Does anyone use letters of intent? - Posted by Tim (CT)

Posted by Todd Dotson on March 27, 2001 at 21:16:21:

Tim:

The letter of intent is a very effective tool for making multiple offers. The Letter of intent originated in the commercial sector as a means of fast-tracking the negotiation process and bypassing lengthy contracts. I first begin using the letter of intent format while buying apartments during the RTC days. Over the years I have gradually incorporated it into the residential side of the business. I actively use this method when dealing with listed properties and actively teach this approach across the country when mentoring. I have found the letter of intent to be most effective when making all cash offers on properties that lack marketable demand. It should be noted that the letter of intent is not legally binding, but rather a short form method of making an offer. Upon acceptance of the letter of intent both parties should move forward to a purchase and sales agreement generally accepted in the area. Hope this helps. Should you have further questions I can be reached at webmaster@russwhitney.com or todddotson@radicalrealestate.com
Yours in Success,
Todd Dotson
proverbs 27:17

Does anyone use letters of intent? - Posted by Tim (CT)

Posted by Tim (CT) on March 26, 2001 at 14:31:49:

Does anyone use letters of intent as discussed in the CS materials? If so, are they working for you? I pretty much copied the ‘letter of intent’ out of the course workbook and tailored the numbers to my properties. They seem like they would be a good way to go to at least find out if your numbers are going to be viewed even slightly favorably by the seller. This way you wouldn’t be wasting your time. I’m going to present them tonight to the RE agent.

Any thoughts would be appreciated. Thanks.