You might find that larger banks will sell properties at greater discounts compared to smaller banks. Generally speaking, I've seen banks accepting bids within 90% of their asking price. If you offer below 80% you need to justify your offer to have the best chance of acceptance. You're best bet is to make an offer that works specifically for you and your goals.... more
In North Carolina we usually use these for Commercial Transactions.
A Letter of Intent is a non-binding written statement from a potential lessee / tenant or purchaser / buyer which outlines the terms of their interest in obtaining a property from the landlord or seller. Because the issues related to commercial properties are often much more complex, rather than going through the many hours and fees involved in writing a offer, this is a way to have the buyer request documentation, terms of the sale or lease, and what the buyer would want to use the property for, the length of time, seller financing or included items such as pass through charges or other fees involved. It might also outline who would be responsible for environmental tests, suitability tests, building permits or fees, and the like.
Once many of these initial questions are resolved, the buyer / tenant would be in a better decision making position to make an offer to the seller or landlord.
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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.
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