Any ideas when biding a property. But Due to the mechanical and small rehab that it needs. Your reasons why under biding the asking price. How do I explain that in the intend to purchase letter?
When drafting an offer or Letter of Intent, if you are offering well below the asking price, I would always provide the reason why you are coming up with the number. This could be a bid from a contractor to fix items such as roofs, driveways, plumbing, etc or it could be financial numbers showing their income vs comps of other recently sold, to show why your valuation is far off.