The answer is No! A cash buyer does not need a questionnaire from a bank since a bank is not involved with the transaction. The questionnaire is a requirement of banks not a requirement to purchase a property.
Fortunately there is a good deal of all cash transactions in Manhattan real estate. Banks are not involved. Proof of funds has nothing to do with a bank questionnaire. The questionnaire is based on government rules that banks must follow when financing in coop and condo buildings because the government guarantees and buys the loans with taxpayer money called TARP.
Cash is King! You will be sparred a lot of stress not having to deal with "too big to fail banks" A good buyer's broker can help you leverage the fact that you are a cash buyer with sellers and listing brokers. Good Luck.
I'm very happy to talk to you at any stage of the Real Estate process and can discuss the opportunities in each neighborhood, price point and room count.
Mitchell Hall, Associate Broker
The Corcoran Group
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
I highly recommend that even if you are paying cash, that you obtain an appriasl so as not to over pay for the property. You can also ask your buyer broker to do a market analysis on the property to figure out what fair market value is so you can base your offer on that.
If you do not have a buyer broker, I suggest that you get one so you have fair representation.
SVP/ Assoicate Broker
Rutenberg Realty NYC
Do you mean to ask if you need to fill out the Bank's (lenders) questionnaire or the Co-op/Condo QQ? If there is no Lender there is no Lender QQ to fill out. Rest is up to what the Co-op or Condo ask you to provide to show proof of your Cash.
It depends on what you are buying, but a financial statement is a great way to ensure that you are the deal that they are choosing with out anyone to steal it from you. You do need to have proof of funds that cover all aspects of the deal including closing costs. This would be for a single family/multi-family or a condo purchase. With co-ops, they are absolutely required.
If you are worried that they may back out and ask for more money once they see your financial background, hold your ground, you are paying what you believe is reasonable and nothing more.
Bond New York
I hope that helps,
Generally if someone is getting a mortgage, they need to show a bank pre-qualification letter. If you are paying cash, it would be reasonable that the seller's agent would want to see proof of funds. Before a seller's agent takes the unit off the market for an accepted offer, they would want some kind of proof that the buyer has the ability to complete the transaction.
I hope you are using a buyer's agent. The sellers all have agents, and you should have a buyer's agent to level the playing field. We streamline your search, negotiate on your behalf, and take you through all the steps, troubleshooting along the way.
Halstead Property, LLC