Unique Property, Cash Purchase in WI. Is LOI enough?

Question

I am considering a very unique property in Wisconsin. It is an off market deal, and the current verbally accepted offer has not put it in writing.

I want to get my offer in writing, so she doesn't start marketing it to anyone else.

Is a Letter of Intent enough, or does it need to be a formal offer? I'm not even sure how to find the legal description of the property... Where are my Wisconsin peeps?

Adam Hoffer · Answer

*Disclosure: I am not a lawyer*

Mindy, Congratulations on the accepted offer. I am not sure whether a Letter of Intent is sufficient, but Wisconsin has a standard Residential Offer To Purchase (OTP) form. Below is a link to a fillable PDF of the form. The form is very straightforward and I would just recommend using it to get your agreement on paper. You only need the street address for the OTP. Once you have the accepted OTP, contact a local Title Company and they should be able to bring it across the finish line pretty quickly. Best of luck!https://county.milwaukee.gov/files/county/administrative-services/EconDev/Documents/WB-11ResidentialOffertoPurchase.pdf

Marcus Auerbach · Answer

Hi @Mindy Jensen just fill out a WB-11 Offer To Purchase (google) and give me a call if you have any questions! Good luck!

Mindy Jensen · Answer

Oh my goodness. This thread is a mess. I have totally screwed up my description of the situation. Let me try again.

There is a unique property that I would like to buy. It is off market, with a verbal offer from someone else. That verbal offer has been verbally accepted, but nothing is in writing.

The offer was supposed to be in writing on Monday, and has not yet been presented. So I still have a slight chance. Fingers crossed.

Thanks to @Adam Hoffer for the link to the offer to purchase - I think I'm going to do that to make it even more solid than just a LOI.

Huge thanks to @Steven Pool for reminding me of the GIS site. I lived in Wisconsin before, and just forgot about it.

Joe Patterson · Answer

I agree with Kathryn. Send them a written offer .

Kathryn Daley · Answer

Why don't you present your offer in writing anyway? That way if anything falls through, they have your offer in hand already. It shows the seller that you are serious.

Arthur Schwartz · Answer

Steven Pool is right for all counties I am aware of not only in Wisconsin:  "In the future, most counties in WI have online GIS websites that you can search the property address and pull up all the information that the county has on it which will have the legal description. "

Dennis Cosgrave · Answer

Hire a lawyer and get him to do the title search and prepare the offer. An LOI carrys no legal weight. The few hundred dollars spent on the lawyer is well worth it. Get that offer to purchase signed before you do anything else.

Steven Pool · Answer

@Mindy Jensen Sorry it didn't work out for you with the deal! In the future, most counties in WI have online GIS websites that you can search the property address and pull up all the information that the county has on it which will have the legal description. But, like @Jacci Konkle, said though it's safer to have the title company do a quick search. The title company I work with doesn't charge me anything if I just want to know if there are any liens on it. Best of luck next time!

Mindy Jensen · Answer

Thanks for the comments. Sorry, they have currently accepted someone else's offer that was made verbally. That guy hasn't given a written offer, and his deadline was Monday.

@Adam Hoffer, thanks for the link!

Luke G. · Answer

A LOI will certainly not be enough.

@Mindy Jensen a standard OTP like  linked will work just fine, just simply modify for closing date, purchase price, contingencies etc.  I've bought a couple all-cash properties and this works best in my opinion.  Once you have the document signed you can send it to a closing company of your preference and set a date for closing and then you're done.  If it is in the central or western part of the state I have some closing companies that have done worked well for me if you're looking for a reference for one.  Congrats!

Unique Property, Cash Purchase in WI. Is LOI enough?

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