Can someone send me the most up to date contract that is available? I sent a LOI with a back up offer on a park that was already under contract and they said they want to write up a formal contract. I’m not sure yet if this means they are going to cancel the other contract or just have my offer as a back up in case this other deal falls through. The original buyer has until Dec 15 to secure financing, but I think he has been approved for his loan as of today but doesn’t have an appraisal yet. This is my first park so any advice on the situation is welcome. I definitely need a contract or else they want to use a local Arizona contract they like to use. Thanks.

Justin Donald

Don’t do an LOI – it sounds like they are just using you to scare the current buyer into going forward. Instead, tell them that you’ll submit a contract after the existing buyer falls out. Otherwise, you’ll be working against yourself.

And only offer sellers contracts. LOI’s are not binding and serve no purpose except for sellers to use as “Exhibit A” to try and manipulate other buyers.