letter of intent, good faith negotiating

What is the name of your state?What is the name of your state?Arizona
Another question please while I'm here. We've been presented with a letter of intent from a well know home builder for our land. Basically the way I read it is that they are asking for a 30 day good faith negotiating period to reach an agreement. The land would be off the market for that time period. I would want to make sure that after 30 days we owe them nothing if an agreement cannot be reached. (with an attorney's help on that issue of course). Of course it might take less than the 30 days to reach an agreement.Other than that is a letter of intent a big negative issue for some reason. I would think this is quite normal in negotiations. My realtor would have me think otherwise. Would there be anything wrong also with meeting your negotiating partner with your realtor present? There should be nothing to hide. I guess that is a couple of questions.
Michael

bahoo said:

What is the name of your state?What is the name of your state?Arizona
Another question please while I'm here. We've been presented with a letter of intent from a well know home builder for our land. Basically the way I read it is that they are asking for a 30 day good faith negotiating period to reach an agreement. The land would be off the market for that time period. I would want to make sure that after 30 days we owe them nothing if an agreement cannot be reached. (with an attorney's help on that issue of course). Of course it might take less than the 30 days to reach an agreement.Other than that is a letter of intent a big negative issue for some reason. I would think this is quite normal in negotiations. My realtor would have me think otherwise. Would there be anything wrong also with meeting your negotiating partner with your realtor present? There should be nothing to hide. I guess that is a couple of questions.
Michael

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Okay, somebody wants you to keep your land off the market for 30 days...I guess.

Can you tell me what's going on?

Please rephrase your questions so I can understand them.

Is the builder wanting to buy your land?

What's going on?

letter of intent vs. contract offer

First let me say I don't make all the decisions in my family. I am a 1/8 owner in this situation with 3 other 1/8's and a 50%. I am just trying to arm myself for the initial push and shove of family situations as they arise. I am 50+. along with siblings. 50% is dad's sister at 80 years of age. Our realtor a lady of some age also know how to push buttons to get her way. She wants to get her way because she winds up reselling the land for our buyers that she has presented to us. Finally for the rest of the land a man went arround her to us directly saying he could not get to us through her. I put him in touch with her so now she knows we know there are buyers with cash out there and now has to deal with him. Finally her buyer came up with cash to meet his offer (this is after everything from joint venture proposals to 16 year payouts, 10 year payouts, 5 year payout 2 years payouts) all the while telling us that this was unheard of for a builder to make such a great offer and that the bubble was about to burtst in the AZ real estate market. Even to the point that her proposed buyerwas sending us through her articles on the economy and such. If that doesn't sound shady, Well then what does. So back to this new fella that is right next door. They offer a letter of intent. We might like to negotiate with them rather than her buyers because I have been insulted by them (hers) and her enough already. I The letter of intent on the face of it seems to me to be the most honest thing we have seen yet. Not to mention we have no MLS because she doesn't to split her commission. I would just like to show the others one more time what anothers opinion is before I take action. Do we know that real estate is on the boom in AZ.

bahoo said:

First let me say I don't make all the decisions in my family. I am a 1/8 owner in this situation with 3 other 1/8's and a 50%. I am just trying to arm myself for the initial push and shove of family situations as they arise. I am 50+. along with siblings. 50% is dad's sister at 80 years of age. Our realtor a lady of some age also know how to push buttons to get her way. She wants to get her way because she winds up reselling the land for our buyers that she has presented to us. Finally for the rest of the land a man went arround her to us directly saying he could not get to us through her. I put him in touch with her so now she knows we know there are buyers with cash out there and now has to deal with him. Finally her buyer came up with cash to meet his offer (this is after everything from joint venture proposals to 16 year payouts, 10 year payouts, 5 year payout 2 years payouts) all the while telling us that this was unheard of for a builder to make such a great offer and that the bubble was about to burtst in the AZ real estate market. Even to the point that her proposed buyerwas sending us through her articles on the economy and such. If that doesn't sound shady, Well then what does. So back to this new fella that is right next door. They offer a letter of intent. We might like to negotiate with them rather than her buyers because I have been insulted by them (hers) and her enough already. I The letter of intent on the face of it seems to me to be the most honest thing we have seen yet. Not to mention we have no MLS because she doesn't to split her commission. I would just like to show the others one more time what anothers opinion is before I take action. Do we know that real estate is on the boom in AZ.

Click to expand...

Your clarification has left me more baffled than I was before.

Sorry I cannot help.