We are not surprised. All offers submitted to a listing agent with or without a REBNY financial form are required to be submitted to the seller. If you want your offer to be taken seriously then for the most part the answer is that yes it is probably required to complete the REBNY Financial Statement. The form is used by sellers and listing brokerage firms to evaluate the relative strength of offers to determine who is best financially qualified and most likely to pass the co-op board if applicable. Given that the majority of New York City apartment inventory is co-op apartments, it is extremely likely that you'll be asked for this statement.
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Our Discretion, Your Advantage Our traditional partner brokers never openly discount which means less disruption and better execution for you. Learn More. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided.
Your email address will not be published. These financial requirements usually consist of the debt-to-income ratio and post-closing liquidity. Download an Excel Template. Download a PDF Template. Table of Contents:. What Is a Rebny Financial Statement? Almost always. Many listing agents for both condos and co-ops will ask you to complete a submit offer form , which is a slightly less detailed financial statement compared to the REBNY Financial Statement. The main difference between the submit offer form and the REBNY Financial Statement is that the latter has an additional schedule which asks you to group and itemize your assets and liabilities.
The liabilities section of the REBNY Financial Statement asks you to include any outstanding debts, such as car payments, student loan payments, outstanding credit card debt or other mortgage balances.
If you are applying with a significant other, you can divide the mortgage and maintenance figures equally between each other. Projected expenses are meant to be forward looking and be reflective of your apartment purchase, as this will the listing agent and seller to forecast your debt-to-income ratio. Leave a Comment Cancel Reply Your email address will not be published.
A Guide to the REBNY Financial Statement Form
SignNow's web-based application is specially developed to simplify the management of workflow and enhance the entire process of qualified document management. Use this step-by-step guide to complete the Rebny financial statement form swiftly and with excellent accuracy. By making use of SignNow's complete service, you're able to complete any necessary edits to Rebny financial statement form, make your personalized electronic signature within a couple fast steps, and streamline your workflow without leaving your browser. Find a suitable template on the Internet.
REBNY Financial Statement - What Is It And Why Do You Need It?
While the REBNY Financial Statement is used primarily while applying for a cooperative "co-op" apartment, it can be used when submitting offers to other types of apartments as well. Remember, the majority of apartments available for sale in New York City are in co-op buildings, and unless you're buying a sponsor unit, it is standard for co-op boards to expect this form. As you may know already, the approval process for purchasing in a co-op building is significantly more intensive than if you were purchasing an apartment in a condo building, and one of the main difference and headache of buying a co-op in New York City is the board application and approval process. Specifically, the REBNY financial statement is used to evaluate the financial strength and ability of a purchaser. While the REBNY financial statement is not required by law, the financial statement is used by the entire NYC real estate industry, including management companies, real estate agents, sellers, and condo and co-op broads.
Sample REBNY Financial Statement
Our Discretion, Your Advantage Our traditional partner brokers never openly discount which means less disruption and better execution for you. Learn More. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. Your email address will not be published. These financial requirements usually consist of the debt-to-income ratio and post-closing liquidity.
REBNY Financial Statement Template - Downloadable 2020
Yoreevo has a template you can access here. Feel free to copy it and play around with it. Here you'll list everything you own and everything you owe. The blank statement can be overwhelming but don't worry, you won't touch most it. Cash, investments, real estate and retirement savings are the most commonly listed assets. Mortgages on other properties and student debt usually round out the liabilities section, if there's anything at all.