Mastering the Illinois 8.0 Real Estate Contract: Financing, Offers & Strategy – Part 1

Whether you’re buying your first home or selling your third, the Illinois Multi-Board Residential Real Estate Contract 8.0 is the foundation of nearly every residential real estate transaction in the state. But while most clients focus on price and closing date, there’s a section that plays a critical role in getting deals accepted or rejected—the financing section.

In this article, I’ll walk you through what makes this contract important, why completing it properly matters, and how factors like financing type, contingencies, and lowball offers affect your chances in today’s market.

The Importance of the 8.0 Contract

The Illinois 8.0 Contract is a standardized document used throughout the state to ensure that all real estate transactions are handled fairly and legally. It outlines the terms of the sale, including:

• Purchase price

• Earnest money

• Financing

• Closing date

• Inspection terms

• Contingencies

• Inclusions/exclusions

• Attorney review

• And more

Having a well-completed contract not only makes the offer stronger but also signals to the seller that you’re serious, prepared, and represented by a competent agent.

Why the Financing Section Is So Important

The financing section isn’t just a formality—it tells the seller how you plan to pay for the home. A strong financing section builds trust and helps avoid misunderstandings that could derail a deal.

Here’s why sellers pay close attention to this part:

• It outlines the type of loan you’re getting (FHA, VA, Conventional, etc.)

• It clarifies the amount you’re putting down (which signals financial strength)

• It shows whether the deal is contingent on financing, and if so, for how long

If this section is left blank or incomplete, sellers are left to guess—or worse, assume the buyer isn’t serious. That uncertainty can be a deal-killer, especially in a competitive market.

Why Including Down Payment and Loan Type Is Practically Required

While Illinois law doesn’t require that the 8.0 contract include financing details like your loan type and down payment, it’s essentially a requirement in real-world practice. Sellers and their agents expect this information to evaluate your offer's strength. Without it, your offer can appear weak or uncertain—making it much more likely to be passed over in favor of one that provides full transparency.

Additionally, under the Illinois Installment Sales Contract Act (765 ILCS 67/10), down payment amounts are legally required in installment contract scenarios. While this doesn’t directly apply to the standard 8.0 contract, it reinforces the broader principle: financial clarity matters in Illinois real estate.

The bottom line: If you’re submitting an offer that involves financing, filling out the loan type and down payment is one of the most important parts of your contract. It signals commitment, stability, and preparedness—three things every seller wants to see.

Why Sellers Prefer Cash or Conventional Offers Over FHA

If you’re submitting an offer, the type of financing you choose can make or break your chances. Here's how sellers typically rank financing types from strongest to weakest:

1. Cash – No lender, no appraisal risk, and the ability to close quickly. It’s clean, simple, and often wins in multiple-offer situations.

2. Conventional – Lower risk, fewer conditions, and typically faster approval timelines, especially with a solid down payment.

3. FHA/VA – Great programs for buyers, but often viewed as riskier by sellers due to:

   • Strict appraisal and inspection requirements

   • Longer approval timelines

   • Lower down payment thresholds, which can be perceived as financial weakness

This doesn’t mean FHA or VA buyers can’t compete—but it does mean they need to present the strongest possible offer in every other area (price, contingencies, closing date, etc.).

The Challenge with Contingent Offers

If your offer is contingent on selling your current home, that adds a layer of uncertainty to the deal—and most sellers don’t want to wait around and take that risk.

Here’s why contingent offers are tougher to get accepted:

• Sellers don’t know when—or if—your current home will sell

• Their own timeline could be delayed, especially if they’re buying another home

• There’s more paperwork, more moving pieces, and more room for complications

If you’re in a situation where you need to sell before buying, the best strategy is to get your home under contract first. That way, your contingent offer becomes much stronger and more reliable in the seller’s eyes.

Why Lowballing on Fresh Listings Usually Fails

There’s a common belief among buyers that “you should always start low and negotiate up.” That might work in some cases—but lowballing a property that just hit the market is almost always a losing move.

Here’s why:

• Sellers typically receive the most interest in the first 7–10 days

• If a home is priced correctly, low offers are viewed as unserious

• Many homes today receive multiple offers—if yours is low, it won’t stand a chance

• A lowball can insult the seller and damage your negotiating position

If you really love a home, come in strong and fair from the start. It shows respect, confidence, and gives you a much better shot at locking in the property before someone else does.

Final Thoughts

The Illinois 8.0 Real Estate Contract isn’t just a form to fill out—it’s your playbook for success. The financing section in particular holds real power, and failing to complete it fully can cost you the home you want. Sellers pay attention to every detail, especially loan type, down payment, and contingencies.

Understanding these elements and using them to your advantage will help you write better offers, win more negotiations, and move through the buying or selling process with confidence.

About the Author

With over 20 years of industry experience, Frank Campobasso is a seasoned real estate expert known for marketing single-family homes, townhomes, condos, multi-unit buildings, and investment properties. Dedicated to achieving outstanding results, Frank prioritizes customer satisfaction, ensuring that his clients’ homes sell quickly and for top dollar. His expertise in pricing, preparing, and showcasing listings has earned him recognition in leading real estate magazines, newspaper articles, and radio programs.

Ready to buy or sell with confidence? Call Frank at 773-425-6265 to schedule a personalized in-home consultation.
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Frank Campobasso
Century 21 Circle