Home Buying in Quakertown>Question Details

taasha16, Home Buyer in Sellersville, PA

What does BFI and Letters of intend means? also would anyone have an estimate how much it cost for de-winterize and re-winterize?

Asked by taasha16, Sellersville, PA Wed May 1, 2013

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A BFI (Buyer Financial Information) is a PAR form that is filled out and presented in tandem with a pre-approval letter with an offer for an agreement of sale. It shows the ability of a buyer to afford the home that they are trying to purchase.

A letter of intent is essentially a letter stating that a buyer has interest in a property. I do not do this as it is a waste of time. If interested in a property, an agreement of sale should be written an carries much more weight.

De-winterizing costs is between $400-$500 and can be done by a certified plumber.

Frank Dolski MBA, ABR, e-PRO
Associate Broker
Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
Ranked #1 In The State of PA in 2012 For Coldwell Banker International Realtors
2012 Coldwell Banker International President’s Elite Award
2010-2011 Coldwell Banker International President’s Circle Award
215-803-3237 (mobile)
215-794-1070 x-103
f.dolski@cbhearthside.com
http://www.FrankDolski.Com
0 votes Thank Flag Link Thu May 2, 2013
A BFI (Buyer Financial Information) is a document that every Buyer must fill out to give to a Seller along with your offer to purchase a home. The BFI (which outlines your income, your debts, and your savings) will give them an understanding of your financial strength and ability to complete a purchase. A loan pre-approval letter should also accompany the BFI.

When placing an offer on a property, you can either complete a full AGREEMENT OF SALE (a long legal document that both parties can sign and be legally bound) -OR- a LETTER OF INTENT (a one page summary letter outlining the offer and all the details).

A Letter of Intent is an easier/lazier way to enter into negotiations with a Seller to see if you can come to agreeable terms, however Sellers MUCH prefer to see the full Agreement of Sale since it shows you are really serious about the purchase.......and not just fishing for houses. If the Seller agrees to negotiate using a Letter of Intent, and once everything has been agreed, then the terms must be written onto the formal Agreement of Sale immediately for legally binding signatures.

If you will be inspecting a home that has been winterized, and you want to successfully evaluate the plumbing and water-based systems, it is often your responsibility to de-winterize and re-winterize the property . The cost is approximately $500 ($250 + $250) for this service. Call a local plumber for a true estimate in your area.

Feel free to review my clients' recommendations on Trulia. You'll see that I have a proven track record of being experienced, knowledgeable and easy to work with.
0 votes Thank Flag Link Wed May 1, 2013
Thank you, your answer was very thorough.
Flag Wed May 1, 2013
Hello Taasha,

BFI means Buyers Financial Information and a Letter of intent is exactly that. Someone issues a letter of intent to do something. As for cost to winterize and dewinterize you could speak to a local plumber who would provide that information as I would imagine it would depend on the size of the job.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Wed May 1, 2013
BFI means Buyers Financial Information and a Letter of Intent means you plan on writing up an offer.

I'm not 100% sure on winterizing.

Are you looking to buy a home or sell?

Give me a call and I'll help you out.

Ann Mc Guire
Weichert Realtor
Bachelors in Marketing
215.622.5070
annrealtor@ymail.com
http://www.NewHopeRealtor.com
0 votes Thank Flag Link Wed May 1, 2013
Thank you. i'm buying however the property i'm interested in is forclosed.
Flag Wed May 1, 2013
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