I watched the BP webinar yesterday and they said I should create a deal funnel.
Lets say I get 100 leads, screen them down to 50, and analyze 50 to determine I want to make 10 offers. What is the best way to make offers. Should I submit a "letter of intent" or an actual contract?
Preparing a bunch of contracts seems inefficient, where as submitting a letter of intent with proposed offer seems like it could be more efficient.
How are you guys submitting offers. Additionally, lets say I was making offers with a Realtor on the MLS...won't that drive my agent crazy having to create many low offers that probably will never get accepted just for me to get one deal. How can we make efficient use of our Realtor's time and our time when submitting offers.
If you are pumping out a bunch of offers...a letter of intent is going to be much more effective on your use of time than putting together a whole contract
@Brian V. ...It depends on the property..Hud, Homepath and others require system generated offers. On others, I require POF or Approval, but generate system contracts....I work with investors, so I don't mind putting in offers...Beware of Tire Kickers. Most can't ever provide POF...
@Rolanda Eldridge If I'm working with a partner or a lender that is going to provide funds, how do I show proof of funds? Right now my personal debt to income ratio and cash in the bank won't allow me to get another loan unless I can get a loan based on the merits of the property. Is there a way to make an offer contingent upon the approval of the lender or partner within a set number of days?
I would like to make offers and then scramble to try to find a partner or lender to back the deal...Then if an offer is accepted, I can go back and find the funding. I guess it doesn't work this way.
@Brian V. ..They can provide you with a PreApproval letter for funding. Theres's a lot of competition. Financing contingency on certain offers knock you out ..Most ask for Highest and Best because there are 3-4 offers in ....
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