Letter of Intent?

I'm trying to purchase a domain name from a company, and they asked for a "letter of intent". What exactly are they looking for in reference to the purchase of a domain? The exact wording was they weren't interested in selling now, but I could submit a letter of intent for review.

 

I believe they are looking for a formal written offer that contains a $ amount. They may consider it, accept or reject it, but will file it away and use it as leverage if they get someone else interested in the domain. A letter of intent is usually worded to be non binding - its not an offer or contract that you can't back out of.

 

Thanks for the answer. Is there any sort of proper format for this sort of thing?

 

Dude! Don't do it! They are only looking to take your letter to get a higher offer from someone else.
Either they want to sell it, or they don't.
That is a ridiculous way to do business.

JMO, but I would not play those games.
There are enough premium portfolio holders (like myself) that don't play that.
Sell the thing or don't but don't make people jump through hoops at premium prices.
If you do write one, make sure that your offer expires in , say 48 hours, or it is withdrawn.

Don give them an open dated offer to shop around to other buyers.
The nerve of some people.

Jeez! I'm going to set up a IM consulting window, like Lucy in the Charlie Brown cartoons.