Review my first letter of intent for commercial property

[Adam Craig]

I am getting ready to send my first LOI for a commercial off building asking 275K. The agent who showed it to me said the attourney selling the buidling would have been interested in seller financed 2 years ago when he had the property listed at 375K. Now he just wants to be done with it but I still gave them an option for it- you think thats okay? Here it is...

Steve -

I would like to make an offer on your historic office building near downtown Willoughby. The following sets out the basic terms upon which we would be prepared to purchase the Property. The terms are not comprehensive and we expect that additional terms will be incorporated into a formal agreement to be negotiated. The basic terms are as follows:

(Choose one of these three)

1. Purchase Price: $275,000 Subject to bank financing of $220,000 and seller financing of $55,000.

2. Purchase Price: $250,000 Subject to bank financing of $225,000 and seller financing of $25,000.

3. Purchase Price: $235,000 Subject to bank financing of $188,000 and no seller financing.

Closing: 60 days or less.

Additional conditions to be completed within 30 days of signed acceptance of purchase agreement:

Review and approval of the documentation concerning the Property.

Completion of satisfactory physical and environmental inspections of the Property.

Completion of satisfactory due diligence search and examinations.

Satisfactory review of the title of the Property.

We appreciate your consideration. We realize they have owned this property for a long time and have a lot invested - physically, mentally and financially. We believe our offer is fair and will enable us to continue improving the property for many years to come.

We would appreciate your consideration.

Sincerely,

Adam Craig