Listing Agents: Do Your Investor/Sellers Provide Estoppels?

[Mindy Jensen]

I made an offer on a triplex and one condition of the contract was receiving estoppel statements and leases. Listing agent pushed back, saying "No one asks for those, we'll just tell you what the deposits and rents are."

This was my first multiplex offer. It seems super shady. Ultimately I didn't win the bid, so no big deal. 

Listing Agents, what is your response to an offer with this condition? 

[Andrew Chapman]

We demand them.  It's for your as well as the tenants protection.  I had guy refuse once who was being super shady.  He ended up hiding a few things from us that we found out further down the road.  Anyway, we told him it was a lender requirement and that we would have to exercise our finance contingency and back out of the deal if he didn't provide them.  He ended up getting them done.