How to check if an off market deal is deliverable and not daisy chained?
I'm asking for a broker (with no reddit account) representing several large US multifamily buyers. 

He gets off market deals from other brokers. They say that they are direct to seller. When the buyer asks for current RR etc, and those brokers can't get the info, he understands that they can't deliver the deal. But then the buyer isn't happy... 

In the US, what would be the best ways to find out upfront if a broker can really deliver an off market deal that he has?
Or ways to find out if he's really direct with the seller and not daisy chaining?
[{"id": "ghbtvgl", "text": "Sounds like you need a different broker", "replies": [], "depth": 1}, {"id": "ghbwmyh", "text": "Not sure what \u201cdaisy chained\u201d means so can\u2019t touch on that, but extreme discretion with info is often the nature of off-market activity.  \n\nThere\u2019s a reason the deal isn\u2019t on the market - if the seller were willing to share due diligence with everyone that asked, they\u2019d likely just list the property and run a full marketing process.  The broker probably wants to know how real the buyer is because he/she only has one or two shots to sell the thing.\n\nYou also have to understand that the broker with the off-market deals has almost no incentive to share info with another broker.  It\u2019s his/her relationship with the owner, and they\u2019re likely not going to voluntarily split a fee or co-op with an outside broker who may or may not perform. \n\nBuyers are liars, as the adage goes.", "replies": [{"id": "ghc0b64", "text": "I know the daisy chain term from dealing with residential RE wholesalers (the \"we buy houses\" unlicensed real estate agents basically). A daisychained deal is an offmarket deal that's been passed from one wholesaler to another until there are several different contracts all stacked up on top of eachother.  It gets messy and expensive, especially if the original seller realizes what is happening.", "replies": [{"id": "ghc0zq5", "text": "Gotcha.  Haven\u2019t run into that in the multi family/commercial realm but that makes sense.", "replies": [{"id": "ghc90dh", "text": "It's because they rarely close and are a waste of time.  Lots of Bulk REO tapes in 2009.", "replies": [], "depth": 4}, {"id": "ghd59cd", "text": "I can\u2019t recall ever seeing a CRE property wholesaled like on the resi side(I\u2019ve only worked in CRE since 2011), but I see a lot of people advertising that they\u2019ve got off market deals when in reality they heard about it from a broker, that heard it from a broker, that heard about it from a broker. Sometime they\u2019ll have some outdated financials to flaunt, but when it comes down to it they\u2019re not able to make the intro. Their goal is to shake someone down for a fee along the way.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ghbzjfp", "text": "The best way I deal with this is by giving an LOI with a cap rate range and POF. That usually makes the seller understand we are serious.", "replies": [], "depth": 1}, {"id": "ghcqqde", "text": "1)  If the property meets the buyer\u2019s acquisition criteria (which the buyer\u2019s broker should have a good feel for if he\u2019s looking for deals for them), then the buyer is always going to ask for the financials. With that in mind, The buyer\u2019s broker can ask for the financials (and get them) before he even brings the deal to his buyer. That\u2019s part of his job, to filter and vet opps before wasting his client\u2019s time.\n\n2) If the broker claiming to rep the seller isn\u2019t able to deliver the financials, maybe it\u2019s because that broker is in over their head. They know of the opportunity but aren\u2019t capable / don\u2019t have a strong enough relationship /  don\u2019t have enough credibility with the seller to get this information. The buyer\u2019s broker can offer to call the seller direct and (if they know what they\u2019re doing) they\u2019ll be able to assess what the hold up is and if there\u2019s an opportunity or if there never was. And still pay the \u201cseller\u2019s\u201d rep (using the term loosely) either half the fee or a referral fee for bringing the deal. That way they have a shot at making a fee rather than no fee at all if the deal never happened.\n\n3) Maybe the seller rep\u2019s don\u2019t believe that the buyer rep / his prospective buyers can get a deal done, in that case they\u2019re probably deliberately not sending or trying to obtain the info from the seller. If this is the case, see some of the other suggestions on this thread.", "replies": [], "depth": 1}, {"id": "ghd4mp3", "text": "I run into this from time to time on the debt brokerage side. At any given time I have a short list of very qualified buyers that are seriously hunting for properties, so I always keep an ear to the ground for off market deals. \n\nWhenever I\u2019m hearing of a deal from a broker that I don\u2019t know, the best test I\u2019ve found is whether or not they can provide a current RR and TTM. If they\u2019re in direct contact but can\u2019t provide current info or answer basic questions about the deal, that should be a huge red flag.", "replies": [{"id": "gin6e7x", "text": "Bridge lender here - it\u2019s even simpler to see if they\u2019re real as a broker (both debt and sales); do they have their own domain name?\n\nIf they\u2019re using a gmail or yahoo address - 99% of the time it\u2019s a waste of my time.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ghetjuc", "text": "I've seen this more than once where the sellers \"broker\" is repackaging someone else's listing with or without a co-op agreement. A quick google search of the address and property name located the listing broker, often a larger shop, who could provide access to the deal room with an NDA.", "replies": [], "depth": 1}, {"id": "ghgp3ke", "text": "Thanks everyone for the comments and the ideas. I have shown them to the broker. Thanks!", "replies": [], "depth": 1}, {"id": "ghuvjts", "text": "Can depend a lot on the market you are in", "replies": [], "depth": 1}]