LOI multifamily

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Posted by Scotty1 on May 17, 2009 at 10:27:33:

Hi,

I am working on my first multifamily deal. The details are not pertinent, but I am looking to purchase a good deal. The 3-4 deals I have tried to acquire before always go with a better offer from another investor before accepting my LOI.

If the seller excepts my LOI and we are agreeable on terms, does he have any obligation to sign a P&S agreement with me?
What if a better offer comes in a day before we sign and I have spent money and time on attorneys and other expenses only to find out he will go elsewhere. I know it says in 14 days we will sign, but can he back out of a LOI since it is not a binding contract?

Thanks for the advice!

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