6 Top We Buy Houses for Cash Companies in New York
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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.
If you’re a New York homeowner facing the urgency of a fast home sale, you might have stumbled across those enticing “We Buy Houses” signs. These companies offer an all-cash solution for homes that might need improvements, serving as a lifeline for sellers who may not have the time, money, or expertise to deal with repairs.
For many, the allure of such cash-offer companies lies in the ability to move quickly and tackle unexpected or urgent situations head-on.
In this article, we’ll explain the process and the pros and cons of these house-buying companies. We’ll also look at alternatives to consider, allowing you to weigh your options with confidence and make an informed decision.
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Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of New York “we buy houses” companies should not be considered endorsements.
Working with house-buying companies in New York
Embarking on the journey of selling your home in New York to a We Buy Houses company can seem intimidating at first. Yet, the process itself is straightforward. For homeowners in the Empire State who need a quick sale, here’s a guide showing the typical steps to expect.
- Research companies: Begin by exploring various We Buy Houses companies operating in New York. Check their reviews, ratings, and reputation to shortlist a few.
- Contact the company: Reach out to your chosen company, providing details about your property. They’ll ask for information like location, size, and current condition. Some companies provide a preliminary offer at this point.
- Schedule a home visit: The company will likely want to inspect your home in person. This helps them assess the property’s value and determine the offer price. This on-site property visit is typically completed within 24 to 48 hours.
- Review the offer: After the visit, the company will present you with a cash offer. Take your time to assess if it aligns with your expectations.
- Accept or reject: If you’re satisfied with the offer, accept it. If not, you are under no obligation to continue.
- Finalize and close the sale: If you accept the offer, you’ll proceed to the closing. Once an agreement is signed and complete, you’ll receive your cash payment. We Buy Houses companies can typically close your home sale within seven days to a few weeks.
Popular We Buy Houses for Cash companies in New York
If the process of selling to a house-buying company in New York 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 row house or your parents’ brownstone property. By selling to one of these companies, you should be able to sell your New York home in as little as a week or two.
Cash Buyers NY
Established in 2000, Cash Buyers New York is a seasoned company deeply acquainted with the local real estate market. Spearheaded by lifelong New Yorker, Qasir, who embarked on his real estate journey at the young age of 22, the firm offers a unique, streamlined approach to property transactions. Now with two decades of experience, Qasir’s dedication to superior customer service and his unwavering commitment ensures tailored solutions for each client. The company’s professional team assists sellers throughout the transaction process, emphasizing a friendly, expert-guided experience.
Locations: Nassau County, Long Island, NYC, Suffolk County, Queens, Brooklyn
Closing costs: Sellers pay no closing costs; Cash Buyers NY covers them.
Cash Buyers NY receives glowing reviews from clients for its empathetic and accommodating approach, especially during challenging personal situations. Clients appreciate the company’s understanding in offering extended move-out times and minimizing intrusions, particularly for those with unique home situations. Additionally, they stand out for providing competitive cash offers. Their professionalism, courtesy, and efficiency resonate with customers, many of whom commend the company for smooth and speedy transactions. Overall, Cash Buyers NY is highly recommended for those seeking a trusted real estate company for quick home sales. They have a Google rating of 5.0.
Website: cashbuyersny.com
Phone number: 646-920-8900
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in New York (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 New York.
With Simple Sale, you can get a no-obligation, all-cash offer in as little as 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 New York
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 hundreds of 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
House You Direct, Inc.
House You Direct, Inc., situated in New York, primarily serves Dutchess, Putnam, Westchester, and Bronx Counties, and is driven by a mission to create positive outcomes for homeowners. The company’s credibility is strengthened by its associations with REIA NYC, Hudson Valley REIA, and the New York Real Estate Investors Association. With a passion rooted in the principles of Robert Kiyosaki’s “Rich Dad Poor Dad,” the company has undergone extensive training in various real estate areas.
Locations: Dutchess, Putnam, Westchester, and Bronx Counties
Closing costs: Sellers pay no closing costs; House You Direct, Inc. covers them.
House You Direct, Inc. is consistently praised for its professionalism, knowledge, and attentiveness to details in the real estate market. Clients often highlight the excellent communication and responsiveness they experience while working with the company. Many appreciate the ease with which they can sell their homes and the proactive approach taken to overcome challenges. In addition, there’s a unique mention of a team member’s talent in techno music production, adding a distinctive touch to their reputation. They have a Google rating of 5.0.
Website: houseyoudirect.com
Phone number: 917-818-0044
Five Boro Home Buyers
Five Boro Home Buyers is a family-owned real estate solutions company based in The Bronx, Brooklyn, and Queens. The company is dedicated to providing win-win solutions for homeowners in challenging situations like foreclosure or owning burdensome properties. Their deep-rooted commitment to truly assisting homeowners sets them apart; they ensure that clients are always comfortable and never pushed into decisions. Proudly focusing on genuine collaboration, they offer a comforting and reassuring service, instilling confidence in clients that they can always choose what’s best for their situation.
Locations: Bronx, Brooklyn, Manhattan, NYC, Queens, Riverdale, Staten Island
Closing costs: Sellers pay no closing costs; Five Boro Home Buyers covers them.
Clients consistently commend Five Boro Home Buyers for their professionalism, respect, and genuine attentiveness. Their expertise shines through, especially in guiding homeowners through challenging situations, such as managing inherited properties after a family death. Many clients have felt reassured by the company’s always-available communication approach, even on a 24/7 basis. Customers consistently emphasize their positive experiences, often describing the company as unparalleled in the market. They have a Google rating of 4.8.
Website: newyorkhomesforcash.com
Phone number: 516-870-4462
718 Home Buyers
718 Home Buyers is a reputable, family-owned real estate investment company rooted in The Bronx, New York. With a decade-long track record, the firm, spearheaded by Keith Morris, specializes in providing immediate, all-cash offers to homeowners dealing with myriad challenges, be it foreclosure, probate, or difficult tenants. Keith, once a notable figure in the music industry, transitioned his focus to aiding local communities, and today, his compassionate and individualized approach has aided countless homeowners.
Locations: Bronx, Brooklyn, Manhattan, Queens
Closing costs: Sellers pay no closing costs; 718 Home Buyers covers them.
718 Home Buyers has garnered positive feedback from homeowners for their efficient and supportive services. Clients have appreciated the company’s expertise in handling complex home sales, particularly those who have inherited properties. Keith, a prominent representative of the company, has been consistently praised for his professionalism, honesty, and fair pricing. The closing process is highlighted as smooth, and the company goes the extra mile to ensure transactions are effortless for their clients, making them a recommended choice for home selling needs. They have a Google rating of 5.0.
Website: 718homebuyers.com
Phone number: 718-503-2233
Leave the Key Home Buyers
Leave The Key Homebuyers is a family-owned company founded with the intention of providing an alternative option for homeowners in New York aiming to sell their properties. Upholding values of honesty, genuineness, and ethics, the firm approaches home selling as a consultative process, always ready to guide homeowners through any concerns or questions they might have. Over the recent years, they’ve successfully assisted hundreds of satisfied homeowners in Nassau, Suffolk County, Long Island, Queens, and Brooklyn in selling their homes for cash. Their primary objective is to streamline and expedite the home-selling experience for clients.
Locations: All over New York, including Nassau County, Suffolk County, Long Island, Brooklyn, and Queens
Closing costs: Sellers pay no closing costs; Leave the Key Home Buyers covers them.
Leave The Key Homebuyers has consistently garnered positive reviews from clients. Sellers appreciate the company’s consultative and transparent approach, particularly praising founder Larry for his honesty, patience, and expertise. Many were initially skeptical about the home-buying process but were soon reassured by Larry’s willingness to educate them and his genuine concern for their best interests. Whether dealing with fast closings or navigating complex estate issues, clients felt they received exceptional service, often feeling like they were speaking to a trusted friend rather than just a business associate. They have a Google rating of 5.0.
Website: leavethekey.com
Phone number: 631-552-5508
Why sell your New York house for cash?
There are plenty of valid reasons a New York 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 New York, it typically takes around 103 days to sell a home on the market using an agent. That includes an average of 60 days on the market, 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 New York, and it’s clear why these We Buy Houses groups are an attractive option, even though they don’t always offer top dollar for the homes they purchase.
Why might someone choose to sell their New York house for cash? Let’s take a quick look at some of the most common scenarios.
- Urgent relocation: Your job or personal circumstances require an immediate move, and you don’t have the luxury of waiting for a traditional sale.
- Financial hurdles: Facing challenges like bankruptcy or mounting debts? A quick cash sale can be a financial lifeline to reset your economic status.
- Inherited property: You’ve inherited a New York home that you don’t want to manage, renovate, or live in.
- Tenant troubles: As a landlord, you’re grappling with problematic tenants or are just tired of property management hassles.
- Aging and downsizing: You or your loved ones are downsizing or transitioning to assisted living, and selling the family home quickly can simplify this process.
- Privacy concerns: Avoid the public eye, open houses, and potential judgment by selling discreetly to a cash buyer.
- Home in disrepair: Your property has issues like water damage or structural problems, making a traditional sale challenging.
- Avoiding foreclosure: An imminent foreclosure can be sidestepped by securing a quick sale, potentially salvaging your credit.
- Life events: Situations like divorce or medical emergencies necessitate quick funds, making a cash sale an appealing option.
- Out-of-state owner: Owning a New York property while living elsewhere can be daunting, and a cash sale offers relief from the complications of long-distance ownership.
Navigating these challenges can be less stressful with the option of a Cash-For-Homes company. Yet, as with any significant decision, it’s vital to know the pros and cons and evaluate every path.
Pros and cons of house-buying companies in New York
Making an informed decision about selling your New York home requires an understanding of both the advantages and pitfalls of working with house-buying companies.
Pros
One of the most compelling benefits of working with house-buying companies in New York is the sheer speed of the process. You also avoid the hassles of home repairs or staging for showings. Here’s a summary of the key benefits:
- Quick sale: Typically, these companies can close the deal in days to a few weeks, ensuring you get the funds rapidly.
- No repairs: Sell your home as-is, without spending time or money on fixes.
- Simple process: Minimize paperwork and eliminate the need for open houses or negotiations.
- Cash offer: No need to worry about financing fall-throughs or bank approvals; you get a straightforward cash deal with no contingencies.
Cons
While the speed and convenience can be appealing, it’s important to note that these benefits typically come at a cost. The most significant drawback is that you will likely receive an offer below the market value. Here are some of the downsides to consider:
- Lower valuation: We Buy Houses companies will offer less than what you might fetch on the open market with a seasoned real estate agent.
- Limited negotiation: Don’t expect a hike from the initial offer. Most house-buying companies present a take-it-or-leave-it cash offer.
- Hidden fees: Some companies may charge fees or costs, diminishing the net amount you receive. Read your contract carefully before signing.
- Potential for pressure or scams: Not all house-buying firms are reputable. Some may prey on your urgency to sell, leading to pressure tactics or unfavorable deals. This is why it’s important to thoroughly vet the company first.
Curious What Your Home Is Worth?
Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes.
Vet cash buyers and know your home’s worth
Deciding to work with a We Buy Houses for Cash company in New York is only the first step. Just as with any business venture, the integrity and service quality you encounter can vastly differ based on the character of the individual or group behind the offer. It’s crucial for you to be discerning.
Before jumping at the first cash offer, invest time to vet the company. Dive deep into reviews, scour testimonials, and gauge their reputation within the New York market.
Moreover, never overlook the fine print. Before sealing the deal, thoroughly scrutinize the buying agreement. Familiarizing yourself with every detail ensures you aren’t caught off guard and that the entire transaction aligns with your expectations and needs.
HomeLight suggests you consult with an experienced New York 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 local market. You can also use HomeLight’s Home Value Estimator to get an initial ballpark estimate in less than two minutes.
Other options to sell your New York home quickly
iBuyers
iBuyers, also called instant buyers, use automated valuation models (AVMs) to offer a swift, predominantly online home sale experience. They present nearly instantaneous home valuations based on both historical and recent market data.
While their offers, like those from national companies like Opendoor and Offerpad, are usually closer to market value and suit well-maintained homes, they charge service fees of around 5%-6%.
iBuyers can be a better choice for homes in regions with uniform housing with properties that are in good shape.
Listing with an Agent
While considering We Buy Houses options, don’t overlook the potential benefits of listing with a top New York real estate agent. If your property is in a seller’s market and is well-priced and marketed, an agent can expedite a sale.
Our data shows that homes listed with top-tier agents can fetch prices up to 10% higher than average agents. In addition, a seasoned Realtor can offer a comparative market analysis (CMA) to determine your home’s value, guiding your pricing strategy and predicting sale speed. Many agents will provide a CMA for free.
A well-connected agent might even link you to buyers willing to give a cash offer close to your home’s true value. If you’re leaning toward this option, HomeLight can introduce you to top-performing agents in your New York market.
FAQs on New York house-buying companies
By and large, most We Buy Houses for Cash companies in New York 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 New York 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 New York townhouse could sell for $400,000 after repairs, but it’s going to need $30,000 of work to get there.
($400,000 x .70) – $30,000 = $250,000
In this example, a New York We Buy Houses company might offer you around $250,000 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 New York 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.
- Research and vet the house-buying companies that serve your New York area. Our list above is a good place to start.
- Submit offer requests to a few of the companies you like best.
- Schedule any required on-site property visits.
- Compare offers. Weigh the pros and cons and choose the best option for you.
- 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 New York vs. top New York agent
Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a 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 New York | Sell with a top Realtor in New York |
| Selling timeline | 7 to 30 days | 103 days average; 60 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 New York is currently worth about $400,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $425,000.
| Sell to a We Buy Houses for Cash company in New York | Sell with a top Realtor in New York | |
| Estimated sale price | ($425,000 x .70) – $25,000 = $272,500 | $400,000 |
| Market preparations | 0 | $4,000 (1% of sale price) |
| Agent commissions | 0 | $23,200 (5.8% of sale price) |
| Closing costs | 0 | $6,000 (1.5%) |
| Estimated take-home for seller | $272,500 | $366,800 |
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
- Cash-for-homes simplicity: Selling your New York home to Cash-For-Homes companies can be a straightforward, hassle-free process.
- Potential for lower offers: These companies typically present offers below market value to ensure profitability after repairs and resale.
- Speed is a key advantage: If you need to sell quickly, cash buyers often expedite the closing process, offering relief in urgent situations.
- Inspect company reputation: Always research the house-buying company’s reviews and market presence before making any commitments.
- Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.
- Consider traditional listings: Teaming up with a seasoned New York agent can yield a higher selling price and offer additional selling insights.
As you navigate the journey of selling your New York property, remember the value of options. Smart sellers gather multiple offers and dedicate time to evaluate each before committing.
At HomeLight, we’re happy to lend a guiding hand in navigating your real estate journey. Let us help you make an informed and confident decision, whether you’re looking for a no-obligation cash offer through a trusted platform like Simple Sale or seeking to consult with a top New York agent.
Header Image Source: (Brandon Jacoby / Unsplash)
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