2.) Some buyers will want to skip the LOI and instead submit a full purchase contract. They figure, why should they pay their lawyer to draw up both documents. But a purchase contract requires a significant amount of time and attorneys fees to draft. Once the buyer has made this big investment in legal fees, it puts a lot of pressure on them that is detrimental to the negotiating process.
Build a list of things that you will be addressing in the Purchase Offer and decide how you want each of them handled. Now you will not be able to cover EVERY scenario but you will be much further ahead (and prepared) when it comes to crunch time. What do you do then? Present the offer to the seller. Make sure you have an ending day and time for your offer to expire. You do NOT want the seller thinking this over for too long.