What is Post-Closing Liquidity in NYC? https://www.hauseit.com/post-closing-liquidity-definition-nyc/ <br /> <br />What is the definition of post-closing liquidity and why does it matter in New York City? If you are buying a co-op apartment, post-closing liquidity is one of the co-op financial requirements which the board will review as part of the co-op board application process. <br /> <br />So, what is post-closing liquidity? <br /> <br />Post-closing liquidity is the amount of liquid funds a buyer will have once the down payment and buyer closing costs are paid at closing. Post-closing liquidity forecasts how many months' or years' worth of apartment carrying costs you will have readily available in liquid assets after you close on your apartment. <br /> <br />For example, if you have 24 months of post-closing liquidity it means that you have enough liquid assets to pay the monthly co-op maintenance and mortgage bills for 24 consecutive months. <br /> <br />What Are the Typical NYC Co-op Financial Requirements? https://www.hauseit.com/nyc-co-op-financial-requirements/ <br /> <br />It's important to note that the definition of 'liquid assets' varies by co-op. While some buildings may allow a buyer to include vested 401K or IRA assets, other buildings will only allow cash or cash equivalents to be counted towards post-closing liquidity. <br /> <br />What is the typical post-closing liquidity rule for co-ops in NYC? <br /> <br />A typical New York City co-op will expect buyers to have at least one to two years in post-closing liquidity. Before submitting an offer on a co-op, it's important to have your buyer's agent confirm the co-op's financial requirements. <br /> <br />What qualifies as liquid assets when calculating post-closing liquidity? <br /> <br />The definition of 'liquid assets' is open to interpretation and varies by co-op board. As a general rule of thumb any asset which can be converted to cash in 24 hours is considered 'liquid.' <br /> <br />An experienced buyer's agent can help you research and accurately determine the board's specific financial requirements for the building you are interested in. A seasoned buyer's agent will also know how to clearly and convincingly present your financials to a co-op board in your purchase application. <br /> <br />How to Find a Great Buyer's Agent in NYC: https://www.hauseit.com/find-great-buyers-agent-nyc/ <br /> <br />Better yet, you can save thousands and reduce your closing costs by requesting a Hauseit Buyer Rebate on your purchase. Requesting a Hauseit Buyer Rebate is a legal and non-taxable way to discreetly save money while also receiving top-notch buyer agent representation throughout your purchase. Because our partner brokers don't openly discount, you can be assured that requesting a rebate won't result in the seller or listing agent treating you differently. <br /> <br />Request a Hauseit Buyer Rebate in NYC: https://www.hauseit.com/nyc-broker-commission-rebate/
