Qualifying an Offer

Over the past couple of weeks, I’ve received several e-mails about what to look for/at when receiving an offer from a potential buyer. I’ve listed below the top 5 things to check for when an offer is made:

1) Employment: Salary Level, Length of Employment (Stability) and the past years salary level.
For Co-op’s: The buyer should have less than 30% of debt to income ratio.

2) Liquid Cash: How much does the buyer have, that’s liquid?

Important: Don’t forget to deduct the down payment and closing costs from this amount.

3) Debt Level: What type of debt does the buyer have and how much? If this amount is substantial, there will be an issue in attaining a mortgage.

4) Is the buyer Pre-Approved for a mortgage? Make sure that the buyer is pre-approved NOT pre-qualified for a mortgage. The differences between the two are quite significant.

5) Does the buyer have an attorney? Speed is of the essence, so the buyer should be prepared.


Make sure the buyer fills out a REBNY Offer Form and REBNY Financial Statement. These are essential in obtaining a proper picture of an offer.