Rebny Financial Statement: Fill & Download for Free

What is a REBNY financial statement? http://www.hauseit.com/sample-rebny-financial-statement/A REBNY financial statement is used by listing agents and sellers to evaluate and compare the financial strength of potential buyers.The REBNY statement itself is a personal ‘balance sheet’ or statement of net worth. It asks a potential buyer to provide information about his or her assets (including cash, stocks, and property), liabilities (including mortgages and student loans) as well as monthly income (such as salary, bonuses and dividends) and projected monthly expenses.Given the strict financial requirements imposed by NYC co-ops during the board application process, REBNY financial statements are most often used when dealing with the purchase and sale of co-op apartments.How do I complete a REBNY financial statement?If you are buying a co-op in NYC, you will need to complete a REBNY financial statement. We suggest that you prepare the statement early in your search so that when the time comes to submit an offer you don’t lose out to faster bidders who have already prepared their offer documentation.Save thousands on your NYC purchase by requesting a buyer broker commission rebate: http://www.hauseit.com/nyc-broker-commission-rebate/By working with an experienced buyer’s agent, you can request a buyer broker commission rebate and receive professional advice and guidance in preparing your offer documentation, negotiating and completing your board package.If I am selling, how do I review a buyer’s REBNY financial statement?As a co-op FSBO seller in NYC, you’ll want to be extra careful in reviewing the REBNY financial statements of prospective buyers. The last thing you want is to sign a contract with a buyer who does not meet the co-op building’s financial requirements.When reviewing a REBNY financial statement, be sure to check the prospective buyer’s monthly debt to income ratio and liquid net worth. Many co-ops have specific targets for post-closing liquidity and the percentage of housing expense relative to income.What are some tips for selling a co-op in NYC without a broker? http://www.hauseit.com/tips-selling-a-coop-in-nyc-without-realtor/Ready to submit an offer? Save thousands by requesting a NYC buyer closing credit:

The timing and difficulty of the board approval process for a coop in NYC depends on the actual building, however in all cases the first step towards approval is to submit a thorough and comprehensive board package (purchase application).Although the board package applications vary by building, all coops use the application as a means of reviewing your finances to ensure that you not only can afford to buy the apartment initially but also afford to pay for the ongoing ownership of the unit (monthly maintenance and mortgage) over time. Most board applications will require buyers to fill out a financial statement which is very similar to the REBNY financial statement used when submitting an offer on a coop in NYC.Coops also use the board approval process to qualitatively vet applications in order to make sure they will be a good fit for and ongoing contributor to the coop community.Because the risk of a board rejection is very real for coops, it’s critical that you work with an experienced buyer’s agent who also offers you NYC buyer closing credit. You’ll benefit by receiving a cash back rebate at closing and ensuring that your board package is professional prepared, thereby minimizing your chances of rejection.How does a NYC Buyer Closing Credit Work?A NYC Buyer Agent Rebate can Reduce your NYC Buyer Closing Costs:When is a purchase application submitted?Your buyer’s agent will submit your purchase application after you’ve signed a contract on your coop purchase. If you are financing the purchase, you won’t be able to submit your board application until the mortgage application is complete and you’ve received a commitment letter, copy of your loan application as well as the Aztech recognition agreements pertaining to your sale.What happens after I submit my application?After your application is submitted, it will initially be scrutinized by the coop’s managing agent before being forwarded to the board. Because board package errors can be costly and cause delays, it’s highly suggested you review these tips for preparing a NYC coop purchase application.Save when Buying and Selling in NYC with Hauseit:

As soon as you start searching for a NYC property online, you will be flooded with sales pitches from buyer’s agents. Therefore, you don’t actually need to ‘find’ a good real estate broker (buyer’s agent) because the most successful ones will find you.Given the complexity of buying real estate in NYC, having a buyer’s agent can be especially valuable. An experienced agent can assist you with pricing analysis, preparing and submitting an offer (i.e. completing a REBNY financial statement) as well as preparing a NYC coop board purchase application.But don’t be surprised if not one of the buyers’ agents who contacts you has the courtesy to offer you a NYC buyer closing credit which would save you thousands of dollars on your property purchase in NYC.In fact, many of the most common NYC real estate agent lies relate to buyers’ agents denial that broker rebates they exist, claims that they are illegal (despite rebates being fully legal and supported by New York’s attorney general) or the outright refusal to offer one to buyers. Sadly, due to these lies and misinformation most NYC home buyers never realize what they are missing out on.Fortunately, we’ve made the process of requesting a NYC buyer closing credit very simple.Read the Full Article: How do I get a buyer agent rebate in NYC?