Write a one-page exposure sheet
Put the proposed purchase price at the top, then show the money you would need if the lender's valuation supports less borrowing than expected. Add a realistic allowance for known early work, transaction cash, and reserves that must remain. This turns a maximum price into an exposure calculation. If the number works only after a hoped-for seller credit or rate change, mark that dependency clearly.
Below the numbers, list the protections you are requesting and the evidence each is meant to obtain. Inspection addresses an agreed condition-review scope; financing addresses the borrowing conditions in the contract; document review addresses records that cannot be judged at a tour. Confirm the dates are feasible for the people performing those tasks. Finally, write your possession requirement and any included items precisely enough to be reviewed. The sheet is a planning aid, not a replacement for contract terms. Its value is making it harder to sign an attractive headline price while overlooking the cash or procedural commitment underneath.
- Show a downside cash scenario.
- Link each contingency to its purpose.
- Confirm dates with the people performing the work.
This answer belongs to Making a Chicago offer: define price, risk, and deadlines together. Read the guide for the wider transaction context.
Sources and effective dates
Read the original guidance and use the version applicable to your property and transaction. Practical planning suggestions are distinguished from legal or program requirements.
- CFPB: Buying a house
Consumer process guidance; a lender's current disclosures govern the loan.
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