Do any of you use a letter of intent when you wholesale or buy real estate? In our real estate class, we learned that some investors will do a “shot gun” technique where they use the realtor on their power team by giving them a stack of intent letters with specific perameters for certain properties. If you have used them, how successful have you been at it?
I tried using them a long time ago, and didn’t get a very good response from them.
A lot of realtors will not accept them at all, so it’s best to call first and ask. Sometimes they will say, sure send it over, and sometimes they’ll tell you it needs to be on the state contract or the bank’s contract (if it’s an REO).
The As-Is contract that is used in FL is only 4 pages long, so it isn’t really a big deal. I know in some states the standard realtor contract is ridiculously long, so maybe letters of intent are more widely used in those cases.
Best to just ask some investors in your area and see what is acceptable…
Hope that helps,