All Forum Posts by: Dave Wyman

@Dave Wyman, There is some special wording on the settlement statement that this is primarily referring to.  It should not affect you whatsoever.  The wording is only on the exchanger's side of the settlement statement.  And it's formatting.

@Dave Wyman Feel free to send me a DM and Ill shoot you a template we use.  

The letter of intent (LOI) needn't be drafted by an attorney. It's not a contract; it's just a proposal of what you are offering. Buyer and seller can counter back until they reach an agreement, then you put it in the contract and lock it in. It's similar to haggling at a flea market over the price of an antique except that your first offer is in writing instead of verbal. This is done in writing because it involves more than just price, so the Seller can have a good understanding of what you are offering.

I just dig around the interwebs and find a template I like, then customize it.

If you go by the book, I guess any offer "could" be binding. But in reality. A 1-2 page LOI with basic terms and a big "this offer is non-binding" is very very common. Most if not all LOIs are drafted without an attorney. Actually people use them for that very reason. It's a let's get to common ground before a serious PSA and before people start paying attorneys for legal. Chat GPT that thing!

Before you contact any brokers, you have to know EXACTLY what your "buy box" is.  Trust me, you don't want to upset a bunch of brokers because you looked at a thousand deals and couldn't pull the trigger.

Which zip codes? 

What sq footage, # of beds and baths, budget, level of renovation needed, financing options?

Figure it out and write it down.

Then spread this message to every broker you can find.  

Give quick no's when deals don't meet your criteria.  

After you've made a purchase and the broker made their fee, give them a tip.  Throw them a few hundred bucks.  

You've made a partner for life, they're happy and surprised, and deals will flow your way.