Disclosing FInancials

Is this co-op or condo? Is the apt multi millions or a few hundred thousand? If I was the seller I would want to make sure who ever makes offer has sufficient assets so I don't waste time with offers that may not be able to complete.

Hi Hillhead, yes, it is standard to disclose financials up front when buying an apartment (both co-op and condo). There is an industry standard financial statement that should be provided by the seller's agent that will ask you to set forth your assets, liabilities and income to enable the seller and their agent to do some preliminary underwriting on you as a buyer to ensure that you will be able to get your loan (if you are financing) and pass the co-op board (if it's a co-op). If you are paying all cash, you should be able to get away with just providing proof of funds and not a full-blown financial statement, but I have had some agents request that my cash buyers provide a financial statement, as well.

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com

Hi Hillhead, there's another SE thread on this topic: http://streeteasy.com/talk/discussion/31637-rebny-financial-form-required-to-make-an-offer

And here's a thread on the REBNY financial statement itself and where you can download an Excel or PDF version: http://streeteasy.com/talk/discussion/42205-excel-rebny-financial-statement

With that said, I think it's pretty unusual and demanding to ask for your personal financial statement before even submitting an offer. If you're submitting an offer, especially if it's a co-op, then yes it's normal to include.

Why no buyer's broker?

Hillhead, it's definitely aggressive and a bit overly demanding behavior on the listing agent's part since you haven't even indicated that you will submit an offer. However, it's not unheard of especially if you've had conversations with the listing agent and demonstrated serious interest. This is a good article that explains what this standard REBNY financial statement is and how to download a copy: https://www.hauseit.com/sample-rebny-financial-statement/

Yes, I think it's pretty standard for agents to ask for financials at some point before your offer is submitted to a seller. After all, your financials are a critical component of any offer in the event you are buying a co-op.

For a condo, your financials are definitely less important but the agent still obviously wants to make sure you can afford to close on the unit!

You should enlist a trusted buyer agent to act on your behalf. Much to gain. Nothing to lose. Seller's agent works for the seller.

This is pretty standard. The seller and their agent want to make sure they are dealing with someone who has a good chance of getting to the closing table in a reasonable amount of time. Consider this the preliminary round of tests before lenders and boards get involved. You should seriously engage the help of a buyers broker - someone to negotiate on your behalf and assist with the preparation of the board package.