Letter of Intent to Purchase - Posted by Anna

Posted by Ron (MD) on January 28, 2001 at 22:26:55:

Marc,

You’re right, agents are required to present all offers. However, you want the agent to present your offer in the best light possible.

Do you want the agent to tell the seller that your offer is probably not worth the paper it’s written on because you couldn’t even be bothered to submit a real contract? Agents do more than silently present offers. They usually also offer an opinion.

That’s why I consult the listing agent first. I want his support, to the extent possible. That’s why I also automatically include a proof of funds, so the listing agent (and seller) can see that I can get to settlement.

Ron Guy

Letter of Intent to Purchase - Posted by Anna

Posted by Anna on January 28, 2001 at 14:11:33:

Hi Everyone! Hope your enjoying your Superbowl Sunday.
Here’s my cry for help! In the past i have always used standard P &S agreements, but i find myself wanting to use a letter of intent to purchase for a 5 unit deal. My offers are going to be low enough that i want to get a response before having to fill out all that paperwork!!!
Does anyone know where i can see a sample letter or would any of you be willing to share a copy???
Any help is appreciated… Thanks in advance. Looking forward to meeting everyone at the convention.
Anna

Re: Letter of Intent to Purchase - Posted by Surfdog

Posted by Surfdog on February 01, 2001 at 01:00:43:

You might try purchasing a license for the standard Real Estate Form in your area from a company called Realfast.com; then enter your info in via computer & email the contract to the listing agent. The license (if available) is about $75 year; it saves paper and money, since forms in my area are about $2.50 set for the 8-page contract.

Surfdog

Re: Letter of Intent to Purchase - Posted by Ron (MD)

Posted by Ron (MD) on January 28, 2001 at 15:50:09:

Anna,

I emailed one to you.

It’s nothing tricky. It just briefly lays out the basic terms of my offer. If the seller wants to pursue, I send a standard contract.

By the way, I never use a LOI without first checking with the listing agent. Some sellers will consider one, others will only respond to a standard contract. I only use the LOI if the listing agent tells me it is okay.

Ron Guy

Re: Letter of Intent to Purchase - Posted by Marc in Portland

Posted by Marc in Portland on January 28, 2001 at 22:03:10:

Ron,

Doesn’t the agent have to submit ALL written offers to the seller, regardless if it’s on the standard form or not?

Marc