Requesting a Schedule E

[Tyler Painter]

Hello, 

I am in the process of purchasing my first multi family property and ran into something that doesn't seem normal to me. 

From my understanding it is not uncommon to ask a seller for the Schedule E. Also my bank is asking for this as well to confirm information. 

The seller will not provide it and even went as far as having their attonary contact my realtor saying they will not provide it. The first answer was they did not need one because they are an LLC. The second answer is they have multiple holdings on their taxes and cannot separate them out.

Recently they had their realtor send me their bank and bankers information. They said I should contact him to get a loan because they did not need any financial information when they bought the property 2 years ago. 

I have worked with my banker for a while now and trust him. I do not know anything about this other bank.

Am I wrong in thinking this is weird?

[Tyler Painter]

Originally posted by @Tom S.:

@Tyler Painter  @Greg Scott  Interesting - I've had Sch E requested by a potential buyers bank a number of times.  The bank says it's to verify the rental income, which is factored into approving the buyers loan.

Tom is correct why the Schedule E is requested. 

It is a 6 unit property.