Your letter to potential option property owners should be relatively short, sweet, and to the point. There is no need to delve into the mechanics of a real estate option transaction. Doing so will only further complicate the issue and will most likely make your real estate option proposal more confusing to the property owner. If the property looks especially bad, you might want to enclose a photo or two along with your letter. Doing this will sometimes enhance your chances of getting a response, once the owner gets a glimpse of the property in its current condition. Your letter to potential option property owners should cover the following seven points:
1. The full legal name of the person or business entity making the proposal.
2. The amount of the option fee to be paid.
3. The length of the option period.
4. The purchase price of the property.
5. The amount of the down payment to be paid.
6. The method by which the purchase is to be financed.
7. The method by which to contact you.
A sample letter of proposal appears on page 93.
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