Why do some listings have no interior photos, and missing info?

[Laurie Williamson]

Ugh. I just drove an hour out of town, and back, to look at a fourplex, and didn't realize until I got there that it had been in a fire. The interior of one of the units was completely covered in black soot. This was not mentioned in the listing. The other 3 units were not available for viewing — they only put a lockbox on the extra tasty crispy burned one, so I just looked in the windows. That makes it super hard to evaluate the property... but based on the fire, it's a no-go anyway. Also, it was one of ten fourplexes for sale, and all ten were completely vacant. That was also a surprise. I've been trying to evaluate multifamily properties in the Dallas area for purchase, and I've noticed that a lot of the listings are just so vague. Some properties don't have photos. Some have only one photo of the exterior, with no interior photos. Many are missing most or all of the financials. My real estate agent tried to call the listing agent for more information, but he didn't answer his phone or call back. There was another property I had found on LoopNet, but when I emailed to ask for more information, the agent wanted proof of financial performance before sharing any details. Anyone know why listing agents and/or owners hold back so much information that's crucial to making a decision on buying a property? It's so frustrating. I thought I had found a smoking hot deal, but this is not what I had in mind. Lost a day's work, with nothing to show, and it could have been avoided if they just disclosed the fire in the listing. Many investors might still be interested; I just don't have the cash for that type of rehab right now.