What is a REBNY financial statement? http://www.hauseit.com/sample-rebny-financial-statement/
A REBNY financial statement is used by listing agents and sellers to evaluate and compare the financial strength of potential buyers.
The REBNY statement itself is a personal ‘balance sheet’ or statement of net worth. It asks a potential buyer to provide information about his or her assets (including cash, stocks, and property), liabilities (including mortgages and student loans) as well as monthly income (such as salary, bonuses and dividends) and projected monthly expenses.
Given the strict financial requirements imposed by NYC co-ops during the board application process, REBNY financial statements are most often used when dealing with the purchase and sale of co-op apartments.
How do I complete a REBNY financial statement?
If you are buying a co-op in NYC, you will need to complete a REBNY financial statement. We suggest that you prepare the statement early in your search so that when the time comes to submit an offer you don’t lose out to faster bidders who have already prepared their offer documentation.
Save thousands on your NYC purchase by requesting a buyer broker commission rebate: http://www.hauseit.com/nyc-broker-commission-rebate/
By working with an experienced buyer’s agent, you can request a buyer broker commission rebate and receive professional advice and guidance in preparing your offer documentation, negotiating and completing your board package.
If I am selling, how do I review a buyer’s REBNY financial statement?
As a co-op FSBO seller in NYC, you’ll want to be extra careful in reviewing the REBNY financial statements of prospective buyers. The last thing you want is to sign a contract with a buyer who does not meet the co-op building’s financial requirements.
When reviewing a REBNY financial statement, be sure to check the prospective buyer’s monthly debt to income ratio and liquid net worth. Many co-ops have specific targets for post-closing liquidity and the percentage of housing expense relative to income.
What are some tips for selling a co-op in NYC without a broker? http://www.hauseit.com/tips-selling-a-coop-in-nyc-without-realtor/
