Posted by jp moses on December 29, 2000 at 04:52:39:
To whom: whomever owns the house you want to buy
What circumstances: it’s used in making an offer or offers in lieu of writing a contract every time (as a time saver b/c time is money).
At what point: at the beginning when you’re making offers on a property
What accomplished: as I said, it saves time so you can make more offers in less time on more deals.
…jp
What is a “Letter of Intent”? - Posted by Jim C
Posted by Jim C on December 28, 2000 at 18:16:37:
What is a “Letter of Intent” and how do I use one?
Thanks.
To whom, when, and for what purpose - Posted by AnnNC
Posted by AnnNC on December 28, 2000 at 20:46:08:
First two responses didn’t clear it up for me;
hope others will define. I’d heard this term before,
here. To whom is the letter intended, in what circumstances is it used, at what point in the transaction is it used, and what does it accomplish.
Re: What is a “Letter of Intent”? - Posted by Michael
Posted by Michael on December 28, 2000 at 19:02:33:
Jim,
A letter of intent is an informal offer that you write to a seller showing desire to own ones property.
It is not binding on either party but if the seller agrees, it can lead to favorable negotiations later on. Letters of intend can be written in a short time period allowing you to make many diferent offers on homes.
I hope this helps
Michael, KY.
Re: What is a “Letter of Intent”? - Posted by John Adair
Posted by John Adair on December 28, 2000 at 18:52:34:
1/2 page of your intentions: sellers name, address of property, price, hand money, settlement date, inclusions, etc. They are used to save time.
John