Selling a Home As Is in New York (A-to-Z Guide)

‘As is’ means the property is sold without any warranties or seller’s promises to make any repairs or improvements.

Buyers in the Empire State accept the property in the condition it’s in at the time of the sale. The buyer assumes no responsibility for the condition of the structure or mechanical systems.

New York State doesn’t have an ‘as is’ condition clause on the standard contract for the purchase and sale of real estate.

Yes, you can sell a home ‘as is’ in New York! Sellers of an ‘as is’ property, however, must complete a detailed disclosure and deliver it to the buyer or the buyer’s agent.

Home sellers must also allow the buyers access to the property to conduct various inspections. The costs of these inspections are to be paid for by the purchaser.

How does selling a house ‘as is’ work in New York? The first step is to fill out the disclosure form.

New York law requires the seller of any residential property in the state to complete a property condition disclosure. This form must be presented to the buyer before signing the sales contract.

The buyer’s agent can also accept a copy as an official representative of the buyer.

Sellers must answer all the questions on the disclosure by using their actual knowledge about the house. There’s no need to hire a professional to do any inspections to complete the form.

Selling a home with asbestos and selling a house with lead pipes require a detailed answer that includes the location of these items in the house.

Any knowledge of radon or indoor mold must also be disclosed by owners selling a residential property. Copies of any inspection reports for radon or mold must be attached to the disclosure form.

Owners selling a house with septic system failure, foundation issues, or unpermitted work need to disclose these problems.

Selling a house with fire damage or water damage must include a detailed explanation of the damage on the disclosure. Any hazard insurance claims for these damages must be included.

Property owners selling a house with termite damage or insect infestations (including bed bugs) must explain these problems and any treatments done to mitigate problems.

Owners also need to attach copies of any termite inspection reports to the disclosure form.

Selling a house in a flood zone requires detailing any prior flood damage. The disclosure warns buyers to research the zoning, but it doesn’t require owners to attach any zoning information.

Selling a house with polybutylene pipes or the presence of damage from hydraulic fracturing (fracking) aren’t specifically listed on the seller’s disclosure form.

Haunted houses aren’t listed on the New York disclosure, but selling a house with psychological impact should probably be disclosed to be totally transparent.

Selling a New York house built before 1978 requires sellers to complete a federal lead paint disclosure.

The New York seller’s property disclosure also requires sellers to disclose the presence of lead paint on that form.

You can leave stuff behind when you sell your New York house ‘as is’ if you make an agreement with the buyer for this arrangement.

This can be done by itemizing the items to be left behind on the property purchase contract.

Should you sell your New York house ‘as is’ or fix it up?

The first step to determine the best approach is to sit down and make a list of the items that need repair or replacement.

Do you have the ability to repair these items? Do you have the time to find repair people and supervise the replacement or repair?

The next step is to consider the advantages and disadvantages of fixing and selling ‘as is’.

Why sell a New York house ‘as is’? There are many benefits.

Pros of Selling Your House As Is

• ‘As is’ sales help you avoid spending time and effort to find a repair person and then supervise the work on your house. You also won’t pay the costs for these repairs.

• Your transaction will move faster when you sell ‘as is’, particularly if you sell your property to a New York cash house buyer. Cash sales skip the mortgage applications, appraisals, and the wait for underwriters to make final approvals.

• When a New York home inspector makes a report, the seller must deal with requests from buyers to repair or replace faulty equipment or deal with problems identified on the report. Most ‘as is’ buyers skip these professional inspections. That saves time and money.

• You won’t need to share any reports by New York home inspectors with other prospective buyers. Skipping these inspections is an advantage for the home seller.

• You can leave your stuff behind and avoid any cleaning duties with many ‘as is’ buyers.That can save considerable time and expense.

Cons of Selling Your House As Is

• Fixers generally don’t sell for the same price as turnkey properties. ‘As is’ buyers deduct the cost of the home repairs for your property from the price they offer. Understanding the estimated closing costs for sellers helps you decide if an offer is competitive.

• ‘As is’ buyers are specialized buyers. Most people don’t want to repair a home, so your buyer pool will be limited with an ‘as is’ listing.

Once you’ve reviewed the pros and cons to each approach, it’s also advisable to consider the cost of the downtime that fixing requires.

Paying mortgage interest, utilities, any HOA dues, and property tax while fixing add to your costs of selling. After calculating those costs, it might be cheaper to simply sell your home ‘as is’.

“How do I go about selling my house ‘as is’ in New York?” There are a few common avenues to sell your home in New York.

Let’s start with discussing selling your home to a cash real estate buyer in New York.

How to Sell a House As Is, Fast and For Cash Directly to an Investor

Who Are Cash House Buyers?

Cash house buyers are companies or individuals who invest in real estate.

Rather than borrowing loans from banks to buy homes, they use their own cash or financing from private lenders because they can obtain it much quicker than a mortgage from a bank.

They buy investment homes in New York that need repair. The investor then updates or repairs the property to resell (“flip”) it to other buyers.

Real estate investors in New York also specialize in buying rental properties as a primary business focus.

When you sell your house to an investor, the cash buyer often handles the details of the sale without involving a real estate agent.

Cash house investors look for:

• heirs selling a house while in probate
• owners selling a house that needs work
• married couples selling a home during divorce
• seniors looking to downsize to a smaller house
• transferred workers selling a house for job relocation
• homeowners selling a home during a foreclosure
• owners selling a house when owing back taxes

Investors typically work with local New York investor-friendly title companies with experience in closing cash sales.

Pros of Selling Your House As Is Directly to an Investor

• A cash house buyer typically offers a fast closing.

• You can skip any appraisals and the time needed for underwriters to approve a mortgage loan with a cash sale. Investors also often skip doing any professional inspections.

• You’ll avoid real estate agent commissions when you and the investor both forgo the use of professional real estate services. That’s a significant savings for the seller.

• Investors usually pay both buyer and seller closing costs. That’s another major savings for the seller.

Cons of Selling Your House As Is Directly to an Investor

• Cash buyers typically don’t pay market value for your property.

• You won’t have a professional real estate agent to protect your interests. However, investors and investment companies don’t stay in business long by failing to operate ethically and fairly. Selecting a company with a history in local investment helps you avoid any problems.

Finding the Best Cash House Buying Company

Finding a cash house buying company is as easy as doing an online search by using terms like these:

• we buy houses Albany New York
• sell my house fast Albany New York
• cash house buyers Albany New York
• sell my house for cash Albany New York
• iBuyer companies Albany New York

Once you’ve found a number of potential companies, vet them to find at least three with the experience and a record of successful home purchases.

You can research the people and companies on your list in a number of ways.

How to Choose an Ethical Investor?

Use the company’s site to locate the “About Us” page. Look for the names and experience of the company principals.

If the website doesn’t have any of this identifying information, it’s time to move on to other potential companies or investors.

Research the company and the principals on the local branch of the Better Business Bureau (BBB) website.

Review online consumer websites for complaints about your prospective investors.

If you’re seeing a number of valid complaints, move to the next name on your list of potential investors.

But to make it much easier, you can request cash offers from up to five investors by submitting just one online request with just a few clicks on HouseCashin.

HouseCashin vets and prescreens its partnering companies and refers your offer request to investors for you. Request your cash offers now.

How to Sell a House As Is by Listing It by Owner

Selling your home as a “for sale by owner” (FSBO) means you’re taking control of the entire selling process, so knowing your estimated home value is absolutely critical.

It helps you determine a smart asking price that’s both appealing to buyers and fair to you. Researching comparable sales in your area and hiring an appraiser or a real estate agent to do a comparative market analysis for you will give you a solid estimate.

With the right price in mind, you’ll feel more confident navigating the next steps of selling solo, such as advertising your home as an FSBO listing. Let’s check out your options.

Where Can You List a House For Sale by Owner?

There are a number of websites to advertise for sale by owner. These typically are free or charge only a minimal fee to post your listing.

If your home is located on a busy traffic route, putting a ‘for sale’ sign on the lawn or in a house window is one way to advertise your listing.

If you have a little more time, consider making up a flier or handbill to distribute to homes in the neighborhood. Your neighbors may have friends or relatives who want to live nearby.

Pros of Selling Your House by Listing It by Owner

• The buyer’s and seller’s agents in New York earn a commission of 5-6% of the final sales price. You’ll avoid your side of that commission when selling a house in New York on your own.

• Listing by yourself means you can determine all the details of the listing and sales transaction. You’re in charge of everything involved in the sale of your home.

• Your property is your only focus, unlike agents who may have a number of listings and other buyers to represent. Your single focus may mean you sell your house quicker compared to working with an agent.

Cons of Selling Your House by Listing It by Owner

• Most buyers need a mortgage loan to purchase your property. You’ll still end up waiting for your buyer to have a loan application approved. You’ll also need to wait weeks for a house appraisal and the underwriter to approve the loan.

• Selling by owner means you won’t have a professional agent to represent your interests in the property transaction.

• Without a background and experience in home sales, you may make a mistake. Mistakes mean delay, and that might mean your sale falls apart and you lose your buyer. You might even end up in court if your mistake is a major one.
• The closing costs when selling a home by owner will still have the buyer’s realtor fee among them, which you are reponsible for even though you aren’t using an agent yourself.

Who Are Real Estate Agents?

A real estate professional is your representative during the sales process. They are your fiduciary, meaning they represent your best interests in the transaction.

They market your house, negotiate with buyers, show your property to them, and oversee all legalities for you.

New York agents must hold a license to operate. They also work under the supervision of a real estate broker who holds a special license for that supervisory job.

The term “Realtor” has a special meaning in the real estate industry. Realtors are members of the local branch of the National Association of Realtors (NAR).

The NAR is a trade group organized to promote ethical practices in the industry.

The local branches (in New York it’s the NYSAR) enforce NAR rules for ethical behavior. The board fines or suspends members who violate these rules that ensure best practices and ethical behavior.

Pros of Selling Your House As Is with a Real Estate Agent

• Realtors have access to comparable sales information. “Comps” (a term used in the real estate industry) are home sales that are comparable to your house in location, size, features, and finishes. This information assists in setting a correct price for your home.

• A real estate agent is a professional who uses their education, training, and expertise to make sure your interests are placed first in the transaction.

Cons of Selling Your House As Is with a Real Estate Agent

• Real estate agents involved in a New York sale earn a total commission of 5-6% of the sales price. You’ll end up paying at least half of that amount when you use an agent as your professional representative. The average Realtor cost to sell a home is the largest part of the closing costs in New York.

• Most agents have a number of clients, so they have to divide their time between marketing multiple properties. Your listing may get less agent’s attention and effort than others, especially if, being a fixer-upper, it’s more difficult to sell and promises lower commission to the agent.

• Agents typically market properties to the general public — people who need to apply for a mortgage to buy your house. Loans take time to process the application, conduct an appraisal, and then wait for the underwriters to approve a loan.

How to Choose an Ethical Real Estate Agent?

The most reliable endorsement of a real estate agent comes from satisfied customers. Ask your coworkers, friends, and family members for their recommendations.

Focus on agents with experience in representing fixers. These homes require specialized skills to market and sell.

Also, look for agents who have sold homes in your area. Every neighborhood has unique qualities and features. An agent with this specialized knowledge can better represent your house.

Check with the local Board of Realtors for any complaints filed against your prospective agents. The Better Business Bureau (BBB) also has a forum where complaints can be filed.

Also look for complaints posted on review websites. Too many complaints should be a sign to continue your research to find another agent to represent you.

We’ve covered the basics of selling a home ‘as is’, from the definition to a review of the pros and cons of selling ‘as is’ and the approaches to selling.

The next step to selling your house relies on you to start the process.