“Hi Gary. I’m ready to buy my first home and my uncle who’s a self-proclaimed real estate investor keeps telling me to make a bunch of low offers using a letter of intent. What exactly is a letter of intent and do you recommend using one?
***ANSWER:
A Letter of Intent is a simple, fast, non-binding proposal structured as a letter or written on a simple form stating the basic points of a potential offer.
They’re rarely used in residential real estate and imply that the offerer didn’t take the time to write a real offer because he doesn’t think it would be accepted. They’re not taken seriously, so I’d stay away from them.
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