Letter of Intent or Purchase Agreement - Posted by CurtNY
Posted by CurtNY on June 20, 2000 at 10:42:23:
For those of you who remember I made an offer on an old farm house about 3 weeks ago. The seller called me back to tell me he got another offer at the asking price but would keep my number in case it fell through (asking price: $80,000, I offered $36,000- needs a lot of work, I used a Letter of Intent) Well last night he left me a message the deal fell through. He did some clean up and removed the tenant (Lease option that went bad, really bad) wanted me to come take a look and make another offer. My question is here in NY (moved back about a year ago) most realtors don’t like Letter of Intents. They prefer a purchase agreement… should I make my second offer this way or just continue with the LOI. (I’ll be making the offer to the owner)I’ll let you know how it goes. God I love it when the deals come to me!