Why do brokers ask to sign NDA?

[Nick B.]

Hello, BP!

Why many (if not all) multifamily listing agents/brokers ask for NDA before showing property financial details? How am I supposed to discuss these listings with other people that may be involved in the deal on my side (agent, banker, partner, etc.) without breaking the NDA yet showing all the detail to them?

Another twist is a foot note that I saw on some ads: "No Brokers. If you are already working with a broker please disregard my ad". What does it mean? Is this a red flag?

Thanks
Nick

[Mary B.]

Originally posted by @Nick B.:

Hello, BP!

Why many (if not all) multifamily listing agents/brokers ask for NDA before showing property financial details? How am I supposed to discuss these listings with other people that may be involved in the deal on my side (agent, banker, partner, etc.) without breaking the NDA yet showing all the detail to them?

Another twist is a foot note that I saw on some ads: "No Brokers. If you are already working with a broker please disregard my ad". What does it mean? Is this a red flag?

Thanks
Nick

The ''no brokers'' in ads mean that the offer is off-market and they wish to keep it that way entirely. They're not interested in any broker / salesperson on the buyer's nor seller's end. They don't want the property listed.

There are NCNDAs that can be signed off by all parties involved on the buying side. Just have your broker / buyer (if its not you) sign off on it also. Be sure to explain your position in the transaction is not the principal. 

Kudos,

Mary