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REBNY Financial Statement

REBNY Financial Statement

REBNY Financial Statement Fillable Form Calculator

With a completed REBNY financial statement, you can increase your chances of getting your offer accepted or approved by an NYC co-op or condo seller and board. Our user-friendly calculator helps you quickly and easily complete the fillable PDF form.

Enter your assets, annual liabilities, monthly income, and projected expenses. For joint purchases, include your co-applicants information in the designated fields. Once you’ve entered your details, the calculator will estimate your totals, automatically populate the REBNY financial statement, and generate a downloadable PDF you can submit with your offer or provide to your real estate agent.

PRIVACY NOTICE: ELIKA Real Estate does not collect, store, or sell your data. Also, entry fields for your name, address, and bank account numbers are not required. Alternatively, you can enter this information via email once you download or receive the statement. Privacy Policy

Assets Carefully itemize and list all your liquid (cash, stocks, bonds, and properties, etc.) and non-liquid assets ( sep IRA, 401K, etc.)
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CO-APPLICANT
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Liabilities Carefully Itemize and list all of your liabilities on an annual basis (loans, mortgages, car payments etc.)
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SOURCE OF INCOME (MONTHLY) Enter your income and any co-applicant’s income. You will need to be specific here and include you monthly salary and include overtime, bonus or commission earned monthly. Also include other income when applicable.
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CONTINGENT LIABILITIES
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GENERAL INFORMATION This section is to include your bank details and account numbers, if you feel uncomfortable doing so please leave blank and enter the information into the PDF generated.
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CO-APPLICANT
PROJECTED EXPENSES / MONTHLY This section includes the cost if you are approved for and end up purchasing the subject property. The expenses vary depending on the property you plan to purchase. The expenses include monthly common charges and maintenance fees, as well as the projected mortgage loan payments for the property and other monthly expenses.
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SCHEDULE OF BONDS AND STOCKS
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SCHEDULE OF REAL ESTATE
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SCHEDULE OF NOTES PAYABLE
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Summary

APPLICANT
CO-APPLICANT
COMBINED
Total Assets
$0
$0
$0
Total Liabilities
$0
$0
$0
Total Net Worth
$0
$0
Total Source of Income
$0
$0
Total Projected Expenses / Monthly
$0

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Table of Contents
  1. Master the REBNY Financial Statement
  2. REBNY Financial Statement Sample 
  3. REBNY Financial Statement Sample 

Master the REBNY Financial Statement

The REBNY Financial Statement, by the Real Estate Board of New York (REBNY), is a standardized format pivotal in NYC real estate dealings, particularly in co-op and condo purchases. It is a concise financial snapshot condensed into a user-friendly two-page format like a traditional balance sheet.

Why it Matters

In NYC, co-op boards are notorious for their scrutiny. Central to their assessment is your financial stability. The REBNY Financial Statement is a transparent window into your financial standing, enabling the board to evaluate your capacity to manage ongoing expenses such as maintenance fees and mortgage payments. By delineating your assets, liabilities, income, and expenses, you exhibit financial responsibility and adept debt management, fortifying your application.

An In-depth Financial Analysis

Understanding each REBNY financial statement section is pivotal for buyers and sellers. Let’s delve into the crucial components and their implications on the buying and selling dynamics:

  • Asset Evaluation: This section furnishes a comprehensive inventory of the buyer’s assets, from liquid funds to tangible investments. For sellers, ensuring adequate liquid assets to cover essential expenses such as down payments and closing costs is imperative, safeguarding against potential post-sale financial hurdles.
  • Liability Disclosure: The cornerstone of this section is the transparent revelation of outstanding debts and corresponding monthly obligations. Sellers rely on this data to gauge the buyer’s debt management capabilities, mitigating the risk of unforeseen financial strain impacting the transaction.
  • Income Examination: Detailed documentation of the buyer’s income sources, including salaries, bonuses, and supplementary earnings, offers valuable insights into their financial stability. Understanding the buyer’s Debt-to-Income Ratio (DTI) empowers sellers to evaluate affordability and the buyer’s capacity to meet ongoing financial commitments.
  • Projected Expenditures: Anticipating future expenses, such as monthly maintenance and mortgage costs, gives sellers a holistic view of the buyer’s financial obligations post-purchase. Buyers demonstrate foresight and financial preparedness by accurately projecting recurring expenditures, instilling confidence in sellers throughout the transaction process.

Empowering Buyers for Success

Given the competitive nature of NYC properties, equipping buyers with a completed REBNY financial statement is strategic. By proactively organizing financial documentation, buyers position themselves as serious contenders, enhancing their chances of securing their desired property.

Evaluating Buyer Viability

For sellers, the REBNY financial statement is indispensable for assessing buyer viability and mitigating financial risks. Focusing on key metrics such as Debt-to-Income Ratio, income stability, and liquid net worth enables sellers to make informed decisions, fostering a smoother transaction process and minimizing the likelihood of unexpected setbacks.

Streamlined and Informative

The standardized REBNY format streamlines the financial disclosure process for applicants and co-op boards. Its two-page structure ensures clarity and ease of comprehension. Additionally, the format incorporates elements of both a balance sheet and an income statement, providing a comprehensive overview of your financial standing. This allows the co-op board to calculate your debt-to-income ratio, a crucial metric that gauges your ability to manage debt obligations relative to your income.

Completing the Financial Statement

Completing a REBNY financial statement is pivotal. It fosters trust, streamlines transactions, and enhances successful property dealings. The statement promotes transparency, aids informed decisions and a robust market, and empowers buyers and sellers to navigate complexities confidently.

The Bottom Line

While it’s understandable to feel hesitant about sharing personal information when filling out a REBNY financial statement, it’s an inevitable aspect of purchasing a co-op or condo resale. Sellers (and co-op boards) value well-prepared buyers who understand the process. Submitting a fully completed REBNY financial statement as part of your initial offer is a proactive step, demonstrating your financial qualifications immediately.

REBNY Financial Statement Sample 

Download the REBNY financial statement PDF and start planning for your purchase.

REBNY Financial Statement Sample 

Download the REBNY financial statement PDF and start planning for your purchase.

Downloadable Sample