Wholesaling Job Relocation Properties in New York

The short answer

Can you wholesale job relocation properties in New York?

Yes. You can contract to buy a relocating owner’s house and assign that contract to a buyer, as long as you disclose your intent and follow New York attorney-led closing practice. Check current licensing text and ask a New York attorney how brokerage rules apply.

A relocating owner often has a new job start date, a rental lined up and a mortgage to pay in the meantime. A buyer who can close by that date solves a hard problem. Our motivated seller guide shows how deadlines create leverage, and the cash for keys guide helps if tenants are involved.

In New York, both sides usually hire attorneys, and the buyer’s deposit is held by the seller’s attorney. Your contract should say you may assign it. Many seller attorneys cross out that language, so expect some back and forth. The seller may also owe a state transfer tax, and Albany area closings can include local costs. Read the assignment guide and the wholesale offer guide first.

The opportunity

Why relocation deals show up in Albany

Albany draws workers to state agencies, hospitals and colleges, and just as many leave for new posts elsewhere. Pine Hills, Delaware Avenue and neighborhoods in nearby Troy, Schenectady and Colonie see steady turnover. Some owners cannot wait months for a listing to sell. Others have already bought a new home and are paying two housing costs. A buyer who offers a firm date and few contingencies has a real advantage. Many of these houses are in decent shape, so the discount often comes from speed rather than repair needs.

Lead sources

Where to find relocation sellers in Albany

• For-sale-by-owner posts. Owners who list themselves may mention a move date in the post.
• Expired listings. A house that did not sell may still need to. See our expired listings guide.
• Employer networks. Human resource contacts and relocation coordinators meet families that must move.
• Agent referrals. Some listing agents pass on sellers who need a faster option.
• Absentee owners. Owners who have already left town may be easy to reach. See absentee owner leads.

Your exit

Who buys relocation houses in New York

Local investors, small landlords and owner-occupants buy most relocation houses in Albany County. Because the homes are often in good shape, they may sell near market value if you add a modest fee.

If your contract is for a house with a mortgage payoff, ask for a payoff letter early. Our payoff statement guide explains why, and the title insurance guide covers coverage for your buyer.

Step by step

How to start wholesaling job relocation properties in New York

1. Learn the deadline. Ask for the start date, the move date and any hard stops.
2. Check the loan. Confirm the balance and whether a payoff letter is available.
3. Pull comps. Use the ARV calculator and the comps guide.
4. Set your number. Use the MAO calculator with a speed discount.
5. Draft the contract. Include an assignment clause, a closing date and plain disclosure language.
6. Place the buyer. Send the deal to your list and confirm the buyer’s funds and attorney.
7. Close with counsel. Choose a closing attorney who has handled assignments before. A title company that knows investors helps too.

A state employee in Pine Hills accepted a job in Buffalo and had to start in five weeks. Her ranch needed fresh paint and a roof repair but was otherwise sound, and she had already signed a lease in her new city.

Comps for similar updated homes ran around $285,000. You contracted at $248,000 with a 30-day close and an assignment clause her attorney accepted after one edit. Repairs were estimated at $12,000.

A Colonie investor paid you $18,500 to take the contract, with the buyer’s all-in cost near $278,500. The owner made her start date and avoided carrying two payments.

New York rules to know

Assignment, brokerage and tax rules in New York

No wholesaler law has been enacted that we could find, and bills in Albany are only bills. Taking the contract yourself and passing it on is commonly viewed as lawful. Advertising a relocating family’s house as if you were their agent is different. The Department of State runs licensing, so read its current rules and consult counsel.

Most movers are current on their loans. If one has slipped two months behind, RPL 265-a can reach your purchase of that one-to-four family home and require a cancellation right. The state transfer tax works out to $2 per $500 and the seller normally pays it, which reduces what a mover walks away with. See our transfer tax guide and check current figures.

Learn it with a mentor

Close relocation deals with confidence

Speed deals leave little room for mistakes. Mentorship students send us contracts and timelines, and we help them test the numbers before they commit.

FAQ

Job Relocation Properties in New York: common questions

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