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Updated over 8 years ago on . Most recent reply

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Patrick Buzzo
  • Normal, IL
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First Wholesale Deal- Completely Stuck on LOI!

Patrick Buzzo
  • Normal, IL
Posted

I found the perfect house for me to do my first wholesale deal with, due to its price in relevance to its location and the property values in the surrounding area. However, I am very confused as to how to fill out this Letter of Intent (LOI) from the seller.

Questions I Have: 

1. Do I put my name down for the "Deed" or will this be left blank until the contract is assigned to my buyer?

2. Should I include my finders fee in the "Offer Price" section on top or does this come into play later on? 

3. Should I do "Quit Claim" or "Clear Title?" What is the difference? Is this something I should ask the seller about in relevance to the home's financial history? 

ANY help at all is greatly appreciated- Don't know where else to go for this but BP. Thanks guys! 

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