If you’ve purchased property in New York in the past, you’ve probably heard of the REBNY financial statement.
The statement, which is a balance-sheet style description of a purchaser’s assets, liabilities, and income, has become a standard document that accompanies offers to buy property. Buyers include information on what they own (real estate, stocks, retirement accounts, etc.), what they owe (mortgages, student loan debt, etc.), and their income.
Is the REBNY Financial Statement required?
No, but serious buyers will always submit it along with their offer. New York real estate is competitive, and submitting the statement alongside an offer has become the industry standard. Sellers want to evaluate a potential purchaser’s financial ability to buy the property, and the REBNY statement allows them to do that.
Serious buyers will always submit the statement along with their offer. That’s why it’s important to complete the statement early in your home buying process — get it out of the way so that when you’re ready to make an offer, you’ll have the REBNY statement ready to send for the seller to review.
Where can I get the REBNY Financial Statement?
Contact us and we’ll get you started and walk you through the form. It’s not difficult to complete, but it can take some time — particularly if you have complicated assets.