Starting out and looking for some etiquette basics

[Joseph M.]

Hey BP

I'm starting out looking to do my first deal. For experience, I've bought my current primary residence single family home and I used to volunteer at the housing court, so I've got a good grasp of landlord tenant law in my area. I am also a commercial contracts attorney, but in a different industry (software), that is a lot less regulated. With my SFH purchase, it seems in a typical retail purchase, buyer doesn't talk directly with seller, rather they work through their agents.

I'm looking at a 5 unit small apartment and I would love to get the chance to build rapport and propose some creative financing (the initial data on the deal looks favorable for proposing seller financing). Negotiation is one of my strengths given my background, but I'm just so new to this context.

This is a newbie give away question - but when do you usually start talking directly with a seller in the commercial / small apartment multi-family space? I would imagine immediately upon getting wind of the deal? I've got a showing set up through a real estate agent, is it strange or "verbotten" to speak with the seller directly after that? No way I want to put something like this under contract without feeling the seller out, so I imagine there must be a time and a place for a phone call with the seller.

[Jeff Greenberg]

The proper procedure would to be to go through the broker/agent.  If he has trouble fielding your questions you could ask if you could talk to the seller directly.  Most agent try to be the gate keeper and keep you away from the seller.  You can always ask.  Making an end run around the broker will not put you in good favor with the broker. You can always ask the broker if the seller will do owner financing.  He may go back and check or tell you no.