Letter Of Intent
We are in the process of completing a SS proposal and the homeowner is asking us for a "letter of intent". Basically they want to know what will happen after we purchase the house (pending acceptance of course).
Has anyone had a homeowner ask them this before and if so did you write one or steer them to the Purchase Contract you filled it?
Your 'intent' is made clear by your offer to purchase the property... and should be self evident. Unless, however, you made promises as to when they would have to vacate the property, or make a cash for keys payment.
I think that you should ask them for a letter of intent!
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Short Sale Practitioners can't predict, or guarantee results... but can take steps to insure the likelihood for success....[ Edited by TheShortSalePro on Date 05/29/2004 ]
Yes, I've made our "intent" very clear. The homeowner is simply repeating what the lawyer is concerned about.
I've put her mind at ease and feel that we may have to put another "intent" in writing ONCE the transaction is complete.
Thanks!