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WTF Wednesday: What is a REBNY financial statement used for?

A REBNY financial statement is used by listing agents and sellers to evaluate and compare the financial strength of potential buyers. Think of t as a personal ‘balance sheet’ or statement of net worth. It will ask a potential buyer to provide information about his or her assets (cash, stocks, property, etc.), liabilities (mortgages, student loans, etc.) as well as monthly income (salary, bonuses, dividends, etc.) and projected monthly expenses. Because NYC co-ops have strict financial requirements , REBNY financial statements are most often used when dealing with the purchase and sale of co-op apartments but some condo listing agents may ask to see a statement also at the time an offer is being submitted to ensure that as a buyer you are qualified. If you are looking to purchase it’s good practice for your broker to ask you to fill out a financial statement even prior to looking so that you and your broker are on the same page as to affordability and qualification. Working with an experienced buyer’s agent m will help ensure that you are fully informed about the nuances and different requirements for each co-op before you’ve invested too much time in something which may not be the right fit.

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