5 of the Top We Buy Houses for Cash Companies in Long Island
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Richard Haddad Executive EditorClose
Richard Haddad Executive EditorRichard Haddad is the executive editor of HomeLight.com. He works with an experienced content team that oversees the company’s blog featuring in-depth articles about the home buying and selling process, homeownership news, home care and design tips, and related real estate trends. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations.
Making plans to sell your house fast in Long Island can feel overwhelming, especially when your property needs significant repairs. Enter “We Buy Houses” companies in Long Island, ready with all-cash offers, especially for homes that aren’t in peak condition. Their promise? A straightforward cash sale that lets homeowners bypass the stress of repairs, receiving the proceeds quickly to get on with their future plans.
For many, these cash-for-homes companies offer a lifeline in unforeseen or pressing situations, providing a timely alternative to traditional home-selling avenues. However, like every choice, there are advantages and downsides.
In this post, we’ll provide an overview of the process and pros and cons of working with house-buying companies in Long Island, empowering you to make an informed decision about the best path for your unique circumstances.
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Disclaimer: This post is for educational purposes and does not constitute legal or financial advice. Links and mentions of Long Island area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Long Island
The process of collaborating with a Long Island house-buying company is often more straightforward than you might imagine. Here’s a step-by-step breakdown to guide you through.
1. Research reputable companies: Research and identify reputable house-buying companies in Long Island. Read online reviews, check Better Business Bureau ratings, and ask for references to ensure you’re working with a trustworthy buyer.
2. Request an offer: Once you’ve selected a company, contact them to request an all-cash offer for your home. Some companies will give you a preliminary offer before they have even seen your home.
3. Property assessment: A representative from the company will visit your home for an in-person evaluation. This step ensures the offer made aligns with the current condition of your property.
4. Review the offer: Take your time to thoroughly review the cash offer presented. It’s essential to ensure that it aligns with your expectations and needs.
5. Sign the agreement: If you’re satisfied with the offer, the next step is to sign the purchase agreement. Ensure you understand all the terms before putting pen to paper.
6. Close the sale: With the agreement signed, you’ll move forward to the closing process, typically managed by a title company. Once complete, you’ll receive your cash, allowing you to embark on the next chapter of your journey.
Popular We Buy Houses for Cash companies in Long Island
If the process of selling to a house-buying company in Long Island sounds good to you, it’s time to find a legitimate operation you can trust.
We’ve compiled some of the top companies that will pay cash for your Ranch-style home or your parents’ Colonial house. By selling to one of these companies, you should be able to sell your Long Island home in as little as a week or two.
Sell Now Homebuyers
Sell Now Homebuyers is a reputable home-buying company based in the New York Tri-State area, with more than 20 years of involvement in the real estate industry. The company places great importance on maintaining a reputation built on ethical, honest, and genuine practices, which are central to its core values. They specialize in providing fast, simple, and convenient cash offers, emphasizing a consultative approach to the home-selling process. Founded by Dave Brown, Sell Now Homebuyers is a veteran-owned company and part of Veterans Investing, LLC.
Locations: New York, Connecticut, and New Jersey
Closing costs: Sellers pay no closing costs. Sell Now Homebuyers covers them.
Sell Now Homebuyers holds a 4.8-star rating on Google. Reviewers express their satisfaction with the company’s personal service. One client commends founder Dave Brown’s professionalism and ease of collaboration when selling their mother’s home within a short timeframe. Another client found Dave’s offer for their house as-is to be more than fair. The absence of pressure and the flexibility to close the deal within six weeks left them thoroughly satisfied. They highly recommend Sell Now Homebuyers to others in comparable circumstances, emphasizing the painless and rewarding nature of their interaction with the company.
Website: sellnowhomebuyers.com
Phone number: 914-559-2579
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Long Island (and across the country) can request a cash offer for their home. Simple Sale connects you to the largest network of cash buyers in the U.S. Partner investors have a wide range of investment strategies, including fix-and-flip and buy-and-hold. This enables Simple Sale to provide cash offers for a wide array of properties, even those that need some or a lot of work, in different locations throughout Long Island.
With Simple Sale, you can get a no-obligation, all-cash offer in 24 hours, and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Long Island
Closing costs: No prep costs, no agent commissions, and no fees charged by HomeLight. Individual investor fees may vary.
Simple Sale is a HomeLight platform. HomeLight was founded in 2012 and is BBB accredited with an A+ rating. The company has 4.8 stars on Google based on nearly 300 user reviews. Below you can hear about how Baohan Wu, a seller who used Simple Sale to sell his high-rise apartment, closed within three and a half weeks and what he thought of the process overall.
Learn more: homelight.com/simple
Phone: 844-488-8455
Suffolk County House Buyers
Suffolk County House Buyers is a family-owned real estate solutions company located in Long Island that specializes in helping local homeowners navigate challenging situations, such as foreclosure, property ownership challenges, divorce, and probate. Company founder Jeremiah Dalton has a deep passion for houses that began at a young age. He says his goal is to provide win-win solutions that allow homeowners to move forward with their lives while addressing their housing-related concerns. Suffolk County House Buyers offers practical solutions by presenting fair cash offers and collaborating with homeowners to meet their needs.
Locations: Suffolk County, including Long Island
Closing costs: Sellers pay no closing costs. Suffolk County House Buyers covers them.
Suffolk County House Buyers has been BBB accredited since October 2018 and holds an A+ rating. Google reviewers give the company a 5.0-star rating. A recent client commends the staff for their honesty and prompt action. After requesting a home evaluation online, they swiftly received an appointment for a walk-through the following day. The client was impressed that within four hours of the inspection, even on a Saturday evening, they received an offer that exceeded offers from other investors. The client’s house was under contract in just nine days, with plans to close in a few weeks.
Website: suffolkcountyhousebuyers.com
Phone: 631-825-7957
CoMax Properties
CoMax Properties is a family-run house-buying company in Lynbrook, New York. Established in 2013 by owner Joe Cordes, the company strives to provide Long Island residents with a convenient and stress-free alternative for selling their homes quickly and for cash. The company’s approach eliminates the typical challenges associated with selling a house, such as dealing with Realtors, appraisers, home inspectors, buyers, lawyers, and banks. CoMax Properties offers a streamlined and hassle-free process that removes uncertainty, reduces waiting time, and minimizes stress, providing homeowners with a smoother and more efficient way to sell their homes.
Locations: Nassau County, including Long Island
Closing costs: Sellers pay no closing costs. CoMax Properties covers them.
CoMax Properties has been accredited by the Better Business Bureau since November 2018 and holds an A+ rating. The company has a 5-star rating on Google. Clients who have worked with CoMax Properties express their satisfaction with the service provided by owner Joe Cordes. They appreciate Joe’s professionalism, politeness, and kindness. One client noted that despite facing unforeseen circumstances that led to a longer contract period, Joe remained consistently in touch and responsive, ensuring a smooth communication channel. Reviewers were particularly pleased with the offers they received. Based on their experiences, these clients wholeheartedly recommend Joe and CoMax Properties to others looking to sell their homes.
Website: comaxhomebuyers.com
Phone: 516-704-7025
We Buy Long Island Homes Fast
We Buy Long Island Homes Fast is owned by Mike Plactere, who has worked to earn a reputation of being an honest home buyer in Long Island. He offers quick closings — often within 14 days — or provides a flexible timeline that fits a seller’s needs. We Buy Long Island Homes Fast purchases homes as-is, eliminating the need for repairs or cleaning. The company focuses on aiding homeowners in difficult situations such as foreclosure, burdensome properties, or probate. The aim is to alleviate stress by finding solutions to property-related issues. Plactere says he treats his clients as friends and aims to create a mutually beneficial transaction. Sellers can fill out a form to explore how “the honest home buyer” can help with problem properties.
Locations: Long Island
Closing costs: Sellers pay no closing costs. We Buy Long Island Homes Fast covers them.
We Buy Long Island Homes Fast has a 5.0-star rating on Google. One client shares a positive experience: they contacted owner Mike Plactere on a Friday night, had a phone call on Saturday, and Plactere visited their home on Sunday. The client found the process “awesome and easy.” The customer received and immediately accepted an offer from Plactere. They closed the sale smoothly just 27 days later. The client appreciated Plactere’s professionalism, understanding, and kindness. They highly recommended Plactere and his company to anyone seeking a fast home-selling experience.
Website: webuylongislandhomesfast.com
Phone: 631- 686-4123
Why sell your Long Island house for cash?
There are plenty of valid reasons a Long Island home seller may choose to work with a Cash-For-Homes company. Leading the list are the benefits of speed, certainty, and remarkable convenience.
In Long Island, it typically takes around 94 days to sell a home on the market using an agent. That includes an average of 51 days on the market to get a contract, plus the typical 43 days a buyer needs to close on a purchase loan.
Compare that to the typical seven to 10 days promised by many house-buying companies in Long Island, and it’s clear why these Cash-For-Homes groups are an attractive option, even though they don’t always offer top dollar for the homes they purchase.
Let’s take a quick look at some common scenarios that might prompt Long Island homeowners to choose a We Buy Houses for Cash company.
- Aging infrastructure: Your home might be grappling with typical Long Island issues, like mold from humidity or structural concerns from old construction.
- Urgent life changes: Whether it’s a sudden divorce, pressing medical need, job shift, or another immediate life transition, you might require a quick sale.
- Lack of funds for repair: You might not have the financial capacity or inclination to invest in necessary home fixes.
- Avoiding sales hassle: Evading the stress and labor of preparing a home, orchestrating showings, haggling, or navigating a drawn-out sale process can be a relief.
- Seeking discreet sales: If privacy matters, selling off-market to a cash buyer might be what you need.
- Foreclosure looming: Selling fast to settle debts with lenders might be your best option before things escalate and damage your credit further.
- Dealing with inheritance: Inheriting a property can be burdensome, and a quick sale can alleviate this weight.
- Landlord fatigue: Perhaps you’re weary of managing a rental or want to free yourself from a troublesome tenant.
- Preparing for senior living: Aging might lead you or a family member to move in with relatives or to assisted living, and selling the house becomes imperative for smooth transitions.
- Living out-of-state: Being far away can make the traditional selling process cumbersome, making the swift cash sale route attractive.
Facing any of the above situations might make you lean toward a cash offer. Yet, an informed choice includes understanding both the benefits and the drawbacks, and knowing what other options might be available.
Pros and cons of house-buying companies in Long Island
Making decisions about your home can be both exciting and stressful, with each option presenting its unique set of advantages and challenges. To help, we’ve detailed the primary pros and cons of working with house-buying companies in Long Island.
Pros
For many Long Island homeowners, speed is of the essence, and the idea of bypassing repairs or prep work is incredibly appealing. At their core, house-buying companies offer quick, hassle-free solutions. Here’s a look at the key benefits:
- Fast sales: The promise of selling your home in mere days or weeks, as opposed to months, is often the biggest draw.
- No need for repairs: These companies purchase properties as-is, eliminating the need for you to invest in costly renovations or fixes.
- No prepping, staging, or showings: Forget the hassle of decluttering, staging, or accommodating multiple home viewings; house-buying companies eliminate this step.
- Easy, more certain transactions: Many of these companies provide a straightforward process with no contingencies, making the transaction less complex and essentially guaranteed.
Cons
While the benefits are enticing, it’s essential to be aware of the downsides. A significant negative factor to consider is the likelihood of receiving an offer below the market value, especially compared to a sale facilitated by an experienced real estate agent. Here’s a look at the key drawbacks:
- Below-market offers: House-buying companies aim for profit, which typically means your offer may be below what you’d get in a competitive market.
- Less negotiation power: With a take-it-or-leave-it approach, there’s usually little or no room to negotiate the offer price.
- Potential for scams: Not all house-buying companies are reputable. It’s crucial to do thorough research to avoid falling victim to scams.
- Risk of pressure tactics: While most Long Island house-buying companies have earned trustworthy reputations, there are unscrupulous players that apply pressure tactics to take advantage of your urgent situation.
Curious What Your Home Is Worth?
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Vet cash buyers and know your home’s worth
If you’re considering a We Buy Houses for Cash company in Long Island, remember: your experience will greatly hinge on the character and professionalism of the individual or group behind the offer. The quality of service and integrity among these companies can be as diverse as the properties they buy.
Before committing to any cash offer, it’s imperative to dig deeper. Scour reviews, read genuine testimonials, and investigate the company’s market presence and performance. And once you’re handed that buying agreement, pore over it meticulously.
HomeLight suggests you consult with an experienced Long Island agent to get a better idea of what your home might be worth if sold on the open market. Then compare your cash offer. HomeLight can connect you with a top-performing agent in your market. You can also use HomeLight’s Home Value Estimator to get an initial ballpark estimate in less than two minutes.
Your home is a significant asset, and ensuring you’re in trusted hands can make all the difference in your selling journey.
Other options to sell your home quickly
iBuyers
Instant buyers, commonly known as iBuyers, employ automated valuation models (AVMs) to provide rapid home value estimates. Established in the mid-2010s, they present mostly online, user-friendly experiences. They offer cash usually closer to market value for homes in good condition and can close deals within days to two weeks.
However, companies like Opendoor and Offerpad typically charge 5%-6% service fees. These large iBuyers are ideal for well-maintained homes located in uniform housing areas.
Listing with an agent
While it might seem unconventional to include real estate agents here, they can facilitate quick sales in seller-friendly markets. With the right pricing and marketing strategy, our data shows that top-tier agents often secure prices up to 10% higher than average agents.
A trusted Long Island agent can offer valuable insights through a comparative market analysis (CMA), helping you gauge your home’s worth relative to recently sold properties. This analysis can inform your listing price and predict sale speed. Many agents offer CMAs for free, allowing you to make an informed decision whether you choose to sell to a house-buying company or not.
In addition, knowledgeable agents might link you with cash buyers offering close to market value. Interested? HomeLight can connect you to a top agent in your Long Island area.
FAQs on Long Islandhouse-buying companies
By and large, most We Buy Houses for Cash companies in Long Island are legitimate businesses. Their services and transaction fees may differ, but the business model has been around for decades. If you use an established group with a track record, you can be fairly confident that it’s legit.
That said, as with any financial transaction, it’s a good idea to be on the alert for scams. Always research companies before you sign a contract. Check customer reviews, look at their online presence, verify professional licenses, get a referral if possible, and vet the company on the Better Business Bureau website. Watch for anything that just doesn’t seem right.
As described in our pros and cons list above, most Long Island We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value, minus their estimated repair costs.
Here’s an example of what a simplified formula might look like:
(Your home’s ARV x .70) – repair costs
To see how this might work in a real-world scenario, let’s take a look at an example offer equation. Let’s say your Long Island Ranch or Colonial-style home could sell for $650,000 after repairs, but it’s going to need $50,000 of work to get there.
($650,000 x .70) – $50,000 = $405,000
In this example, a Long Island We Buy Houses company might offer you around $405,000 for your home.
However, different types of house-buying companies will offer varying amounts for homes. As mentioned previously, iBuyers tend to pay more than We Buy Houses companies because iBuyers look for homes in better condition. An iBuyer might pay you 90% or more of market value while charging a fee for their services.
When you accept an offer from a Long Island We Buy Houses for Cash company, you will likely be coming to grips with a two-edged sword. On the one side, it shouldn’t cost you any additional money because these companies make an offer and handle almost everything once the offer is accepted. On the other side, you’ll likely get less money overall for your home.
Because We Buy Houses for Cash companies tend to focus on distressed homes, they typically have zero fees. Many will even cover your closing costs. In most cases, this means that the cash offer you receive is going to be the price you walk away with at the end of the deal. Of course, it’s always a good idea to flat-out ask the company if there are any hidden program fees that might impact your bottom line.
1. Research and vet the house-buying companies that serve your Long Island area. Our list above is a good place to start.
2. Submit offer requests to a few of the companies you like best.
3. Schedule any required on-site property visits.
4. Compare offers. Weigh the pros and cons and choose the best option for you.
5. Close the sale in a week to 30 days and get paid. (Some companies will let you choose a closing date up to 90 days after accepting the offer, which can be helpful when planning a move.)
We Buy Houses for Cash in Long Island vs. top Long Island agent
Another helpful exercise is to compare how a Long Island We Buy Houses for Cash company might stack up against working with a local real estate agent. Let’s take a glance at how different aspects of the sale might look, and compare possible proceeds.
| Aspect of the sale | Sell to a We Buy Houses for Cash company in Long Island | Sell with a top Realtor in Long Island |
| Selling timeline | 7 to 30 days | 94 days average; 51 to attract an offer, 43 to close the loan |
| Home preparations | None | Deep clean, declutter, make necessary repairs, landscape, stage home |
| Showings | None | 10 to 25 showings average |
| Inspections / repairs | None | May need to make additional repairs for the buyer or renegotiate the price |
| Appraisal | None | May need to lower your asking price if the appraisal comes in low |
| Title search | Cash-for-homes companies often handle title issues | Must clear title before you can sell home |
| Financing contingency | None | Mortgaged buyers use a financing contingency that could hold up the deal if the buyer’s loan doesn’t clear |
| Agent commission | None | 5.8% average |
| Closing costs | None | 1% to 3% of the home sale price on top of agent commission |
Example net proceeds
Below, we’ve put together one example of how net proceeds may differ between selling a home to a We Buy Houses for Cash company and an agent-assisted sale.
Let’s say your home in Long Island is currently worth about $595,000 and needs about $50,000 in repairs. Once the repairs are completed, the home might be worth around $645,000.
| Sell to a We Buy Houses for Cash company in Long Island | Sell with a top Realtor in Long Island | |
| Estimated sale price | ($645,000 x .70) – $50,000 = $401,500 | $595,000 |
| Market preparations | 0 | $5,950 (1% of sale price) |
| Agent commissions | 0 | $34,510 (5.8% of sale price) |
| Closing costs | 0 | $8,925 (1.5%) |
| Estimated take-home for seller | $401,500 | $545,615 |
As this example illustrates, financially, it’s usually in your best interest to partner with an experienced real estate agent.
However, net proceeds are not the only consideration when selling a home. What’s best in your situation will depend on the condition of your property, what level of repairs are needed, and your selling objectives. It could be that selling on the open market will be a challenge in your area, or the agent timeline might not fit your immediate needs.
Key takeaways
- Near-instant offers: Cash-for-homes companies in Long Island provide a fast solution, especially for properties that need some TLC.
- Less than market value: While convenient, expect offers to be below the market value compared to traditional selling routes.
- Due diligence is vital: Before committing, research the company’s reputation and understand the buying agreement in detail.
- Other selling avenues: Don’t forget alternative methods like iBuyers or traditional agents who can offer diverse sale experiences.
- Knowledge is power: Consult a top Long Island agent to understand market dynamics and potential sale value.
In the ever-evolving world of real estate, the choices you make can significantly impact your financial future. If you’re pondering a Long Island Cash-For-Homes company, it’s wise to solicit multiple offers and deliberate over each option before finalizing.
At HomeLight, we’re here to assist you with your real estate needs, whether you’re looking for a no-obligation cash offer or seeking to consult with a top Long Island agent to help you sell your property quickly and at the best price. Let us help you make an informed and confident decision.
Header Image source: (Alex D’Alessio / Unsplash)
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