Documents needed to submit an offer?

If they feel that the building's board may be unusually tough could be a reason.

While a broker has to submit all offers to the seller - with or without documents - it is customary that a co-op offer comes with additional documentation so that the seller can make a determination as to whether or not the prospective buyer would be acceptable to the co-op board.

WIth condominium deals this is less common although many sellers want to have some "proof of funds" for cash-offers (such as a bank reference letter) or, in the case of a mortgage contingency additional financial details to determine the probability that a mortgage is granted by the lender.

The closer you are to the qualification line, the more you should submit.

it is very upsetting to disclose everything at the offer level. The broker should understand that. In some situation, I would refuse to do it. I would submit a general balance sheet rather than all the confidential documents.

In the vast majority of Manhattan coops, a financial summary is sufficient to submit with an offer. It is a one-page form that is a snapshot of your finances and gives a seller some idea of your financial wherewithall and how the board might see your candidacy. All the documentation usually comes when you prepare the board package after the contract is signed. Again, this is in general--there can always be exceptions since none of this is written in some guidebook everyone is required to follow.

kylewest-on a different topic-would you buy in Miami now, or has it gotten out of control? Looking to buy 2br and rent it. Looking to keep it for 10-20 yrs, and then perhaps ise it ourselves.

KW is right that usually it's just a REBNY form, but I think that's partly based on the assumption that you had a buyer's broker help you fill out the REBNY form and go over the documentation, or that you came to that buyer's broker through referral, so somewhere in the chain there's a sense that you are of good character and not going to lie if you fill out the form yourself.

Because you are not using a buyer's broker, the seller's broker - who probably just met you because you walked into an open house -- now has to do the due diligence on you that you are "financially qualified."

That means different things to different brokers (and in different buildings) but asking for tax returns and bank statements isn't unheard of.

ali r.
DG Neary Realty

mym: I don't know the first thing about Florida RE. As a general principal, unless RE is your business, I think residential RE is for living in and the markets are for investing. But that's just me. Any sound investment plan, though, should include the counsel of a trusted, independent financial planner.