ConnectMLS – How to Write and Prepare an Offer

This video will show you how to prepare and submit an offer using the MLS System.

Main Page

• Search the Property Address using the SmartBar
• Click the property you are looking

Look at the details of that specific property and take note of the personal property - will need later in the contract.

(garage, appliances, heating system, ac unit, smoke and alarm detectors, etc)

Click Additional Info

Scroll down to Tools

Click Write a Contract

Add New Folder/Filling-Out-Signature page

Create a New Folder

Click Notify List Broker

Click Next

Folder name should be the Property Address.

Buyer Information - should already be in the Client Database inside MLS.

Click Lookup Client

Note: If you have a New Client, 

Fill out First and Last Name

and Email Address

Keep in mind that this information is going to a contract that will be circulated to a lot of people.

Agent's Broker information (Buyer's Broker) - Information is usually autopopulated.

Also, add agent's Mobile Number.

Buyer's Attorney Information

Click Lookup Service Partner and look for the Buyer's Attorney found in the system.

If not available in the database, enter the details manually.

Note: Put as much information needed.

Loan Officer Information

Click Lookup Service Partner and look for the Loan Officer found in the system.

If not available in the database, enter the details manually.

Note: Put as much information needed.

Once you are done filling out the details, click Continue.

Add Forms

Pick the Contract that you want to use.

• Multi-Board Residential Real Estate Contract 7.0
  • use this contract for residential deals and where the buyer is going to be an owner occupant
• Residential Real Estate Purchase and Sale Contract
  • Use this contract for Investors

Click Add Form

Some of the details are auto-populated.

Part 1 - The Parties

Line 3 - Always leave blank - Seller's Name blank.

Line 4 - If the agent is a dual agent (representing both buyer and seller, this line should be checked.

Part 2 - The Real Estate

Line 10 - Select what type of property (This one is Multi-Unit).

Line 11 - If you are working on a condo/townhomes or in a community, ask the agent to identify if there's a parking space included with the property.

(number of the space, how many spaces, where is it located, deeded space does it have a pin number, is it an assigned space)

Line 13 - If you are working on a condo/townhomes, ask the agent to identify if there's a storage unit included with the property. Get the details like storage unit # and how many spaces for example.

Part 3 - Fixtures and Personal Property at No Added Value

Line 19-28 - click and add the details that are currently in the property

Please Note: It’s important to ensure this is filled out correctly, it may cause issues with the deal at a later time so please be sure to add what comes with the property.

Line 29 - List the items included at No Added Value.

Line 30 - Add items that are not included in the sale.

Line 31 - If water heater is not working, or if something is not working in the property, make sure to write it here.

Line 35 - Home warranty - if seller already offered that they will pay for the home warranty for the buyer, click the box. Make sure to fill out section XXX also when you get to that page.

Part 4 - Purchase Price and Payment

Line 36 - Purchase Price - Enter the purchase price you and your buyer agreed to. Please Note: in multiple offer situations consider going over list price, esp if you are asking for a closing credit.

Line 41 - Closing cost credit - add percentage or amount ($).

Line 42 - Earnest Money – add the initial amount and it should be on or before 3 business days.

Line 43 - Additional earnest money.

Line 44 - Add additional earnest money date - 3 business days after A/I.

Line 45 - The earnest money will be deposited to - usually the listing office, if they don’t hold EM, please figure out where it will be held and then check off the proper box. If your office holds EM see if the other party agrees to have it held there.

Part 5 - Closing

Line 49 - Closing Date - Usually 30-60 days and the average is 35-45 days. Please Note: consult with your lender and buyer about the best timeframe, not every deal is the same and you may have negotiated a date with the other party.

Part 6 - Possession

Line 52 - Possession - the contract already states the verbiage here for you. Usually possession is post closing but is some rare occasions it can be before, if that is the case consult with your attorney as this can be very tricky and a high risk to your clients.

Part 7 - Financing

Line 55 -  If buyer is using a loan to pay.

Line 60 - What type of loan. (FHA, VA etc.)

Line 61 - If the loan type is unique, please check other and add the type of loan in the box (ex: rehab loan, construction loan, hard money)

Line 62 - Enter the mortgage rate that your client was quoted or on their pre approval letter.

Line 63 - Enter the Loan amortization (ex: 15, 30 years) and always enter 0% for points.

Line 84 - If buyer is buying cash with no mortgage - have them sign an initial here. (Nothing needs to be filled out)

Line 94 - If buyer is buying cash but might want to get a loan, have them sign an initial here. (Nothing needs to be filled out)

Part 8 - Statutory Disclosures

Line 110 - Disclosures - Before you started you should have downloaded the disclosures from Additional Info in the MLS listing. If the disclosures are there please check off the boxes accordingly.

Be Proactive -if the disclosures on not under additional info in the MLS listing please call the agent, office or their assistant and ask them to send a copy of disclosures.

Line 111 - 115 - Click on the disclosures based on additional information.

Part 9 - Prorations

Line 116 - Prorations

Line 122 - I prefer to fill out the tax proration at TBD, as Cook County and surrounding Counties are complex and most attorneys renegotiate this anyway. If you must put a number there, consider 110% or 105% which is normal for this market.

Line 129 - 134 -  If its a condo/townhomes, fill out this area. This is usually autopopulated from the MLS, in any case please confirm with agent or association if there are any SPECIAL ASSESSMENTS. (This is crucial because in some cases it can be an excessive amount that doesn’t fit your buyers budget)

Part 10 - Attorney Review

Line 135 - Attorney Review

Part 11 - Waiver of Professional Inspections

Line 155 - If you buy a property "as is" and you don’t want to do an inspection, this is where you put the Buyer initial. Please Note: this is very rare and it is imperative you highly suggest your buyer does an inspection even if the sale is as-is. If the buyer is a savvy investor then this may be a good tool to negotiate a low price.

Part 12 - Professional Inspections and Inspection Notices

Line 158 - Professional Inspections and Inspection Notices

Part 13 - Homeowner Insurance

Line 191 - Homeowner Insurance

Part 14 - Flood Insurance

Line 197 - Please make sure the property is NOT in a flood zone area. If it is, you must consult with your lender and your insurance broker to get a quote, in these counties the flood insurance policies are very expensive and this can possibly kill your deal if your buyer can’t afford that extra expense.

Part 15 - Condominium/Common Interest Associations

Line 202 - Condominium/Common Interest Associations

Part 16 - The Deed

Line 231 - The Deed

Part 17 - Municipal Ordinance, Transfer Tax and Governmental Compliance

Line 238 - Municipal Ordinance, Transfer Tax and Governmental Compliance

Part 18 - Title

Line 246 - Title

Part 19 - Plat of Survey

Line 262 - Plat of Survey

Part 20 - Damage to Real Estate or Condemnation Prior to Closing

Line 272 - Damage to Real Estate or Condemnation Prior to Closing

Part 21 - Condition of Real Estate and Inspection

Line 280 - Condition of Real Estate and Inspection

Part 22 - Seller Representations

Line 285 - Seller Representations

Line 297 - If it is a fully rehabbed/brand new – and if there are improvements.

Line 297- 303 - Tax Assessment - if the property has NOT been recently rehabbed please check off the second box (ARE NOT) next to all 4 sections, and have your buyer initial all for areas.
Line 297 - Please notes if the property was RECENTLY REHABBED, please check of the first box ARE. The rest will be checked off ARE NOT and buyer will still initial all 4 areas.

Part 23 - Real Estate Tax Escrow

Line 309 - Real Estate Tax Escrow

Part 24 - Business Days/Hours

Line 317 - Business Days/Hours

Part 25 - Electronic or Digital Signatures

Line 320 - Electronic or Digital Signatures

Part 26 - Direction to Escrowee

Line 328 - Direction to Escrowee

Part 27 - Notice

Line 347 - Notice

Part 28 - Performance

Line 367 - Performance

Part 29 - Confirmation of Dual Agency

Line 371 - If you checked the Dual Agency all the way on the first line, have the client place their initial here.

Line 372 - Consented to -- Agent's Name.

Part 30 - Sale of Buyer's Real Estate

Line 375 - Sale of buyer's Real Estate - If buyer has to sell their home to buy this property, have your buyer sign his initial here. 

Line 378 - If your buyer needs to sell their home in order to buy this property, please fill out the information - add the address to the home they must sell.

Line 380 - 384 - Make sure to fill out correctly and properly due to the stage where your buyer is in their home sale.

Line 385 - Click has or has not. If buyer has or has not listed his property for sale publicly.

Line 389 - If they have listed the property for sale publicly, click on this line item.

Line 393 - Click this if they did not.

Part 31 - Cancellation of Prior Real Estate Contract

Line 445 - Cancellation of Prior Real Estate Contract

Line 447 -  Fill this out if your buyer was in another contract that has been cancelled or is going to be cancelled.

Part 32 - Home Warranty

Line 451 - If you and the Seller agreed on a Home Warranty - have the seller sign his initials here. 

Line 452 - Put the amount that you expect the Seller to pay for the buyer.

Part 33 - Well or Sanitary System Inspections

Line 453 - Well or Sanitary System Inspections

Part 34 - Wood Destroying Infestation

Line 465 - Wood Destroying Infestation

Part 35 - Possession After Closing

Line 472 - Possession After Closing. In very rare instances, the seller may need to stay in the property after the closing, if this is negotiated please fill out this section accordingly, but please ensure to consult your attorney as this can be tricky and a risk to your buyers.

Part 36 - "As Is" Condition

Line 484 - As is Condition (have the seller sign initials) - the buyer has the right to hire a homeowner inspector to inspect the property. If the inspection comes back with issues and repairs that the buyer does not agree with, they can cancel the contract.

Part 37 - Specified Party Approval

Line 498 - Specified Party Approval

Part 38 - Attachments

Line 503 - If there are some VA and FHA addendums - add it here (put initials here).

Line 504 - 505 - Identify what kind of addendum you are adding.

Part 39 - Miscellaneous Provisions

Line 506 - Miscellaneous Provisions

Line 509 - 512 - Click the boxes if you have added other Addendums.

Signature Page

Please Note: Make sure everything is correct.

(Make sure to review the details before going through the signature part and send it out to Seller)

Click Send to Docusign

Add More Forms

Click Back to Forms

If you want to Add more Forms ( VA, FHA Addendums etc ) - Click Add Forms

Add the desired Form.

VA Financing Clause Section I

VA Financing Clause Section II

Line 13 - Add the dead line.

Line 15 - Usually, the timeframe is 5-7 business days

VA Financing Clause Section III

VA and FHA Loans, when they do an appraiser, they do an inspection on safety and they may find something that they feel doesn’t fit their safety guidelines. So they expect the Seller to make those repairs on behalf of the buyer so the buyer can qualify on the loan. The loan will not go through unless those repairs are made.

Line 20 - if buyer is willing to pay for it, put - By The Buyer. But if it is covered by the seller, put By The Seller. 

Line 26 - $200 or $500 depending on the details given by Agent

Click Save.

Click Send to Docusign