Buying without representations and warranties

[Bruce Scannell]

Hey BP...once again, I've come across an issue I can't seem to find much on.

I'm currently negotiating the purchase agreement for a 26 unit property from an older couple who also have an older lawyer. They are gun shy about any chance of litigation caused by their reps and warranties. They are in their 80s and just want to be done after closing, which I can appreciate, but at the same time its a red flag and won't negoatiate. They claim to be the most honest people around, but we've all heard that before. 

So this question is for all other multifamily investors, how often do you execute a purchase agreement without post closing reps and warranties for the documents provided? Also, how often have you gone back to seller after closing to challenge the provided documents when an error was found?

Thanks,

Bruce