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welcome again to another quick training my name is dusty I'm a straight talk commercial real estate academy hopefully you've found us here on YouTube we also have a membership site that you can join as well that has a lot lot a lot more content than you find on here over 55 classes and workshops all of my brokerage is personal tools resources training everything's on there that we have and I would suggest you go down to the link in the description if you're curious anyway today what I'd like to talk about is some question that I've had come up quite a bit and it's here we have a letter of intent here that we were up today how do I respond to a letter of intent what is the protocol there as often times you'll see they'll send it over in a word form and I simply put here's what you do you have what's called a red line copy and a clean copy that you send back and I'll show you how to do that so you'll change it however you want and then you'll send it back as both a red line copy and a clean copy so here's how you actually do that you go in here to a review tab and up here you'll notice it says track changes so what this is going to do is track any change that I make to this so say I am on the seller side and I don't like this because I'm asking maybe 13 million or whatever so I'll just simply go through here I'm gonna get rid of that and I'm gonna type in what I want so say I want to come back at 11 million flat and then we always also include the numerical version and there you have it so now it's very clear any change that I've made maybe I'm okay with the down payment actually you know what that's wrong needs to be 2 million I'm gonna go ahead and change that to I think hopefully I've gotten rid of everyone's name on here I haven't you probably will never see this video cool so I've got GU changes here I've got the purchase price and the and the terms have changed a little bit I want the price up I said I want a two million dollar down payment not 650 thousand that's kind of silly and then I've got these other terms that they've written in here as well now if this comes back to me and I like it actually I'll do that in a sec so now we have what's called a red line version of this document I'll go in here and I'll save come on go quicker let's go computer pick up the pace okay sample draft LOI red line now we know this is the red line version and you can save this as a Word document you did not want to save this as a PDF then I will go in and I will make sure I have a clean version so I'm going to click up here in the except I'm gonna accept all changes and now it's cleaned it up but we've accepted all changes and then we'll call this the clean version so we'll do the same thing and we will say but I'll usually do a PDF because the the thing is on the clean version if they accept it they can just sign it so they'll either have to turn it into a PDF and sign it or if I send them a PDF to sign that just makes it easier for them we're you and all caps again clean and then what we'll do is we'll e-mail back both of these so it's very clear the changes I've made it's very clear what I like and what I don't like we're only not working together on two items and they can respond as well so let's go here let's open up that red line version again so we've got our changes okay so they've received this from me or the buyers received this back from the seller I see they countered me here so let's say the buyer is okay with this this right so they've changed this so I'm going to right click and accept these changes that have been done you can highlight them all or you can just you know right-click each item and then maybe I don't like this so I can go back and change this again and what's going happiness will have a moving document that's not going to be full of a bunch of mark markups and changes in this look this will be set back with whatever change I make and they'll be clear that there's only one thing that we're not in agreement on keeps very clean makes things go along at a much faster pace than things otherwise would and that's how you do a redline it's very simple and that's how you respond back and forth in commercial real estate oftentimes that's the easiest and the most straightforward way again sometimes you'll just be communicating with each other until you kind of happen agreement but as far as responding in on a letter of intent this is what you should be doing so hopefully this helps again if you want to learn stuff like this if you'd like to join our membership we have private Facebook groups with all kinds of troubleshooting we have let office hours we do new professional interviews every month and if you decide you have a class that you want to learn like gas stations for example if you get a topic that you want we make those two so hopefully we see in there if not make sure you subscribe to the YouTube channel here we have new content every week and have a great day