Rentals in New York>Question Details

bleahycbi, Renter in New York, NY

the broker asked for 2 years tax returns couble of weeks paystubs but they asked for my bank statement this sounds like red flag to me is it?

Asked by bleahycbi, New York, NY Thu Jan 9, 2014

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It would be a red flag if they didn't check your financial qualifications. In NYC real estate full financial disclosure is usually required to purchase or lease real estate.

http://nycblogestate.com/2011/09/renting-apartment-in-manhat…
1 vote Thank Flag Link Thu Jan 9, 2014
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
For a rental this is fairly standard and is not a red flag type of situation. You may also be asked to provide a current landlord letter and letter of employment. When making a purchase you will have to divulge much more financial information than that especially if buying in a co-op building.
Good luck and if you have any further questions please don't hesitate to ask.
Best regards,
Peter Forsman
Licensed Real Estate Salesperson
Douglas Elliman
peter.forsman@elliman.com
908-510-5642
1 vote Thank Flag Link Thu Jan 9, 2014
In the New York City area in particular, it is becoming just as difficult to qualify for a rental as it is to qualify for a mortgage. I have been in the mortgage business for over 10 years and I cannot recall a time when it was better to be a real estate agent/broker or a mortgage professional. It is now easy to covert rental clients into buyers or buyers into renters because as many have already posted in this thread, the documentation and debt to income requirements are almost identical. I'm wishing all agents/brokers and mortgage professionals (yes the competition!!) a prosperous 2014 and may everyone "blow away" their goals and targets for the year.

Shawn Carson
"New York City's Mortgage Banker"
Quontic Bank
31-05 Broadway
Astoria, New York 11106
scarson@quonticbank.com
(718)215-4069 (office)
(718)218-4382 (mobile)
0 votes Thank Flag Link Fri Jan 10, 2014
All this is generally required stuff my friend. What you're missing is proof of employment (letter), and a copy of your State ID or DL. The Broker is making sure you have the finances to go forward. Without these docs, any broker would most likely NOT deal with you. Renting in Manhattan is a trip. Don't sweat it. You'll also be paying for a credit check and if you don't qualify, you won't get that fee back. Good luck.
0 votes Thank Flag Link Thu Jan 9, 2014
It depends on the landlord it is rare but ive seen some landlords ask for this before

Best regards
Peter Schoen
Team Gotham
347-401-6320
0 votes Thank Flag Link Thu Jan 9, 2014
If you are applying for a mortgage or rental, it is not unusual. As a Realtor AND a landlord, I would insist. Give it to them....white out the account number on the statements, but leave your name.
0 votes Thank Flag Link Thu Jan 9, 2014
For any rental application, it is standard procedure. Just like potential tenants want to know who their landlords are, landlords want to know who they're renting to. So you have nothing to worry about--wait until youre in the market to buy--co-op boards and apps can bd MUCH more invasive! Good luck on your app !

Best,

Eric Rohe
CITI HABITATS
400 E 84 St
New York, NY 10028
201-328-2758
Erohe@citihabitats.com
0 votes Thank Flag Link Thu Jan 9, 2014
That is the requirement for any rental application along with an employment letter. Some landlords also request for business and reference letters in the city.

Try and avoid paying anything in cash.

Good luck!

Parish
0 votes Thank Flag Link Thu Jan 9, 2014
Actually that seems pretty standard. Broker's are acting on behalf of the landlord who want to make sure their incoming tenants are as well qualified as possible. They ask for a variety of paperwork to gather a sense of your financial background.

The tax return shows how much you make a year (most landlords require tenants to make 40X the monthly amount of rent,) pay-stubs show you're employed, and the bank statements show that you've consistently maintained a consistent balance.

Here's why: landlord's are individuals who are trying to protect their assets: their property. In New York, laws favor tenants, so it can take up to a year to evict tenants who are negligent about their rent payments. The last thing landlords, or anyone for that matter, want to do is spend their Wednesday afternoon trying to recoup an insignificant rent payment.

Best,

Nicholas
Home New York
48 Wall Street, 11th Floor
New York, NY 10005
T: 212.918.4959
F: 212.918.4829
C: 913.620.1389
http://www.NYisHome.com
0 votes Thank Flag Link Thu Jan 9, 2014
Hello,

Bank statements are a almost always a required part of a mortgage loan application. If you are applying for a rental, then I would defer to the opinion of a realtor as I am less familiar with those standard practices.

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549
Cell: 301-651-7822
Email: rhanson@gladewaternational.com
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Thu Jan 9, 2014
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