Offlinehas anyone tied a property up with an LOI? if so, how did it work out for you?
Andrew
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Letter of Intent LOI
Posted on: Sat, 05/08/2010 - 17:13
has anyone tied a property up with an LOI? if so, how did it work out for you?
Andrew
Good Question. If anyone could answer this question i'm interested to learn. I always submit directly a Contract Of Sale that serves as my offer at the same time. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
These letters are used merely to state your intentions. These are not legally binding contracts and its a method that can be used if your talking to a FSBO seller. I was going to use one on 6 REO's properties that were owned by Private Investors as a bulk offer. I didnt want my RE agent to draw up 6 contracts, but rather wanted to state my intention to make a bulk offer and buy all 6 properties. I outlined what I wanted to pay for them and if they agreed to the offer, we'd then draw up the contracts. They didnt accept what I wanted to offer so we saved alot of paper and time.
BRE #01956371
thanks Mario,i read that an LOI gives you the right, but not the obligation to sell a prop. the good thing is that it allows you to market a prop. in which you have no controlling interest.