How to Write a Letter of Intent (LOI) For a Bulk REO Purchase. If you are looking to purchase a bulk REO(Real Estate Owned) from a seller, you have to provide a Letter of Intent (LOI) to the seller as a first step. An LOI should be written by the buyer and makes the first impression on the seller.
Other Terms and Conditions: This letter of intent sets out the conditions of the proposed sale and is dependent upon the signing of a definitive agreement by and concerning the buyer, seller and the company. The definitive agreement shall hold the schedules, representations, covenants, indemnities and all other provisions according to the terms and conditions of the letter of intent and following all standard conventions in regard to all usual and applicable commercial practices.