Letter of Intent — Real Estate Purchase

I am writing to submit a non-binding offer to purchase the property located at 508 E Wye Mesa N/A, Brookings, SD 57006 (MLS / listing reference CFR-EBGWAY9B10VAJB) on the terms outlined below.

Purchase price: $58,240 (asking $64,000). This figure is supported by our underwriting analysis of cash-flow-positive financing at prevailing rates; I am happy to share the underlying assumptions.

Earnest money deposit: $582 to be deposited with title within 3 business days of mutual acceptance.

Financing: Conventional, 25.0% down, 30-year fixed. Pre-qualification letter to be provided within 5 business days; financing contingency of 21 days.

Closing date: on or before [Closing date — typically 30–45 days], at [Title company].

Contingencies:

• Inspection contingency: 10 days, including general home, sewer, and roof inspections, with the right to renegotiate or withdraw based on findings.
• Insurance binder: buyer to obtain a written quote within 14 days; right to withdraw if coverage is unavailable or uneconomic.
• Title and survey: clear title at closing; survey acceptable to buyer.
• Appraisal: standard appraisal contingency at the offered purchase price.

Items included: All built-in appliances, fixtures, and any included personal property as listed in the MLS.

This letter is non-binding and is intended to serve as a starting point for a formal purchase and sale agreement. I look forward to your response.