Feels like an AI troll post, but I'll bite. No way doing a QoE before LOI is a good idea. First of all, you won't even get the data to do your QoE, much less the time. If a buyer insists on QoE pre-LOI, they'll simply get outrun by somebody who's willing to sign an LOI without it. Yeah it may lead to more retrading than if QoE were done pre, but that's the reality of the market, and buyers have to compete in that market.

@Jaime Arias‌ You're right that the market punishes buyers who try to gate an LOI on a full QoE. That's just reality. But I'd challenge the implied binary. The choice isn't "full QoE pre-LOI" vs. "sign and hope." There's real work you can do before an LOI that doesn't require seller cooperation, doesn't take weeks, and isn't costly, and it changes the quality of the conversation you have at the LOI table. I've walked away from multiple deals because pre-LOI work told me everything I needed to know. Owner comp that didn't hold up under normalization. Working capital patterns that flagged a cash flow story the CIM wasn't telling. Valuation that only made sense if you squinted hard enough. None of that required a data room. None of it was a QoE. It was just... not flying blind. Deals that blow up post-LOI are almost never surprises in retrospect. The information was available; the buyer just hadn't looked.