Multi-Family won't show until executed contract - Normal?

[Jerome Oddo]

Hello,

I'm a newbie.  I've been looking at a few MF Properties.  Most won't show until an executed contract.  

Is this normal?  Is it a sign of underlying issues?  Should I write something in the offer regarding the findings of anything "undisclosed"?

It will be my first property, yet I don't want to get handed a bunch of problems.

Thanks for the insight!

[Erik W.]

I looked at MFs last year and it was basically the same.  You could tour unoccupied units, but not occupied units until we had an executed contract.  There are at least two good reasons.  First, it's a disturbance to tenants, and the last thing owners want is every looky-loo "buyer" who read a book or listened to a podcast traipsing through units and asking personal questions and throwing tenants into confusion about what might be happening to their homes if/when someone new takes over.  Second, it's very time consuming to coordinate someone walking thru 100 units when they don't know if you're going to make a reasonable offer and be able to deliver on it.  

Also, think about it: what if you are a competitor from a neighboring complex trying to scope out the competition and aren't a legit Buyer?