How to Find Cash Home Buyers in Rochester for a Hassle-Free Home Sale

Inside the Rochester cash home buyers market

Who is buying homes for cash in Rochester? While the majority of cash sales in any market is going to come from real estate investors, they aren’t the only groups looking to purchase your property for cold, hard cash. Here’s a brief look at other buyers to consider:

International buyers

• Attracted to affordable housing, educational institutions, and healthcare facilities.
• Favorable exchange rates and strong economic ties make Rochester a stable investment.
• Often seek rental properties, vacation homes, or future retirement spots.
• The market is extremely competitive, with mortgage rates and high prices pushing out most first-time buyers.

Baby Boomers

• In February 2024, 33% of U.S. homebuyers had all-cash sales, the highest share in nearly a decade (Realtors® Confidence Index Survey).
• Younger Boomers (born 1955–1964) accounted for 26% of home sellers last year.
• More than half of Older Boomers (born 1946–1954) and 53% of the Silent Generation (born 1925–1945) paid all cash for home purchases in 2023.
• Highlight features appealing to Boomers, such as a first-floor primary suite, low-maintenance outdoor space, or wide doorways and hallways, in the listing description to attract cash buyers.

Property investors

• Homeowners are more likely to find success selling to real estate investors.
• Common types of investors: institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers.
• Rochester’s affordable property prices and potential for high rental yields attract a high proportion of real estate investor purchases.
• Investors often have the capital and expertise to close deals quickly, making them an attractive option for sellers looking to expedite the sale process.

Pros of working with a Rochester cash home buyer

Cash offers can be an attractive option for Rochester homeowners seeking an efficient and streamlined sales process. Let’s explore the key benefits of working with a cash home buyer:

• Quick closings: Selling to a cash buyer often means you can close the deal much faster than through traditional financing, often within days or weeks. This is because there’s no waiting for the buyer to secure a mortgage, which can significantly speed up the timeline.
• No contingencies: Cash sales typically come with fewer contingencies, if any. This means the sale is less likely to fall through due to financing issues or other common contingencies like home inspections.
• As-is purchase: Cash buyers often purchase homes as-is, meaning you won’t need to spend money or time on repairs or upgrades before the sale. This can be particularly advantageous if your home needs significant work.
• Simplified process: The process of selling to a cash buyer is generally more straightforward and involves less paperwork than selling through traditional means.

How to request a cash offer in Rochester

If you’re looking for an easier way to secure a cash offer for your home, HomeLight’s Simple Sale platform can connect you with the largest network of vetted and pre-approved investors in the U.S.

After answering a few basic questions about your home, you’ll receive a no-obligation, all-cash offer within 24 hours. If you accept the offer, you can close the sale in as few as 10 days. You can skip the repairs, prep work, and endless showings and choose a move-out date that works for you — up to 30 days from closing.

Cash buyers usually offer less than what you might get on the open market, but selling the traditional way comes with fees that can take up 9% to 10% of your sale price. So, depending on your needs, a cash buyer could still save you money in the long run.

How much are Rochester cash home buyers willing to pay?

Cash investors and home-buying companies often look for deals where they can buy properties for less than what they’re worth on the market. In return, sellers get the benefit of selling their homes quickly and with less hassle.

House flippers usually follow the 70% rule, meaning they try not to pay more than 70% of a home’s after-repair value (ARV), including repair and upgrade costs.

During periods with high demand and low inventory (seller’s markets), cash buyers often come closer to a home’s market value. Offers in this scenario can sometimes range from 80% to 85% of the ARV of the property.

What’s the process of selling to a Rochester cash home buyer?

If you’re looking for speed and simplicity, a cash home sale may be right for you. Here’s a breakdown of how the process generally works:

Complete the New York Property Condition Disclosure Statement

When selling your home in New York, you must complete the Property Condition Disclosure Statement, detailing the property’s condition and any known issues. This includes information about the roof, foundation, plumbing, electrical systems, and more. Failing to provide this document can result in a $500 credit to the buyer at closing.

If you’re working with a New York “We Buy Houses” company, they will likely prepare all of the necessary documents for you, including this one. However, you can speed up the process by filling it out ahead of time. These companies conduct their own inspections and purchase homes in any condition, so filing the disclosure statement is more of a legal obligation from their perspective.

The buyer runs a title search on the property

The cash buyer will also verify the property’s title. This ensures you have legal ownership and checks for any liens or claims that could prevent a smooth sale. Some of the most common reasons for title issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.

The seller pays any associated fees

While cash sales typically involve fewer fees than traditional sales, you may still incur some closing costs, like transfer taxes, title insurance, escrow, and attorney fees. For example, New York sellers typically pay the Real Estate Transfer Tax at a rate of $2 per $500 on the purchase price of the property.

If you’re looking to avoid closing costs altogether, “We Buy Houses” companies will often pay them for you in exchange for an offer that’s below market value.

Deciding to sell to Rochester cash home buyers

Whether you decide to compare buyers yourself, enlist the help of a real estate agent, or request an offer from Simple Sale, HomeLight can connect you with top professionals and valuable resources. We’re here to help you streamline your selling experience, leveraging Rochester’s investor-rich market to find a fast and efficient solution for your home sale needs.

Header Image Source: (Lokesh Paduchuri / Unsplash)