Pallas Investor Deals · Upstate New York
Off-Market Investment Properties in Upstate New York
We buy houses directly from homeowners across Upstate New York, in Albany, Binghamton, Buffalo, Newburgh, Niagara Falls, Rochester, Saratoga Springs, Schenectady, Syracuse, Troy and Utica. The houses we don't renovate ourselves go privately to investors on our list. Join Pallas Investor Deals, choose Upstate New York, and we will text and email you the deals that fit your buy box.
Join Pallas Investor Deals →Where We Buy in Upstate New York
We buy in these Upstate New York markets and the towns around them.
Buying an Investment Property in Upstate New York
The basics that change from state to state. This is general information, not legal or tax advice. Confirm the details for your deal with a local real estate attorney or title company.
- Closings
- In upstate New York, attorneys usually handle closings, and the buyer and seller typically each have their own attorney. A title company representative attends to issue the title policy.
- Transfer tax
- New York State transfer tax is $2 per $500 of the price (0.4%), and the seller pays it by law. Residential sales of $1 million or more also owe the state's 1% mansion tax, paid by the buyer, and it applies upstate. New York City's own transfer taxes do not apply upstate.
- Foreclosures
- New York foreclosure is judicial: the lender sues in State Supreme Court, owner-occupied home loans get mandatory settlement conferences, and a court-appointed referee holds the sale. There is no statutory right of redemption after the sale.
- Wholesaling and assignments
- New York has no wholesaling statute. General broker law (Real Property Law Article 12-A) applies to marketing properties you do not own.
- Also worth knowing
- Buying an owner-occupied home that is in foreclosure or at least two months behind on the mortgage triggers Real Property Law 265-a. The contract must meet its rules, and the seller can cancel until midnight of the 14th business day after signing.
Sources
FAQ
Who handles real estate closings in Upstate New York?
In upstate New York, attorneys usually handle closings, and the buyer and seller typically each have their own attorney. A title company representative attends to issue the title policy.
Is there a real estate transfer tax in Upstate New York?
New York State transfer tax is $2 per $500 of the price (0.4%), and the seller pays it by law. Residential sales of $1 million or more also owe the state's 1% mansion tax, paid by the buyer, and it applies upstate. New York City's own transfer taxes do not apply upstate.
Can I buy an assigned contract in Upstate New York?
New York has no wholesaling statute. General broker law (Real Property Law Article 12-A) applies to marketing properties you do not own.
Run the Numbers
- ARV calculator: estimate after repair value from comps
- Fix and flip calculator: profit, cash needed and ROI
- Assignment of contract: how assignments work
- Double closing: buying and reselling in two closings
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