How ironclad is a letter of intent?

[David Fritch]

There is a mobile home park I've wanted to look into for several months. I stopped by and talked with the owner today. I had done business with her years ago and she is friendly. When I asked, she said that she had signed a Letter of Intent with a large company last week and they were sending someone out Monday. 

The park seems to be sub-optimally managed. She said she hasn't sold for years because she can't find the time to organize her information (rent rolls, expenses) etc. 

I have a feeling this company is going to get a pretty low price because she does not have her act together. I would not mind paying fair market value based on NOI or even a little more because I know better management will bring much higher profits and I plan to repurpose some of the land, which is frontage on a very busy commercial strip, to commercial.

I'm resisting beating myself up for not walking in months ago. I don't find much use for wallowing in regret. All I can do is learn and move forward and act faster in the future. 

She has owned it for 40 years, managed it haphazardly and probably doesn't have a clear idea of current and potential value. She also mentioned she expenses as much off her personal expenses as she can on the park and needs to weed that out. The office itself is disarray so I can only imagine the books. 

I know a few bright CPA's and bookkeepers. One in particular who is very experienced in commercial property would be able to go in, for a fee and figure this thing out and emerge with a clear and fair picture of NOI.

But what I'm wondering is if the LOI is impenetrable? Can she entertain another offer? Does the buyer have equitable rights? What if they use her disorganization as a way to take advantage of her and obtain a clearly unfair price? What is her recourse and rights in that case?