Multi-family Initial Inspection

[Alex Vela]

Hello,

Is it typical for multi-family sellers to require a signed contract prior to walking through a multi-family property?  I understand the lack of desire to bother the tenants every time a prospective buyer wants to tour the property. 

I think I just learned a free valuable lesson by not walking the property before putting it under contract.  The interior condition is terrible.  Talk about slumlord.  It will require significant costs to improve the property once the existing tenants move out.  He is marketing it as a turnkey investment but there is no way that is true. 

The good news is that I am still in my due diligence period so my first step is to negotiate a drastic reduction in price.  If he doesn't go for it, I will cancel the contract.  I have not ordered the appraisal or scheduled the inspector so no money out of my pocket. 

Since this is my first multi-family, should I expect this from others? 

Thanks for your help. 

[Alex Vela]

@Alex Craig and @David Moore.  Thanks for your input.  I am sure I'll see the good and the bad as I navigate through this world.  I understand they don't want to disturb the tenants but we wasted a lot of time negotiating the contract and now I am going to back out because he won't budge on the price.  Fortunately, I won't lose any money.  I am not sure how he is going to sell it with the amount of work required.