Submitting an Offer (newbie)

[Scott Michael]

Hi everyone!

I'm a newbie investor and ready to make an offer on my first deal. I found the property on Trulia and the selling real estate agent said to submit an offer. Is this as simple as sending an email to the effect of "I would like to submit an offer for $XXX,XXX for the property at 123 Main St", or is there a more formal process?

Thanks!

[Steve Vaughan]

I usually e-mail the LA a letter of intent (LOI). Dear Mr. Seller and Agent, I would like to express my sincere interest in purchasing your home under one of the following 3 scenarios: Cash/bank financing, or carry at higher price with x% down, or lease with option to buy at an even higher price.

Jack and Jill homeowner don't really ever do options 2 or 3, but at least it will get you in the habit of offering with and thinking about different scenarios.  2 and 3 is best for tired landlords, off-market.

If the seller picks an option, ask for the LAs assistance or google up a standard PSA for your state.  Will probably be the same format.  Good luck @scott michael!