Once a purchase offer is submitted on a property, how is the offer evaluated?
Purchase offers are typically initiated when a Buyer signs a Letter of Intent (LOI) to purchase. After the Seller receives the purchase offer (LOI), an investor can expect a response from the Seller in the form of an acceptance or a counter offer to the LOI. Once the Buyer and Seller agree on the LOI, a Purchase Agreement is drawn, usually by the Seller/Sellers attorney, and delivered to the prospective Buyer within a few days from the acceptance of the LOI.
