What is the best way to procure financial information from a seller?
I work a lot with off market sellers and buyer and sometimes I have to reverse engineer pro formas to find basis where financial-information could be useful. Would it best just to ask, to send a signed NDA, use a non-binding LOI via the buyer to have them open up, etc? Just interested in brokerage techniques to get past this hurdle I sometimes run into.
[{"id": "i5jxh8w", "text": "Open up what? \n\nAre you talking about t-12 and comps? Just ask the broker for that they should give it to you", "replies": [{"id": "i5jy6kg", "text": "I\u2019m talking about from the seller directly not the broker", "replies": [{"id": "i5k165a", "text": "Ya just ask the seller directly for any info you need", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i5ki5h0", "text": "If the seller isn\u2019t providing info they aren\u2019t a real seller, or they aren\u2019t being honest. Probably a time waster.", "replies": [], "depth": 1}, {"id": "i5kk1e4", "text": "We do MF, so not sure if it works differently with other industries, but we just ask the seller's agent for it. They shoot us an CA (confidentiality agreement), we sign it, and then we get their T-12, rent roll, etc. Pretty fast and easy.", "replies": [{"id": "i5kk7ks", "text": "Asking more from the perspective as the sole broker but thanks for the response.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i5knfqt", "text": "Are you a buyer?  Or broker representing buyers?  Big difference.", "replies": [{"id": "i5knivj", "text": "Broker soliciting off market deals to bring to buyers I work with.", "replies": [{"id": "i5mliiq", "text": "As mentioned above, be straightforward &amp; direct with ownership. I'm working on an off-market warehouse right now; we got the door open (access to property financials) by providing our buyers proof of funds/ financials to show we were serious. The deal eventually fell through because of zoning. But this transitioned into a LL rep opportunity. When we initially called ownership, they weren't too fond on selling - but we threw a few numbers in front of them &amp; they were intrigued to continue the conversation. Some owners either don't want to sell whatsoever, or only sell at an absurd #. Definitely need to vet ownership so you're not wasting time.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i5m2sww", "text": "Make an offer and make it contingent on specific due diligence data being received and determined to be acceptable.", "replies": [], "depth": 1}]