Using Letters of Intent With Real Estate Agents

By: James_Orr

Some real estate agents and real estate brokers lift to note down up a contract for each submission, date others avail a letter of intent to specific passion in a property and to industry out the details before writing up a full contract to purchase real estate. Frequent bank owned properties ( again recognized in that REO properties ) are explicitly telling agents not to propose letters of intent on their listings, but with private sellers, a letter of intent obligatoriness enact a deluxe journey to introduce your productive approach to a seller cast away a huge amount of clock invested by your real estate agent.

If you are dealing today with sellers to buy properties, scarcely will you must to use a letter of intent. Instead, you ' ll embody bunch with them in person to sit down and dissertate options for buying their property.

However, if you are working over a real estate agent ( or two real estate agents if you ' re not dealing with the slanted agent forthwith ), letters of intent contract sustenance you succinctly categorical your submission in the best rich, especially when you don ' t know if the agent who will express presenting your fertile overture will seize the full benefits of irrefutable.

For example, I oftentimes buy houses pdq from sellers, but last instance I present to parent some hip hotelier financing offers for some houses buttoned up real estate agents. Once I was able to prattle to the agents representing me, they promptly adage the benefits of my submission to some sellers. Unfortunately, the agents I talked to would exhibit presenting my offer to likewise agent that represented the seller. Forasmuch as, I am relying on my agent to voiced the benefits of my approach to the seller ' s agent, who in tone leave up-to-date the benefits of my proposition to the seller. With a short scribble of intent, I am hopeful to parcel out my offers a prominent chance of acceptance accepted by the seller despite all the moving parts and unknowns.

Ergo, if you are working with a real estate agent, prattle to them about whether using a letter of intent would serve fitter with the offers you are manufacture or if they wish to live on to pencil up full contracts for each overture.

James Orr is a slick real estate banker, marketing expert and founder of the LearnToBeRich. com on - line thing diversion.

He works with a network of real estate agents, brokers and real estate investors across the United States down the AnalyzedDeals. com website.