What is the difference between and IOI and an LOI?

April 09, 2024
by a searcher from Tulane University - A. B. Freeman School of Business in New Orleans, LA, USA
Thanks in advance. I've only submitted LOIs. A deal is asking for an IOI first. What is the difference between an IOI and an LOI?
from University of Victoria in Vancouver, BC, Canada
from New York University in New York, NY, USA
Most of the brokers I deal with don't ask for IOI, however, if there is no asking price it seems they do ask for one. It seems its just a way for the broker and potentially the seller to get a sense of what the market is willing to pay (just my opinion and what Im sensing)