Re: Letter of Intent OR Full contract? - Posted by Brandi (TX)
Posted by Brandi (TX) on October 21, 1998 at 24:47:22:
If you are dealing directly with the seller, I would suggest a full contact, since you allready have a good idea of what they are willing to accept.
If you are having to go through their agent, I recommend a letter of intent. Keep in mind that a letter of intent can have multiple offers that are not in too much detail, but specific enough to tell them what you are willing to do.
I have been writing 3 offers per letter.
#1 What I will give them in cash.
#2 Another method I am willing to do.
#3 Yet another I am willing to do.
I think this is very powerful, because it puts them in the mind set of having to choose one of these 3 offers. Of course I make sure I am ready to do what ever they choose, and always make the offer contingent upon SOMETHING - so I have a way out if need be.
Please let it be known that I am VERY new to this RE game. But so far it is fun!! I make offers a lot. Even though none have been accepted yet, I have received counter offers and intend to write contracts on 2 deals this week. (Not bad for less than a month’s study!)