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Is it ethical to submit 6 letters of intent when the buyer can afford only one home?
Out of the blue, I received a letter of intent on a property I have had listed for almost a year!  The agent never showed the property.  It was a low ball for sure, and only mentioned that the investor will pay cash in less than 30 days.
When replying with our counter offer to the Buyer's Agent, Agent X from "that red real estate company" told me that his client asked him to put in 6 letters of intent on numerous properties.  Sight unseen.  If they got one seller to "Bite" they would withdraw their other letters of intent.
The property is now $40,000 under the original listing price, and is now priced less than any property has sold for in that neighborhood.  The letter of intent was $35,000 under our current price. 
Is it ethical for an agent to place letters of intent, without including a pre-approval letter, knowing that that buyer can only afford one property?
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