We buy houses in Brooklyn — how does it work?

If you own a house in Brooklyn, NY and you are dealing with cash sale, this page covers what actually happens next — the local timeline, what it costs, and the options that stay open to you. Everything below is specific to Brooklyn and how sales are handled in NY, not generic national advice.

Direct Answer Selling your house to a cash buyer in Brooklyn means you are skipping the traditional process of listing your home with a real estate agent. Instead of waiting for a buyer to get a bank loan, you sell directly to an investor who already has the money ready to go. This process is usually much faster and lets you sell the house exactly as it is without making any repairs. ## Key Details When you work with a 'We Buy Houses' company in Brooklyn, the process follows a few simple steps. First, you contact the company and give them details about your home. Second, they will usually visit the property for a quick walkthrough. Unlike a traditional buyer, they are not looking for a perfect home; they are looking at the structure and the potential for repairs. Third, they will give you a cash sale. This offer is often lower than what you might get on the open market because the company is taking on the risk of fixing the house and paying all the closing costs. If you accept the offer, the deal moves to the legal stage. In New York, you must use a lawyer to handle the paperwork. The company will show you 'Proof of Funds' to prove they actually have the money. Finally, you choose a closing date, usually within 14 to 30 days. You don't have to clean the house or move out furniture you don't want. The main trade-off is price versus convenience. You get your money quickly, but you might walk away with 10% to 30% less than the full market value. ## NY-Specific Laws New York has very strict rules for selling real estate. The most important recent change is the Property Condition Disclosure Act (PCDA). Under N.Y. Real Prop. Law §§ 460-467, as of March 20, 2024, sellers can no longer pay a $500 credit to buyers to avoid filling out a disclosure form. You are now legally required to disclose all known defects with the house. Another major rule is that New York is an 'Attorney State.' This means that both the buyer and the seller must hire an attorney to draft and review the contract of sale. A deal is not legally binding in Brooklyn until both parties have signed a written contract and the 'earnest money' deposit has been placed in an escrow account. Cash buyers must still follow these rules. You should also know about the 'Mansion Tax' (N.Y. Tax Law § 1402-a). If your Brooklyn home sells for $1 million or more, there is an extra 1% tax, which is usually paid by the buyer, but everything is negotiable in a cash deal. ## Brooklyn Local Context In Brooklyn, real estate is managed through the Kings County Clerk's office. Every property is identified by a 'Block and Lot' number, which is part of the Automated City Register Information System (ACRIS). Currently, the median home price in Brooklyn is approximately $950,000, and homes typically stay on the market for about 80 to 90 days if sold traditionally. Cash sales are very popular in neighborhoods like Bedford-Stuyvesant, Bushwick, and East New York where homes may need a lot of work. The New York City Real Property Transfer Tax (RPTT) is another local cost. For residential sales in Brooklyn, the tax is 1% if the price is $500,000 or less, and it jumps to 1.425% if the price is over $500,000. Many cash buyers will offer to pay this tax for you to make the deal more attractive. You should also be aware of the 'Homeowner Equity Theft Prevention Act' which protects sellers who are in foreclosure from being cheated by predatory investors. ## What You Can Do Right Now If you want to sell your Brooklyn house for cash, start by getting at least three different offers from different companies to compare prices. Next, ask each buyer for 'Proof of Funds' dated within the last 30 days to make sure they are not just 'wholesaling' your contract to someone else. Hire a local Brooklyn real estate lawyer immediately to protect your interests; do not use the buyer's lawyer. Finally, check the ACRIS system to make sure there are no surprise liens or judgments against your property that could stop the sale.