Seller refusing to provide financials
Happy New Year, BP Community!
I am currently under contract for a 14-unit MFH property. I was told that the seller is old (in her 70s) and both the seller's broker and her attorney are having a hard time getting things done because she is all paper-based.
The problem is, the seller is refusing to provide any rental history or financial information (it's been a week now), and the seller's broker is not returning my realtor's calls or messages. Her attorney also declined our request to do our due diligence including an inspection.
Before going under the contract, the broker shared a rough estimate of the income and expenses but now we are finding that there are no supporting documents. We do like the property because of its location and potential re-development possibility. What would be the best way for us to resolve this problem? Please share any insights! Thank you!
Most Popular Reply
Sometimes in situations like this, you will not get all the details. Especially smaller multifamilies. Sometimes you have to make decisions based on your proforma, utility expenses, and price you are getting at. If they were supposed to give you all these details based on contract, maybe re-negotiate price and speak to your attorney about lease estoppels.