What Is the Purpose of a REBNY Financial Statement in NYC Real Estate?

Nick at Hauseit (https://www.hauseit.com) explains why home buyers in NYC are often asked to submit a REBNY Financial Statement as part of an offer. Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
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Full Blog Post: https://www.hauseit.com/sample-rebny-financial-statement/

If you’re buying a co-op in NYC, you’ve likely been asked to fill one out a REBNY Financial Statement. This document tells the seller whether you have a sufficient debt-to-income ratio for the building and whether you have a sufficient post-closing liquidity reserve in line with the co-op’s specific requirements.

These are co-op specific requirements, so you are usually only asked to fill out a REBNY Financial Statement if you’re buying a co-op. However, listing agents often request it even for a condo or a townhouse. But in the latter two instances it is much more common to be asked to submit a ‘Submit Offer Form’ along with your offer terms as opposed to a REBNY Financial Statement.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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