Due Diligence...
I am potentially interested in a 20 unit complex and went and walked the property and inside the common areas of the building. As part of my due diligence plan I then requested 2 years financial history including deposit receipts, documents to support income/expenses, rental information (i.e. each units rental amount, when leases expire, etc), copy of the last appraisal or at least the amount and date.
The agent replied that they would first like an offer with review of the documentation I listed above as a contingency. Is this normal? Why would I make essentially a blind offer based on 1 visit to the complex. How could I even determine the real value without performing due diligence? I have the NOI and Expenses that the seller provided, but these could be pie in the sky numbers for all I know.
To summarize; how should I respond to the agents request for an offer before they provide me with the info I requested? How much of this info do I really need them to provide versus what information I can gather myself from Town Hall or the like?
Thanks!
James
the selling is also shaking you out as to how "real" a buyer you are.