Companies that buy houses for cash in New York offer you cash for homes when you need to sell them quickly. The cash buyers offer you a fast solution and can help you sell your home even in a week in some cases. One of the factors differentiating cash buyers from other discount real estate brokers is that they purchase houses ‘as-is’ without needing you to make any repairs and pay you in cash.

The traditional home selling process is too lengthy and complicated and it doesn’t work for everyone in today’s time and age. For instance, a home sale in New York can take as long as four months from listing to closing. You might not want to wait that long. Also, companies that buy houses for cash in New York are the best option for home sellers with poor-conditioned homes that don’t qualify for financing from traditional buyers.

How cash-buying companies work

Companies that buy houses for cash in New York follow a simple way of functioning. A local representative from the company comes to your home to check it out. Based on your home’s condition, the company makes you a no-obligation cash offer, which is generally non-negotiable. If you decide to accept that offer, you get in the position to close the sale in under a month. Also, most different kinds of fees are included in the offer. So, you do not have to worry about closing costs, commissions, and other fees.

Is a cash buying company right for you

A cash buyer is the right option for you if you:

• need to sell your house in a really short time
• want to refrain from making repairs out of your pocket
• are looking for the most convenient way to sell your home

But a cash buyer is not right for everyone. Companies that buy houses for cash in New York make bottom-level offers. You can expect to receive offers of about 30% less money as compared to what you could have gotten with a traditional sale. So, if your home is worth USD 300,000, you’d lose out on about USD 90,000, which is a mammoth amount.

So, while you get the speed and convenience by selling your house with We Buy Houses for Cash companies, you also take a big hit on the selling price. A real estate agent or an FSBO website, on the other hand, can help you get the most value for your home.

While companies that buy houses for cash in New York may sometimes pay as little as 50% of the fair market value of your home, if you own an old and distressed property or need fast cash for your home, cash buying companies are exactly what you must look for.

Is selling your house for cash a good idea

While you’ll get a low amount for your home, you don’t have to pay thousands in closing costs when selling your house for cash. Closing costs are much lower in a cash sale. Also, if you are a home buyer, you’d save on doc fees, appraisal fees, loan origination fees, credit checks, etc.

Below are some of the advantages of selling a house for cash:

• By selling your house as-is to companies that buy houses for cash in New York, you don’t have to make any effort like making repairs or staging your house to sell your house. Cash buyers buy houses in any condition as-is.
• As you don’t have to pay different kinds of fees like listing fees or stage your house for viewings to sell it, the home selling process becomes hassle-free.
• Cash buyers can adapt to your needs and allow you to choose the closing date so that you can sell your house as per your plan.

Top 5 companies that buy houses for cash in New York

New York has some of the best We Buy Houses for Cash companies. Read on to find some of the best cash buyer options in New York and get the best company to sell your home.

1. Express Homebuyers: The nationwide cash buyer has been in business for nearly two decades. The company abides by its name and can close your house within a week. Home sellers that have worked with Express Homebuyers praise it for the quick and simple transactions it extends.
2. Sell Now Homebuyers: A group of local, NY property investors buying houses for cash in the tri-state area goes by the name Sell Now Homebuyers. You can fill out their form with your home details, set up a call with them to discuss the offer, and respond immediately. The company closes home sales within a month.
3. We Buy Ugly Houses: The nationwide network of cash buyers has been functioning in the US since 1996. The company has a good reputation however your experience may vary as per the quality of your local franchise. While the company can close the sale within three weeks after a property walkthrough, it pays far less than your house’s fair market value.
4. Fair Offer NY: The local, NY property investor buys houses for cash in a few cities across the state. The family-owned business can make an offer in under 24 hours, pays for your closing costs, and allows you to choose the closing date. Past sellers praise their representatives for having good knowledge of the local market and being highly responsive.
5. We Buy Houses: We Buy Houses are better than private real estate investors. We Buy Houses evaluates all their investors and hands them a license to operate in their territory. While the company doesn’t control how much its investors offer, it can rescind its licenses in case they don’t meet the company’s ethical standards. They can close the sale within a week.

If you do not want to work with companies that buy houses for cash in New York, you can take the services of a discount real estate broker like Houzeo to sell your home. Houzeo is a high-tech FSBO and flat-fee MLS company. As you register with Houzeo, you are allowed to work on a seller dashboard where you can submit documents, write descriptions, upload photos, chat with the customer service, etc. Also, Houzeo’s IntelliList Management System auto-fills most of your listing’s information using your pin code by sourcing data from government sites.

How much do cash buying companies in New York pay?

Most cash buyers use the 70% rule and do not pay more than 70% of a home’s after-market value, minus repair costs. You can get an idea of your home’s after-market value by looking at listing or sale prices of comparable homes in your locality.

So, if the average listing price of your home in New York is USD 600,000. And if a company that buys houses for cash in New York believes that your home will be worth that after the necessary repairs of say USD 50,000, they would pay you about USD 370,000.

Conclusion

So, should you sell your house to companies that buy houses for cash in New York? It depends on your needs: are you trying to sell an old and unwanted home or do you want to quickly sell your home? If you are worried about selling a distressed home, you can still list taking the help of discount real estate brokers. If you want to sell your home fast, you must account for market conditions before making a decision.