DO YOU INCLUDE AN EXPIRATION DATE IN IOIS?
Two part question:
1) Is it common to include an expiration date in IOIs (FYI - we know to include expiration dates for LOIs)?
2) What are the reasons to or not to include an expiration date in an IOI?
We have an outstanding IOI that does NOT have an expiration date. In this example, we hearing common broker speak on the delay for feedback or closure. Jim Stein Sharpe's article on "Making Offers" is not clear for expiration dates on IOIs and we have not seen an IOI example that includes an expiration date.
We're not sure if we should include an expiration date moving forward to avoid the broker-limbo we're currently in.
Thanks for your insights and feedback.