Information Given Before and After Offer Letter
I am contacting listing agents and requesting information to evaluate the properties. I have one listing agent who is saying the owner won't release rent rolls, leases, and other information until I send an offer.

Is there a list of information that is generally given before offer and after offer or am I just dealing with a difficult seller / listing agent
[{"id": "g3vw4s0", "text": "Relatively common. Unless you\u2019re a broker who has some clout or info to share, I wouldnt expect the listing broker to do your homework for you. You should be able to base a first offer on market comps/cap rates and request the rent roll in an LOI.", "replies": [{"id": "g3xfoch", "text": "Ok, this helps. Thank you very much", "replies": [], "depth": 2}], "depth": 1}, {"id": "g3w13ia", "text": "Since the property is listed are they at least providing a pro-forma operating statement for you to base an offer? Usually there is something very high level in the OM. I agree with the other comment, unless you are \"known\" you typically wouldn't get much more than this prior to an offer/LOI.", "replies": [{"id": "g3xg583", "text": "They are providing a pro-forma but the information doesn't seem all together or not very well organized. They provided more information than expected but its mislabeled or not recent (listed for more than 6 months, no recent information of last six months and I hear there are issues with COVID)\n\nI guess I am hesitant about sending the offer. It sounds like there have been offers before which fell through for one reason or another and the seller isn't getting their price. They are asking for 5+% EMD which seems high and these other issues are making me more hesitant. I also haven't found an agent/broker for my team so should probably do that first before proceeding so I won't be pushed around by the seller's agent.\n\nWhat is OM?", "replies": [{"id": "g3yvgl9", "text": "OM = Offering Memorandum or marketing brochure with some high-level financials. From what you are describing I wonder if the agent has an exclusive on the property or has one that is expiring - she/he doesn't sound excited to get into a deal cycle. I look for a broker with experience (1.) specific to the product type (e.g. grocery anchored retail) (2.) in the specific market and (3.) can show their direct involvement in buy/sell deals (not leases!) closed in the last few years. I've found that experience, defined only by 1-3 above, is the best indicator.", "replies": [{"id": "g3zr2ok", "text": "This is really helpful. I am going to save this to come back to.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "g3yruwx", "text": "I've never had an issue getting the rent roll and actual T-12, even with brokers I've never met. I usually just send a simple email saying I might be interested and ask for the rent roll and T-12.  Maybe it varies by region.\n\nI wouldn't waste your time on it since you're already seeing red flags.  You could always put in an LOI to get access to the docs, then back out or retrade after reviewing.", "replies": [{"id": "g40cjrx", "text": "Is the LOI or Offer Letter where I'm supposed to put contingencies or is that in the purchase agreement?\n\nWhat do you mean to 'retrade'?", "replies": [{"id": "g410763", "text": "Contingencies would go in the LOI, the PSA (purchase sale agreement) is typically signed after these are extinguished. \"Retrade\" typically means that you adjust the terms, usually price, any time post-LOI before close. I've seen this happen at the closing table. The view on this depends on the side of the table you sit on, sellers would like to tell you its unethical buyers may consider it part of the process. In practice, if pricing in the LOI is based on a CAP rate it's not that difficult to imagine that during due diligence newly found expenses or side letters in leases would have an effect on the math. I bumped into a broker in the midwest still mad about a price reduction necessitated by the \"new\" cooling tower needing replacement, and the morality of our retrade.", "replies": [], "depth": 3}, {"id": "g41bf89", "text": "Keep the LOI as simple as possible. It's non binding (make sure that's in there). You should include a clause stating that the seller will provide a current rent roll and an up-to-date T-12.\n\nRetrade means renegotiate.  Generally speaking, you don't want to get a reputation as somebody who renegotiates after getting a property under LOI because brokers won't want to work with you, but in this case it's justified.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]