WHAT AM I REALLY BUYING? I NEED YOUR ADVICE!

[Robert Slatkin]

Hello BiggerPockets community. It's been a long time since I've posted, so bear with me... I'm a little rusty.

I'm under contract to purchase a multi-unit property in the Richmond Virginia area. I live in Northern Virginia, about a two hour drive away from the property.

The Seller and I are each represented by a Real Estate Agent (My Agent specifically represent me as a buyer's agent). I am in a due diligence period, and can continue with the transaction or walk away at my discretion. There are several issues;

1. I'm dealing with a bitter Seller.

This opportunity came about when the initial contract fell out because of Buyer financing problems. My contract is for much less then that initial purchase contract, and I believe the owner is upset about it and not being cooperative. Additionally, the seller was not honest about the rents being collected, and has provided no leases or information about the property whatsoever.

2. Zoned Duplex / Coded Triplex

According to the County, the property is zoned for a duplex, but I've been told it has been rented out as a Triplex for many years. The County also stated that the property is "coded" for a Triplex. The best explanation I could get from them is that the property has been taxed as a Triplex. Also, there are three separate utility meters at the property. So I'm not quite sure whether to consider this property a duplex or a Triplex. To me, whether or not it is a LEGAL Triplex or not, makes a significant difference in its value. This leads to the next issue...

3. No Info or Cooperation from Seller

The property is currently vacant, and I am told by the Seller, has been since December 2016. The County had also informed me that if the property has been vacant for two years or more, no matter what the status is currently, it reverts back to a duplex. I do not trust what the Sellers are telling me, but it is extremely important for me to know this information. And... This leads to the next problem... My Real Estate Agent does not even want to approach the Sellers to ask for things (and risk appearing disagreeable), like asking if they had a property manager, and if so, who was the property manager.

4. Issues With my Exclusive Buyer’s Agent (just my Agent on this transaction)

My Agent is honest, a very good person, has worked very hard, but is not aggressive enough to protect my interests. The seller has lied about financial specifics, has not delivered documents as promised, and is not acting in good faith. This is not an "as is" sale.

What documents would you guys expect from a Seller as part of your due diligence?

My agent does not want to ruffle any feathers and wants to keep everything "agreeable." The problem is I am not getting the necessary information, and everything I need to make my best decision and protect myself going forward. He refuses to demand that they perform in good faith, instead telling me about all the time he has spent on my behalf trying to make the deal work, seeming to be misdirecting (at least to me) his anger and/or frustration regarding the transaction.

Now, my agent is telling me that the Sellers "don't want to be bothered anymore by me" and he is suggesting that I just withdraw from the transaction.

IF this is a Duplex, the amount being paid for the property is comparatively a little high. But strictly looking at cash flow based on expected rents, the numbers are still on the positive side and are okay. If it is a Triplex, this is a great deal.

So, thank you for taking the time to read my long post!  I would appreciate your advice.