REBNY Financial Statement
Before making an offer on an NYC home or preparing a board package for a condo or co-op, it’s crucial to ensure that your financial situation is solid. Typically, a REBNY financial statement is required to achieve this, which needs to be submitted with your offer or board package. Sellers and real estate agents use this form to confirm your financial capacity to make the offer, pass the board, and complete the deal for a Condo or Co-op resale. Alternatively, you may use the Submit Offer Form to make an offer.
How to Use Our REBNY Form Filler & Calculator
Use the fields below to enter your assets, annual liabilities, monthly income, and projected expenses. If purchasing jointly, please also use fields for the co-applicant. Once all your information is entered, our calculator will estimate your total amounts, quickly populate the financial statement form, and generate a PDF via email or download that you can attach to an 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 once you download or receive the statement via email. Privacy Policy
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What is a 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, thereby fortifying your application.
An In-depth Exploration
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, spanning 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 alike. 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.
Navigating Success
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.
Financial Statement Sample PDF Template
Download the REBNY financial statement PDF and start planning for your purchase.