OfflineI just finished Deans book, and was very excited about Matt's multiple offer scenario. Does he use letters of intent, or have his agent write actual contracts? Has anyone else done this?
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Multiple offers
Posted on: Mon, 03/16/2009 - 14:57
Matt does multiple offers because investing is such a numbers game. He does a little of both. I found in the past, if you are writing contracts, they can always contact you again months down the road if they haven't received any better offers or any other offers. Some of the best deals came from offers I made months prior.
Could you explain the difference between a "contract," "offer," and LOI?
I was under the impression that an "offer" could be as simple as a plain piece of paper with your proposed terms on it faxed to the seller/seller's agent.
When you say "I found in the past, if you are writing contracts..." are you referring to "Purchase Agreements?"
Thanks
Rob
A contract is usually short for the "Purchase Agreement (Real Estate Contract)". A contract is a meeting of the minds between two or more parties that form an agreement. The letter of intent is almost a "One party" summary offer from the prospective buyer. It is used to feel out the seller but is not binding. The letter of intent outlines your proposal for a contract that both parties agree and sign. I hope this helps. Believe and Achieve!
- Joe
Thanks Joe!
I never heard of a LETTER OF INTENT. I don't remember coming across it when I read through the books. With this LETTER OF INTENT you could put in as many as you would like real fast without the hassle of a purchase contract. Sounds like you would be cutting out lots of time with this letter in the posting offers section.
Does anyone have an example of a LETTER OF INTENT?
PM if you do and post it so everyone can have an example. I will look for one in the mean time.
Thanks,
Santiago Kevin Torres