Quote:
Originally Posted by Strange Brew
A LOI is not a contract. And having multiple LOI’s in play is not “done all the time” by serious people.
Buying options on different tracts of land, not knowing which ones you want to develop, would be dumb. No intelligent person is doing that. Especially with the cost of capital in this market.
This guy loves blowing smoke and I’m surprised anyone believes what he says.
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A LOI if drafted properly can be a binding commitment if that is the intention of the parties.
Depends on the cost of the option. If there is little demand and lots of supply. Sellers may be only too happy to at least be in the game.
There is no generalities in these situations.