Realtor · Charlotte, NC · Member since 2019 · 4 posts · 2 votes
I need to write a letter of intent for a multi-family property (246 units) in North Carolina. Does anyone have a template or bullet point sheet on items to include? Thank you for your help.
Or it could make you look like you are efficient. Going to a broker in a specific state shows you want a current format that complies with that state’s rules. Plus is gives you an opportunity to start networking with a broker in that area.
I agree completely. Some brokers have very specific formats and information they would like to have included in the LOI. When you asked that question you actually sound more experienced and sophisticated.
Or it could make you look like you are efficient. Going to a broker in a specific state shows you want a current format that complies with that state’s rules. Plus is gives you an opportunity to start networking with a broker in that area.
I need to write a letter of intent for a multi-family property (246 units) in North Carolina. Does anyone have a template or bullet point sheet on items to include? Thank you for your help.
If this is a deal from a broker I always ask them if they have any specific bullet points or format they would like the LOI presented in. If not I then proceed to draft my own which is just a very simple document the spelling out the parties to the transaction property address legal description and outlining the general terms like Price earnest money deposit due diligence. Closing date place of closing and any other pertinent information you would like to include and/or ask for. This is simply to clarify the general terms of the sale. Once you clarified and agree on the terms is that turn that over to your attorney to draft the actual contract. You could also ask your attorney for a template as well.
Or it could make you look like you are efficient. Going to a broker in a specific state shows you want a current format that complies with that state’s rules. Plus is gives you an opportunity to start networking with a broker in that area.
I agree completely. Some brokers have very specific formats and information they would like to have included in the LOI. When you asked that question you actually sound more experienced and sophisticated.
This is all great stuff. Thank you. I usually deal with single family properties but this is my first endeavor with MF. This is definitely something I don't like to "fake it until you make it" but I am a newbie to this so any and all advice is extremely helpful. I greatly appreciate it.
The lender you're financing with (unless you're paying cash) should provide you with a letter of intent or at least a conditional loan approval which you can use as a template.
@Kurt Loomis do they have to be in any specific area? I took a run at a 32 unit in Durham NC in jan, numbers were good but not the best of areas... Feel free to connect with me would love to discuss your clients buying criteria and areas of focus as we move along in 2020... Good luck with the LOI and getting that 256 unit deal to the finish line. Keep us posted..