Realtor wants a P&S before sending financials on a rental

[Scott Justason]

I need a quick answer if anybodys looking. I found a 24 unit property in Waterloo Iowa and sent a message to the realtor requesting financial packet. Just got a reply today and she tells me ;

"Hello Scott,
Seller require a purchase agreement "subject to" buyer approval of rent roll information or letter of pre-qualification be submitted, at a minimum. How would you like to proceed? ?"

I may be new, but I don't recall anyone wanting a P&S just to get some information. What would you do? Walk? run? It just doesn't seem smart to me from a realtor standpoint. Also hard to believe a good realtor would respond this way. Maybe I shouldn't work with this realtor either?

[Jeremy Tillotson]

@Scott Justason one way to respond and cover your butt would to be put the stated cap rate as part of the offer, the cap rate is never what is advertised and then you may have legal room to lower the price. IE seller agrees to sell the property at a currently performing cap rate of 8%. Then u find items in your DD that dramatically lower the price. I have done that before. Not a lawyer so no legal advice.