Is it normal for an agent to ask for my financials before a sales contract is signed with the seller? For context, this co-op apt has been on the market for about a year. Seller had two previous buyers that were rejected by the board. From what I was told, the board was not unreasonable. But the seller (and the agent) wants to make sure I was qualifiable, I suppose, which is why they asked. From my POV, I'm giving up a lot of sensitive info when there's nothing binding. Seems out of order.

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Seller wants to know you’re qualified financially to make a financial purchase. They can only know that by looking at your financials. Sounds normal to me?

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This doesn’t seem out of them ordinary to me. I bought a co-op last year and my agent had all the financial info from the start. No point in signing a contract if you can’t meet the board requirements.

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This. Just ask what the financial requirements are and then maybe just send a letter from your employer stating you make $X, which is greater than the requirement. It’s limited info but satisfies the request.

This is pretty normal for a co-op process to make sure you’re qualified. Your seller shouldn’t have access to your financials but their agent will review it and give them a summary, for example what your DTI is. Even if no contract has been signed yet, it’s a waste of time if it turns out you’ll get rejected by the board and it sounds like the seller has gone through this previously.

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So far everything has been verbal. I made the offer verbally, the seller verbally countered, and we got to a number that works for both. The agent even went as far as asking how much money I was making. I feel like the next step should be signing a contract. My concern is that my financials should be between me and the lender, and me and the board, not for the seller. (The agent is working for both sides in this situation.)

Totally normal to have to share a financial summary during offer process (pre contract)

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