Beware of an individual or group of people who call themselves Investment Bankers or a Buying Group. When they cannot provide you with personal financial statements or a financial statement from their company, you have a very slim chance of ever closing the transaction. The seller should have a copy of the financial statement from the buyer attached to all offers.
Academic: In the academic world a letter of intent is known as a Statements of Purpose and is part of the application process. Real estate: Often times there are properties that are not listed on the MLS or with a realtor. It is at these times that a letter of intent can be used to let the owner of the house know that a potential buyer exists and thus the process of buying and selling the house may begin.