One REALLY important point though… - Posted by Jim IL
Posted by Jim IL on April 06, 1999 at 15:55:51:
CS also says that you need to make clear that each offer is stand alone. Do not let the seller choose terms from each offer and combine them to their liking.
Can you imagine if you offer to pay higher price if the seller carry’s paper, and then offer low price for ALL cash.
Now, your seller says, "I’ll take all cash at the higher price!"
Go for it, and skip the “letter of intent” unless your dealing with FSBO’s.
Banks and other institutional sellers will not even consider a “letter of intent”.
PLUS, with the contract in hand, the seller can sign right away, and it is legally binding. A signed “letter of intent” is easily backed out of.
Some Lenders/Sellers (REO’s mostly) I’ve delt with will not even look at my offer until I sign the “as is” addendum they require.
Good luck to you, and I hope this helps,