Fredrick Scott

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what comes in first the loi or the loa if im the seller?

Asked Fri Oct 26 2007, 07:52 by Jose - Financial District (Wall Street) - Home Selling - 5 answers

Fredrick Scott answered:

here is how this should go... first your buyer will submit you a proof of funds (hard or soft whichever is acceptable to you) and an LOI (letter of intent to write a contract) The LOI should be followed with an offer if you like the offer then you accept if not you counter or reject. IF you like the offer then you enter escrow or u go to a closing attorney (depends on the state) THEN and ONLY THEN will you property be taken off the market. Make sure you get a deposit so if it falls through your buyer pays a penalty for the lost time. - Fri Apr 25 2008, 19:20

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