Can I use an attorney instead of a real estate agent for a multifamily purchase?

Yes. In commercial real estate, attorneys routinely handle transactions without broker involvement. Your attorney can draft purchase agreements, negotiate directly with the seller's counsel, manage the closing process, and provide the legal review that a broker does not and cannot provide. The attorney cannot provide brokerage services (showing properties, providing comparative market analyses) but all the legal and closing services are within the attorney's scope.

How do I determine fair market value for a multifamily property without a broker's CMA?

Use multiple data sources: CoStar or LoopNet recent comparable sales (publicly reported, though CoStar requires subscription); Yardi Matrix submarket rent and sale data; public property records for recent arms-length sales of comparable properties (available from county assessor); and your own cap rate analysis based on current rental market benchmarks. The combination of 3-5 confirmed comparable sales and a disciplined income analysis is more reliable than a broker CMA in many cases.

What happens if I find out after closing that the multifamily seller misrepresented the financials?

Your recourse depends on the representations and warranties in your purchase agreement. If the seller made specific representations about income and occupancy and those representations were false, you have a breach of contract claim. The practical challenge is that distressed sellers typically provide minimal representations, which is exactly why you conduct independent verification of financials during diligence rather than relying on seller representations.

Is buying multifamily without a broker legal?

Completely legal. You have no obligation to use a buyer's broker in any commercial real estate transaction. The seller may have a listing broker, but that broker represents the seller and is paid by the seller, your absence of buyer representation does not create any legal issue. In some distressed transactions (receivership sales, bankruptcy 363 sales), direct buyer engagement without broker representation is actually more common than brokered transactions.

How do I handle the due diligence inspection without a broker coordinating access?

Contact the seller or their representative directly to request inspection access and schedule coordination. For receiver-managed properties, contact the receiver's office. For servicer-managed REO, contact the asset manager at the servicer. Be specific about what you need: access dates, number of people in your inspection team, specific units or areas you need to inspect. Bring your own inspection team, inspector, contractor, and environmental consultant, and manage their scheduling directly.

How to Buy Multifamily Real Estate Without