LOI Deadline Ghost Stories

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by a searcher from University of Miami
in Dallas, TX, USA

1yr ago

LOI Deadline Ghost Stories

Has anyone had a firm deadline in their LOI that the seller's representatives ignored and didn't even acknowledge?

I'd appreciate hearing how others have handled this lack of communication.

I believe that even without a yes/no response by the deadline, it's important to acknowledge it and request an extension.

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reply by a professional 1yr ago
from University of Toronto in Toronto, ON, Canada

^redacted‌, LOI deadlines are there for a purpose, unless you put them in as a bluff. If you put them in intentionally, then you should proceed on the basis that they will be respected because they are important and valuable to your acquisition process. If the other party doesn't adhere to your deadlines and doesn't arrange variances/extensions, then you should walk away because your red line has been violated and the other side then knows that they can do anything with impunity. If you put them in as a bluff, or without due consideration as to their effect, then you've set yourself up for a fall - because you've set a line in the sand that you won't defend. That's a position you never want to be in, you'll lose every time in negotiations.

reply by an intermediary 1yr ago
from Vanderbilt University in Chicago, IL, USA

They get ignored all the time. If it gets ignored for too long though, there is probably a reason and you should push for clarity. I would also suggest realistic deadlines as sellers need to seek counsel on terms etc.