BrokerageIndustry News

The disclosure dance

From The Real Deal
Published on Sep 15, 2009

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by CareyBot

NEW YORK -- The days of dropping by a Sunday open house on a whim may be numbered. Sellers, frustrated by lowball offers and by buyers who are "just looking," want to make sure they're dealing with serious apartment-hunters. As a result, more and more potential buyers are being asked to provide detailed financial information -- from their employer and salary to their debt ratio and savings -- before they're even allowed a peep at an apartment for sale.

"The listing brokers are scrutinizing the potential buyer before they even get to the building," said Michael Signet, executive director of sales at Bond New York. "It's a preventative measure [to keep sellers] from wasting their time with people who are just shopping around."

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