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Has anyone else seen anything like this? I think this is particularly onerous. I thought offers in NYC were submitted by email by buyers' agents and contained just the price, percent down, contingencies, anticipated closing date, pre-approval letter and a REBNY Financial Statement. But it annoys me to see some brokerage firms require their own coop offer form. The below is way too complex for an offer that isn't even binding. What's the deal?
The agent literally told us that they will need us to complete it (including the financial section) in detail along with the following:
1-2017 and 2016 Tax Returns (pages 1 and 2)
2-Proof of funds (bank statement) for the $520,000 in cash
3-Financing pre-approval letter
Once we receive all the supporting documents, we will qualify the offer and present it to our clients.
Doesn't this seem way too demanding and excessive for just an offer? See below for the co op offer form:
OFFER FORM: CO-OP
Date:________________________
Address of the property to be purchased_________________________________________ __________
Buyer’s full name(s) __________________________________________________ _________________
Buyer’s current address __________________________________________________ _____________
1) Offer amount $______________________
2) Down payment amount (including contract deposit of 10%) $______________________
3) Preferred closing date______________________
4) Contingent upon a mortgage yes no (circle one)
5) All cash yes no (circle one)
6) Credit score (FICO) for each buyer__________________/_________________ (credit report or fax from mortgage broker required)
7) Pre-qualification letter from bank or mortgage broker (required if financing)
Current income 2018______________/_______________A) Base Salary_______________/ B) Bonus___________/
C) Commission ____________/
8) 2017 _____________2016_____________ Tax Return (AGI) (Tax copies of the first 2 pages of each year required)
9) Occupation and length of employment and firm for each purchaser:
__________________________________________________ _________________________________________________
10) Do you currently own or rent your primary residence? _________________________
11) Will this be your primary residence or pied-a-terre? Or investment property? ___________________________
12) Do you need to sell first before buying? _____________________________
13) Any cash funds being gifted to you and if so, how much? __________________________
14) Is this property being purchased in your name or in the name of another entity (Trust, LLC, Corporation, etc.)? If another entity, please explain.__________________________________________ __________________________________________________ _________
15) Who will be on the stock and lease? _________________________________
16) Please list all occupants’ names: __________________________________________________ _____________________
17) Do you have any pets? Yes No (circle one). If so, what breed? __________________ Weight _____ How many? _____
18) Other relevant information_______________________________________ ____________________
Assets:
Cash in Banks: Stocks/Bonds Real Estate Retirement Accounts: Personal Property Other Assets:
$_____________ $_____________ $______________ $_______________ $______________ $_____________
Total Assets: $_________________
Liabilities:
Mortgages: Maint or CC : RET: Car Loans: Credit Card Debt: Personal/Student Loans: Other:
$____________/month $____________/month $__________/month $__________/month $____________/month $___________/month $_____
$____________ total $____________ total $___________total $____________total $__________total $___________total $_____
TOTAL DEBT: $ _____________ NET WORTH: $ _____________
Signatures: _______________________ _____________________________
The agent literally told us that they will need us to complete it (including the financial section) in detail along with the following:
1-2017 and 2016 Tax Returns (pages 1 and 2)
2-Proof of funds (bank statement) for the $520,000 in cash
3-Financing pre-approval letter
Once we receive all the supporting documents, we will qualify the offer and present it to our clients.
Doesn't this seem way too demanding and excessive for just an offer? See below for the co op offer form:
OFFER FORM: CO-OP
Date:________________________
Address of the property to be purchased_________________________________________ __________
Buyer’s full name(s) __________________________________________________ _________________
Buyer’s current address __________________________________________________ _____________
1) Offer amount $______________________
2) Down payment amount (including contract deposit of 10%) $______________________
3) Preferred closing date______________________
4) Contingent upon a mortgage yes no (circle one)
5) All cash yes no (circle one)
6) Credit score (FICO) for each buyer__________________/_________________ (credit report or fax from mortgage broker required)
7) Pre-qualification letter from bank or mortgage broker (required if financing)
Current income 2018______________/_______________A) Base Salary_______________/ B) Bonus___________/
C) Commission ____________/
8) 2017 _____________2016_____________ Tax Return (AGI) (Tax copies of the first 2 pages of each year required)
9) Occupation and length of employment and firm for each purchaser:
__________________________________________________ _________________________________________________
10) Do you currently own or rent your primary residence? _________________________
11) Will this be your primary residence or pied-a-terre? Or investment property? ___________________________
12) Do you need to sell first before buying? _____________________________
13) Any cash funds being gifted to you and if so, how much? __________________________
14) Is this property being purchased in your name or in the name of another entity (Trust, LLC, Corporation, etc.)? If another entity, please explain.__________________________________________ __________________________________________________ _________
15) Who will be on the stock and lease? _________________________________
16) Please list all occupants’ names: __________________________________________________ _____________________
17) Do you have any pets? Yes No (circle one). If so, what breed? __________________ Weight _____ How many? _____
18) Other relevant information_______________________________________ ____________________
Assets:
Cash in Banks: Stocks/Bonds Real Estate Retirement Accounts: Personal Property Other Assets:
$_____________ $_____________ $______________ $_______________ $______________ $_____________
Total Assets: $_________________
Liabilities:
Mortgages: Maint or CC : RET: Car Loans: Credit Card Debt: Personal/Student Loans: Other:
$____________/month $____________/month $__________/month $__________/month $____________/month $___________/month $_____
$____________ total $____________ total $___________total $____________total $__________total $___________total $_____
TOTAL DEBT: $ _____________ NET WORTH: $ _____________
Signatures: _______________________ _____________________________