Newbie - Offer Letter, Anything Specific that helps?

Question

I'm new to all of this so I was curious if there was some sort of template or suggestions that people have found to be beneficial in an offer letter for a property?  I am looking at an estate sale property that is being offered under appraised value, cosmetic work needs to be done, but looking at potential renter while working on this as a possible flip.  Thoughts?  It's a $120k price for a house in a $160k neighborhood.

Brian Hayes · Answer

@Karl Miller If the offer is going to the attorney of the estate or the executor of that estate I would pick up the phone and ask them in what form they would appreciate an offer, never know what info you may uncover just by asking questions! Whomever it is keep them talking and have a conversation about the property, you may be pleasantly surprised with the results.

Karl Miller · Answer

Thanks for the advice on this but unfortunately there were already multiple offers before mine and some over the listed asking price which took me out of my range.  Although going through some of the steps was rewarding and informative so I guess those will be things that I won't have to go through again at the next opportunity.

Chris Gilbert · Answer

@Brian Hayes  provided some great advice.  A conversation of the phone can really go a long way sometimes.  It has been our experience that putting together a detailed list of problems and costs with comparables for the area is a waste of time depending on who you are dealing with.  We have primary bought REOs and the bank's brokers could care less about documentation supporting our offer.