At What Point Must You Submit Proof of Offer In NYC?

[Thomas Fawole]

I recently notified a broker that I was interested in making an offer on a 4-unit fully occupied property in New York City. The broker gave me the monthly rent for each unit and an estimate of the annual rental income and expenses. He also said that the seller was prepared to finance the deal. The broker asked for a proof of funds letter. I asked for the 12-month trailing rent roll and the actual income and expenses sheet for the property. He said in New York, sellers/brokers don't provide those documents until there is proof of funds or proof that the buyer has done one or more deals in New York City. Unfortunately, my private lenders wouldn't provide the proof of funds unless they see the actual documents to be sure the deal is worth their time. I'm just starting off. Is it true that these two documents are not released to the buyer in New York until the buyer has submitted the proof of funds letter? If so, how can one get around this problem, as I'm expecting some other deals from another source and I don't want to run into this same problem again? Thank you.