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What is the Rebuy Financial Statement?

You must know what the Rebuy Financial Statement is and how to complete it, if you sell or buy an apartment is the New York. This statement may be used by the sellers or listing agents for evaluating and comparing the financial strength of the buyers. It is a sort of the balance sheet. The potential purchaser will provide the information about the assets, monthly income and expenses, and liabilities.

What is the Rebuy Financial Statement for?

The Rebuy Financial Statement is applied in case of the sale or purchase of the co-op apartments. All listing agents of the New York co-ops will ask the purchaser to fill out this statement as it is a part of the whole offer submission procedure. In NYC, the co-op board rejections frequently take place. To avoid the rejection, make sure you have prepared the completed Rebuy Financial Statement.

When is the Rebuy Financial Statement Due?

This statement does not have any due date. It must be dated by the applicant, and it is the only date that must be indicated in the document.

Is the Rebuy Financial Statement Accompanied by Other Forms?

Generally, this balance sheet must be filed separately. Other documents may be required by the listing agent, if some misunderstandings arise.

What Information do I Include in the Rebuy Financial Statement?

First, you must write the name, address and the date when it will be signed. After that, you must provide the whole information about your assets and liabilities. It must include the following:

• Cash in banks;
• Investments;
• Contract deposits;
• Life insurance;
• Retirement funds;
• Accounts and notes receivable;
• Total assets;
• Mortgages;
• Unpaid income taxes;
• Debts;

Moreover, you must provide the information about the sources of income, monthly expenses, contingent liabilities and general information. The statement includes three schedules. The first one is devoted to the stocks and bonds, the second one is the Schedule of Real Estate, and the last one is called the Schedule of Notes Payable.

Where do I Send the Rebuy Financial Statement?

Once the statement is fully completed, send it to the listing agent.

What is a RE BNY financial statement? A RE BNY financial statement is used by listing agents and sellers to evaluate and compare the financial strength of potential buyers. The RE BNY statement itself is a personal ‘balance sheet’ or statement of net worth. It asks a potential buyer to provide information about his or her assets (including cash, stocks, and property), liabilities (including mortgages and student loans) as well as monthly income (such as salary, bonuses and dividends) and projected monthly expenses. Given the strict financial requirements imposed by NYC co-ops during the board application process, RE BNY financial statements are most often used when dealing with the purchase and sale of co-op apartments. How do I complete a RE BNY financial statement? If you are buying a co-op in NYC, you will need to complete a RE BNY financial statement. We suggest that you prepare the statement early in your search so that when the time comes to submit an offer you don’t lose out to faster bidders who have already prepared their offer documentation. By working with an experienced buyer’s agent, you can request a buyer broker commission rebate and receive professional advice and guidance in preparing your offer documentation, negotiating and completing your board package. If I am selling, how do I review a buyer’s RE BNY financial statement? As a co-op FBO seller in NYC, you’ll want to be extra careful in reviewing the RE BNY financial statements of prospective buyers. The last thing you want is to sign a contract with a buyer who does not meet the co-op building’s financial requirements. When reviewing a RE BNY financial statement, be sure to check the prospective buyer’s monthly debt to income ratio and liquid net worth. Many co-ops have specific targets for post-closing liquidity and the percentage of housing expense relative to income.

What does this REBNY financial form include? For those of you who are familiar with accounting, the REBNY financial form is a combination of a personal balance sheet and income statement, and allows sellers to evaluate your financial capability and calculate your debt-to-income ratio for co-op purchases.