Do Any Of You Seasoned REI's Use A Letter
offer first (to get the seller's commitment)before of filling out a full set of contracts?
I saw a reply on one of the TCI forums from John Locke relating to his "McDonald's napkin offers".
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Ralph,
I have done deals that started with a napkin, however if you have a Buy Offer Acceptance & Deposit Receipt Agreement this is what you fill out when starting the deal with the seller. It just looks more official doing it with an Agreement all fancied up and typed out.
No matter how the deal starts out this is Phase One before you start with all the notorized paperwork to cement the deal.
Phase Two is doing your due diligence, checking for liens, encumbrances, etc. this is where you find out from your research if the deal is worth doing.
If you find out the deal is worth doing then comes Phase Three when you set up a closing date with the seller to sign all the documents related to the deal you are doing.
But, yes it starts with the offer first.
John $Cash$ Locke
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