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?
