OfflineHello family
Would you guys and gals be so kind as to review my offer letter to an REO listing agent. Be my guess to rip into it. 
Thanks for your help. Also, FYI I'm double closing on these deals.
Dear ______,
My name is _____________. I wish to submit an offer to purchase the above referenced property under the terms stated below.
o The total purchase price of property is:__________(this is negotiated upon appraisal of said property)
o The initial earnest money accompanying this offer is $1,000.00. Please see attached Promissory Note. Earnest monies for the purchase of this property will be paid at the closing of such purchase at Buyer’s title company Old Republic Title Company.
o The balance of the Purchase Price will be paid in Cash at closing.
o The Closing Date will be on or prior to 30 days after acceptance of offer, at which point the Buyer will take possession of the Property.
o The Buyer's obligation to purchase the Property is contingent upon the completion of a home inspection satisfactory to the buyer to determine the overall condition of the Property. The cost of the home inspection will be covered by the Buyer. The results of the home inspection must be satisfactory to the Buyer and the inspection performed 10 days after acceptance of offer.
o Escrow fees and closing costs for the said property will be paid by the buyer.
o Buyer shall pay for owner’s title insurance policy, and all County and City transfer and document preparation fees
Please get back to me before 1:00 PM on __________, January _____, 2010, or I will go ahead with one of my other offers. I look forward to hearing from you.
Sincerely,
Hello there,
I just posted a message on your account page ... Short version: this is a great post, but many people will not even get to read it and the people most able to give you the best advice/feedback are going to miss your question altogether!
Angela
I like the lay out of your letter. Do you get good response from the agents? At what point do you sign sign the purchase and sales contract? Typically an offer is a purchase contract completed and signed by you. If the seller accepts the terms outlined in the contract/offer, it then becomes the binding contract.
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Hi all, I do like the letter of intenent but let me share with you what i experienced. I looked at a REO with the listing agent. On the next day I emailed the agent my offer and terms asking her to make a verbal offer as outlined. The REO was on the market less than 2 weeks/perhaps just 8 days. The agent replies to my email and says the bank does not accept verbal offers and wants to know if I will have an inspection performed. The kicker for me was what she then said, "There are many offers on this house and the bank is looking at one positive offer which looks like the they will accept. I did not feel comfortable with her statement. Also, she said she is not accussomed to offers being made asking for the bank to finance the deal (along with letter of proof of funds) which I told her the reason I am asking the bank to finance the offer is because I have another house under contract and did not want to touch the funds. Also, get this folks, I told her that the offer would be in my name AND d/b/a (my company name)- Just a bit mad but I will get over it.
I have not sent this letter out because I wanted to see what everyone thought of it. I will let everyone know if this letter goes well.
My broker bailed on me because he thought it wasn't in his best interest in making all these "unreasonable" offers, but did state that once I get in under contact he will help me. No way..... I'm doing all the work. I do have an attorney that will review all contacts.
boconnor -- I really haven't gotten that far as when I will sign a purchase contact. If they agree to my letter, I will then forward a purchase contact and then go from there, I suppose. When I send my letter, I will also send my proof of funds letter.
Thanks everyone