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.
Which is Better: An Offer to Purchase or Letter of Intent? First, let's define the two, then I'll discuss when to use a Letter of Intent. 1. Purchase Offer, or Purchase Agreement _ A legal document that describes the price, terms, contingencies, and other details of how a buyer would be willing to purchase a piece of real estate. 2. Letter of Intent (LOI) _ A preliminary document outlining the price, terms, and other transaction details that a buyer would be be interested in purchasing a piece of real estate.