacement.
Practical Strategy: Your Multiple Offer Game Plan
- Price right from day one. Good pricing creates competition.
- Get condo documents and the paid assessment letter ordered early.
- Ask for pre-approvals from local lenders who know downtown condo buildings.
- Review every offer on a net sheet before you react.
- Pick the offer that closes. Then line up a backup.
Local Expertise: Why Downtown Chicago Condos Are Different
Selling a condo in the West Loop is not like selling a house in the suburbs. Buyers compare your unit to the one two floors up. Lenders review the building, not just the buyer. Association documents can make or break a deal.
I have closed more than 300 West Loop transactions, with deep sales history in Metropolitan Place, Park Alexandria, and Haberdasher Square Lofts. I know which offers tend to hold up in these buildings, and which ones tend to fall apart.
The Bottom Line
Multiple offers are a gift. Treat them like one. Compare net, weigh certainty, and choose the buyer most likely to close.
And if a bigger number shows up after you sign? Don't panic, and don't cancel. Call your attorney, lock in a backup, and keep your first deal on track.
Your signature is a promise. Keep it, and protect yourself with a great backup.
FAQ
Can a seller back out during attorney review in Illinois?
Only for reasons the contract allows. Under Multi-Board 8.0, disapproval cannot be based solely on the purchase price. Talk to your attorney about your specific contract.
Will my agent still show me offers after I sign?
Your agent should bring it to you. Listing agents keep presenting offers until closing unless you waive that in writing.
What is a backup offer on a Chicago condo?
It is a second contract that only takes effect if the first one ends. If your first buyer's deal falls apart, the backup buyer moves into first position.
Is the highest offer always the best offer?
No. Credits, financing, contingencies, and timing can make a lower offer net you more, or close more reliably.
How long is attorney review in Chicago?
Usually five business days after the date of acceptance under the Multi-Board 8.0 contract.
Call to Action
Got multiple offers, or a surprise one after you signed? Call or text Christine Hancock at 312-296-9300 to talk about your unit's value, or what it would take to get you to the closing table.
ABOUT THE AUTHOR
Christine Hancock is a Chicago Realtor with @properties Christie's International Real Estate, bringing more than 25 years of experience and over $200 million in closed sales in the downtown condo market. With 97 five-star Zillow reviews, Christine is recognized for her commitment to client satisfaction and market expertise.
She specializes in high-rise and luxury condominium sales in West Loop, South Loop, River North, and Streeterville, helping buyers and sellers navigate complex transactions with data-driven pricing strategies and deep neighborhood insight.
Christine partners with clients to evaluate market trends, position properties competitively, and make confident, informed decisions in Chicago's vibrant downtown housing market.
Call or text 312-296-9300 to discuss current market conditions or your real estate goals.
