BrokerageIndustry News

The disclosure dance

From The Real Deal
Published on Sep 15, 2009

Editor's note: This article is republished with permission from The Real Deal. Click here to view the original article.By CANDACE TAYLORNEW 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 from wasting their time with people who are just shopping around." Other buyers might be serious but may not realize the apartment in question is too expensive, brokers ...

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