Posted by neil on June 24, 2001 at 16:28:36:
Steve,
the property is located in Kendall area of Miami.
looking for partner with cash… Are u interested?
Neil
letter of intent - Posted by neil wong ken
Posted by neil wong ken on June 13, 2001 at 09:33:46:
Ed,
I have found a property in fla. it is 176 units. the seller seems motivated. the prperty is in need of management and fix-up. my question is …should letters of intent for multi-residential in Fla have ernst money attached? if i am correct usually investments of this size don’t need ernst money due to the fact that the buyer will already be commiting a large portion just to do the due diligence.That should show enough commitment.
what is your take?
Neil
Re: letter of intent - Posted by Steve
Posted by Steve on June 22, 2001 at 20:45:19:
Neil,
Nothing demonstrates your committment to the seller of your desire to purchase the property the way money does. Upon signing a contract, a refundable deposit is typically put up and gets applied against the purchase price upon closing. That money goes “hard” or nonrefundable upon expiration of the due diligence period (typically 30-45 days after signing the contract). Oh, by the way, I don’t know if you’ve ever purchased Florida multi-family before - make sure that your environmental due diligence performs a test for radon. If I may be so bold as to ask - where in Florida is this property? Happy investing.
Steve