Agent refusing estoppel agreement

[Michael Franklin]

Hey folks.

I'm under contract on a 4-plex and one of my contengencies is the review and approval of lease and estoppel agreements for all tenants within three weeks of contract acceptance. My issue is that the seller's agent is refusing to have them complete the estoppel or provide the rent roll, saying the tenant names are confidential information and no investor would disclose them to a potential buyer until the day of closing.(they accepted and signed the contract with this condition, by the way)

She said she's worked in the area for 30 years and I need to have a higher level of trust with what the seller is claiming for rents/deposits/appliances/etc. She's suggesting that my requests are unreasonable, and gave me a typed sheet they made that lists some expenses and the rental rates.(unverified to this point)

Now, the articles I've read on BP recommend getting this and other financial information early in the due diligence process to verify as much as possible before spending money on the inspection and appraisal. 

Am I off base here?

Thanks in advance for any guidance.

Mike

[Chin P.]

Agent is definitely off.  If the agent is so keen on trusting the seller, then have the agent put her commission in escrow for a year and if anything is off in the seller's numbers her commission takes The hit.   

To me this kind of response either raises huge red flags or indicates a bad agent.

I would never ever just trust the seller's numbers without some sort of documentated substantiation or my own research verifying the information with vendors and tenants And preferably I would have both.