What's the deal with Unpriced Offerings?

[Arun Iyengar]

I am a multi-family investor and purchase apartment complexes.

I've started to notice that more deals are coming in unpriced (or with a statement "price to be determined by market"). A short conversation with the broker yields the "whisper number" which is what the broker and seller hope to sell the property for. This is irritating. Why not just put the price on the offering so that I know what is being asked, have the ability to do all the underwriting for expenses and can come up with my fair pricing to buy?

I wonder if this is a gimmick used by inexperienced brokers or whether this is more widespread and I just started noticing it. Any feedback from the broker or investor community is appreciated.