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What is a REBNY financial?

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    The Wheelock Team at Keller Williams New York City is here to provide level ten service to clients in every price point. They understand that buying or selling a home is a big and sometimes overwhelming process, therefore their number one priority is making the entire transaction as easy and stress-free as possible.

    What is a REBNY financial?

    The REBNY financial statement is basically your assets and your liabilities.

    When we’re looking at co-ops, co-ops are going to be a little bit more strict. They’re going to want to make sure that your debt-to-income ratio is going to be about 25%. And they’re going to want to make sure that you have at least 1 year (some require more) of post close liquidity. 

    That’s really what this is for, so that they can make sure, and the seller can make sure that you are not only financially qualified to purchase the apartment, but they’re also going to want to make sure that you’re going to get approved by the building. 

    We’re going to start at the top.

    It’s pretty self-explanatory. You’re going to want to put your cash, under cash in banks. It’s going to go through your 401(k). Please make sure that when you are filling in any life insurance, it’s just what the cash out value is today. It’s not what the total of your life insurance is. It’s just the cash value. Also, your stocks, your bonds, things like that. On the second page, you’ll see where it asks you to itemize them. For this purpose of turning in an offer, you just need to put like if it’s Fidelity statement, and it’s this amount. You can put it that way. 

    Any real estate you own, make sure you put in that value. If you don’t know what the value is of your home, I hate to say it, but there’s you know, Zillow Online, something like that, look at your Zestimate. And then you can find out that price, what you still have left for the mortgage. That mortgage is going to be in your liabilities. And your monthly payment, it will need to go on that sheet as well. You’ll see a section for apartment financing. So, make sure that or any other mortgages, make sure that that number is going under any other mortgages.

    There’s a few different REBNYs out there.

    Some are going to ask for your yearly income, and some are going to ask for your monthly income. So, just make sure you read which one it is and then fill that out appropriately. And that should be it. 

    If you are putting down an amount next any personal property or furniture, these are things that have been appraised.

    Maybe they’re really fine pieces of artwork, jewelry, things like that; in my case, shoes. But make sure that you are only putting in things that you could actually prove. Because everything that you’re going to be writing on this financial statement, once you get approved, or I should say once your offer is accepted, and we’re getting to the board package phase, we’re going to need to prove all of those things. And if you are going through with a proof of funds, which means you’re all cash, you’re not financing.

    We don’t always need the REBNY

    But, make sure that you talk with us in advance about that. If it’s a co-op you definitely do. But if you don’t want to show all of your funds, you just want to show the proof of funds or going into a condo, we may be able to work with that. Alright, any questions, please do not hesitate to reach out. We look forward to working with you on this and getting that offer in.