Waiting for an LOI Acceptance

[Gretchen Parlier]

How long do I wait to hear if the seller has accepted my LOI? This is my first attempt to scale up to a larger property that is considered commercial, so while I've educated myself on the process, I have not seen how it works in practice. I don't want to appear anxious, but I'm anxious!!! Lol

[Brian Adams]

@Gretchen Parlier In my LOI's I put a 5-day clause for the seller or broker to respond. If they don't respond, normally they didn't like the price, terms, or both.

If it has been more than 5 days, you should connect with the seller/broker for an update.

And on a side note, one of my LOIs I submitted on a 400 unit deal ended up going to the broker's spam folder. My process is to email the LOI and call the broker/seller to ensure they received the LOI.

Good luck with the deal.