Key steps for prepping to buy an apartment in NYC is the willingness of the buyer (or renter, or renter guarantor) to share very detailed financial particulars.
Co-ops, condos and landlords will typically require a net worth summary form and paperwork proving said form as part of the application review process.
The offered bid amount is only one portion of the offer.
Thus, when purchasing a co-op or condo - or even renting - in NYC, please buckle up and prepare to share the following three items:
- Tax Returns
- All financial statements
- Proof of income
Representing financial ability and stability is a key component when purchasing (or renting) in NYC. The buyer’s financial standing is communicated to the seller (and building management and Members of the Board) via a detailed purchase application (also known as a board package) by providing a complete kit of the buyer’s / renter’s most recent financials and credit report.
Pro tip: Find an experienced broker to shepherd your journey with managed expectations every step of the way.
Remember... if you can make it here, you can make it anywhere!
Deb Miller writes from HARLEM and likes to listen to PLANET MONEY stories when not assisting buyers and sellers to plant a flag in the BIG APPLE.
Please visit Deb, Ariela Heilman and Ian Hersey at CRACKNYC.com
