Must Haves For Serious Buyers
It takes a lot of work to buy in NYC. Finding something you can afford is difficult enough, but you also need some paperwork in order to be ready when you find it.
REBNY Financial Sheet
The Real Estate Board of New York has a standardized form for submitting your qualification to buy. The 4 main sections include Assets, Liabilities, Income, and Expenses.
Once your buyer’s agent has been able to review these numbers he/she will be able to give you a real world opinion on what you can afford in New York.
Since every buyer’s situation is different it is difficult to generalize so it is best to have representation that will go over your information and present you in the best light.
Pre-Approval Letter or Proof of Funds
In this day and age almost all of the work can be done online. Getting your Pre-Approval should be fairly quick and painless with most banks offering online paperwork submission and no need to go to an office.
Once you have a Pre-Approval you now have an idea of how much you can shop for. You can’t go to the mall without a credit card.
If you are buying “All Cash” then your will need to provide a Proof of Funds. This can be a bank or Brokerage Statement or a CPA letter stating your ability to fund the sale.
With these 2 documents your Broker/Agent will be able to present your offer and move on to Negotiations.
Written by Thomas Rainey, the Uptown Man
If you have any further questions reach out to me at (347) 239-3117 or at Thomas@BizzarroAgency.com and I’ll guide you through the process.