QUESTION: Rltr. John, what is the difference between an Intent to Buy and an Offer to Buy?
ANSWER: Intent to Buy is a signed statement of a potential buyer that is addressed to the Buyer’s Agent that is taken by the latter before agreeing to serve the buyer. It is not property-specific but only general statement of preferred type of property, location, maximum amount of willingness to pay.
On the other hand, an Offer to Buy is a signed statement of the potential buyer or a buyer’s agent addressed to the owner, seller’s agent, or attorney representing the owner of a specific property. Both are non-committal, subject to property inspection and negotiation. As part of the buyer-side due-diligence process, these two signed statements are always taken by the agent along with the proof if identity and proof of financial capacity. These are taken in order to filter out time wasters such as mere researchers and window shoppers who pretend as buyers.
If there is anything else important that I forgot to include in this article, or if you experienced a real estate transaction that is anomalous, scam, fraudulent scheme that you want me to document and expose for others to be warned, or if you want to donate to the war chest of real estate consumer rights advocacy, please feel free to email me at JohnPetalcorin@Gmail.Com. If you want to comment about this article, there is a provision for this purpose that you can find below.
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