Typically when we are evaluating income, expenses and debt service are we taking these steps to verify this data after we have the property under contract from the seller with our earnest money up?
Or is a way we can verify this without having to put earnest money up?
You can often request property financials from the seller prior to putting in an offer. All depends on how much effort you want to put in to verifying everything prior to having the property actually under contract.
It wouldn't be unreasonable to base an offer off the numbers the seller provides so long as they look reasonable and as part of your due diligence after getting it under contract go through the motions of actually verifying them through whatever means required.
@Tj Hines , as Ryan mentioned, it's common for you to be able to see the T12 and Rent Roll for the property prior to putting in your offer. I wouldn't take any broker/seller seriously if they don't at least provide that. If the process takes you into the following month then you can ask for updated financials too. But you won't be able to actually verify them by doing lease audits, etc, until you're under contract with some earnest money put up.
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