OfflineLetter of Intent
I have been coaching my clients to use LOI's as a method of finding indication of interest to sell at a certain price without using a purchase agreement.
To start, it's recommended that you work with realtors that you already know and instead of having them write up an offer on a property, fax them a LOI with the MLS number and the price you want to pay. They, in turn, will contact the seller's agent and inquire if there is any interest in selling at your offering price. If there is, you would have the realtor write up a purchase contract and get the seller to sign it.
There is no earnest money required and you don't need any exit plans or clauses in place because we are just looning for sellers that are willing to sell at your offering price.
Try it, you'll like it!
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Not sure if I understand this right. If the seller agrees to that price, then you write up the offer with your agent, and wouldn't you still need the earnest money?
Is this just for bird dogging to get the info, but you still have to put in the offer to write up the assignment. You still need that earnest money to write up the assignment.
Sandi