LOI expiration deadline

searcher profile

May 13, 2022

by a searcher in Cincinnati, OH, USA

For searchers: how many days do you use or find best for an expiration deadline when submitting the LOI to Seller? This is mainly for “on market” deals where there is competition and time is of the essence, and ultimately impacts other potential buyers, more than the actual Seller.

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commentor profile
Reply by a lender
from Carnegie Mellon University in Pittsburgh, PA, USA
im reading the post a little differently than matt above###-###-#### days from signign the LOI to close is good, but if you are talking about how long to give them to sign the LOI before the LOI itself expires, generally speaking a week is decent, maybe a few days less depending on what day of the week it goes in
commentor profile
Reply by a searcher
from North Carolina State University in Sykesville, MD 21784, USA
Maybe naive of me, but I didn't put an expiration date on the LOI, that I recently got accepted. I figured it was mostly non-binding anyway, and instead I asked politely in the email in which I sent the LOI for a response within a week. It worked, and they got back to me within 3 days.
commentor profile
+6 more replies.
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