From the July issue: Real estate brokers must regularly ask their clients a question that most people consider to be the height of rudeness: “How much money do you have?”
But buyers’ brokers need to find out what their clients can afford — and what they are worth — before showing them apartments or submitting their financials to a co-op board. “We’re a city of 80 percent co-ops, [and] bringing a perspective purchaser to a co-op if you haven’t asked about their net worth is a waste of time,” said Kathy Braddock, co-founder of Rutenberg Realty.
That’s especially true in today’s strict lending climate, in which banks have stringent requirements for mortgages.
But eliciting that information must be done delicately. The Real Deal asked several real estate brokers how they approach this touchy subject. [more]
