Should I Get a Buyer's Agent on Brokered Seller-Financed Multi?

[Mike S.]

I've been in contact several times with the listing agent of a five-unit property that is being offered with seller financing. I am an investor (and not an agent) and--if further initial due diligence pans out--aim to submit a letter of intent for the property.

I'm torn, however, on whether or not to work with a buyer's agent to put in my offer or move forward with simply working with the listing agent. I'm grateful for any insights and recommendations people can share given the details below.

For some context . . . the listing agent has been candid and transparent about the property and its issues (there are a few reasons it's fallen out of contract a handful of times in the 300+ days it's been listed). My thoughts are that working directly with the listing agent may streamline communication (especially when working out the nuances and terms of various seller financing offers) and increase the likelihood of putting together an offer that meets the sellers' needs and that they ultimately accept. That being said, I wonder if it would be valuable to have a second set of eyes and a second, detached perspective on this.

If I were to put in an offer with a buyer's agent, I would use one of two agents who are also both property managers and work significantly with investors. I intend to work with one of them to handle property management but have yet to make a final decision as to which one . . . I suppose an alternate approach would be to make a final decision about which of these agents would handle the property management and see if she would simply be comfortable fielding some broad questions along the way (mainly with regards to market conditions, contractor recommendations, and some locale-specific due diligence).

For what it's worth, the property is out-of-state. I worked in the adjacent county for a decade before moving away about ten years ago and have a decent understanding of the community and general market conditions. That being said, this five-unit is located slightly outside the area/neighborhoods I know and understand best.

If you've made it this far, thanks a ton for reading and thank you advance for your insights on whether or not to enlist a buyer's agent.