We Buy Houses Newark: Top 4 Companies
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Joseph Gordon EditorJoseph Gordon is an Editor with HomeLight. He has several years of experience reporting on the commercial real estate and insurance industries.
Are you a Newark homeowner who needs to sell your home fast? We Buy Houses companies could be the solution you’re seeking. These companies make all-cash offers for homes, often those needing some work, providing payment in a matter of days.
If you are short on money, time, or even the expertise to repair your home quickly, selling to a cash-for-homes company might be the right answer.
Are you downsizing your home in preparation for retirement or suddenly faced with a new job opportunity and forced to relocate? We Buy Houses companies can be a great fit in these situations.
In this post, we’ll explore the pros and cons of working with We Buy Houses companies in Newark, breaking down how the process works and providing alternatives to help you weigh your options and make an informed decision.
Sell Your House Fast in Newark With a Cash Offer
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Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Newark area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Newark
Working with a house-buying company in Newark offers a hassle-free way to sell your home. Here’s a quick overview of the basic steps involved in the process, helping you understand what to expect from start to finish.
1. Contact the company: Contact a reputable We Buy Houses company in Newark and give them some basic information about your property.
2. Schedule a home visit: The company will arrange a time to visit your property, assess its condition, and gather necessary information.
3. Receive an offer: After evaluating your home, the company will present you with a no-obligation cash offer, typically within 24-48 hours.
4. Review the offer: Review the offer and consider if it meets your needs and expectations for a quick sale.
5. Accept the offer: If you decide to proceed, accept the offer and sign the necessary paperwork to proceed with the sale.
6. Close the sale: The company will handle the closing process, often within a week, allowing you to receive your cash payment and finalize the sale quickly.
Popular We Buy Houses for Cash companies in Newark
If the process of selling to a house-buying company in Newark 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 or your parents’ Craftsman or Queen Anne. By selling to one of these companies, you should be able to sell your Newark home in as little as a week or two.
DNT Home Buyers
DNT Home Buyers has been in business for seven years and has closed hundreds of home deals. The company prides itself on a hassle-free process designed to put sellers at ease about a potentially confusing experience.
Locations: Statewide, including Newark
Closing costs: Sellers pay no closing costs; DNT Home Buyers cover them.
DNT Home Buyers is BBB accredited with an A+ rating since 2019. They have a five-star rating on Google based on 37 very positive reviews. Customer testimonials speak about the patience and can-do attitude of the DNT team; reviews mention how well the company handled difficult situations, such as complicated insurance issues or fire damage.
Website: dnthomebuyers.com
Phone number: 732-352-9065
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Newark (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 Newark.
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 [assigned city]
Closing costs: No prep costs, agent commissions, or 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 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 number: 844-488-8455
We Buy NJ Real Estate
We Buy NJ Real Estate was founded in 2003 as an investment company. Since then, the company has evolved, purchasing homes and focusing on local communities.
Locations: Statewide, including Newark
Closing costs: Sellers pay no closing costs; We Buy NJ Real Estate covers them.
We Buy NJ Real Estate has been BBB accredited with an A+ rating since 2011. They also have a five-star Google business rating, with customers attesting to the high level of care and service that We Buy NJ Real Estate put into the process.
Website: webuynjrealestate.com
Phone number: 908-320-7995
We Buy Houses, Jersey City
WeBuyHouses.com was founded in 1997 and buys houses in 200 markets and 30 states in any condition. According to their website, they have been trusted by 1 million homeowners and can present a cash offer even if the homeowner is behind on their mortgage or facing foreclosure.
Locations: Nationwide, including Newark
Closing costs: Sellers pay no closing costs; WeBuyHouses.com covers them.
WeBuyHouses.com has been BBB accredited since August 2020 and has an A+ rating. Customer reviews for WeBuyHouses.com speak to their professionalism and understandable procedure.
Website: webuyhouses.com/NJ/Newark/
Phone number: 877-932-8946
Why sell your Newark house for cash?
Is selling your home for cash the right move for you? Customers of We Buy Houses customers will often cite the need for an extremely fast sale, particularly in comparison to the traditional real estate market.
In Newark, it typically takes around 113 days to sell a home on the market using an agent. That includes an average of 69 days on the market plus the typical 44 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 Newark, 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.
Here are some common situations where selling your home for cash might make sense:
- Job relocation: You need to move quickly for a new job and can’t wait for a traditional sale.
- Divorce: A quick sale helps you and your ex-spouse divide assets and move on.
- Inherited: You’ve inherited a property and prefer to sell it without hassle.
- Downsizing: You’re ready to downsize and want to sell your larger home quickly.
- Repairs: Your home needs costly repairs you can’t afford or don’t want to handle.
- Open houses: You want to avoid the stress and intrusion of frequent open houses and showings.
- Foundation: Your house has significant foundation issues, making a traditional sale challenging.
- Foreclosure: You’re facing foreclosure and want to sell quickly to settle your debts.
- Tenants: You’re a landlord dealing with problem tenants and want to sell your rental property.
- Selling from out of state: You own property in Newark but live elsewhere and need a convenient sale.
Pros and cons of house-buying companies in Newark
Selling your Newark house to a house-buying company has both pros and cons.
Speed and convenience are some of the primary benefits, but there are other things to consider.
Pros:
- Speed: House-buying companies can close sales quickly, often within a week.
- Convenience: These companies handle all paperwork and logistics, making the process hassle-free.
- No repairs needed: You can sell your house as-is without investing in costly repairs.
- Certainty: Cash offers provide certainty, eliminating the risk of financing falling through.
The biggest downside of selling to a house-buying company in Newark is that they will likely offer you below market value for your home compared to selling on the market with an experienced real estate agent.
Cons
- Lower offers: Cash offers are typically below market value to account for repairs and resale.
- Limited negotiation: Most offers are take-it-or-leave-it, with little room for negotiation.
- Unregulated industry: Some companies may be less reputable, leading to potential scams.
- Missed competition: You miss out on potential higher offers from traditional buyers who may offer more for your home.
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
While most We Buy Houses companies are legitimate, unfortunately, scams exist. Here’s a quick checklist of steps you can take to ensure you are working with a reputable buyer:
- Check reviews: Look up online reviews to see what past clients say about their experiences.
- Read testimonials: Pay attention to testimonials on the company’s website and third-party sites.
- Research market presence: Investigate the company’s presence and performance in the market.
- Verify credentials: Ensure the company is legitimate and has a good track record.
- Understand the offer: Read the buying agreement carefully, noting all terms and contingencies.
HomeLight suggests you consult with an experienced local 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.
Other options to sell your Newark home quickly
iBuyers
iBuyers, or instant buyers, use automated valuation models (AVMs) to provide near-instant home value estimates, resulting in a mostly online, user-friendly sale process. Established in the mid-2010s, iBuyers like Opendoor and Offerpad offer all-cash deals typically closer to market value for homes in good condition.
The process from offer to closing is quick, ranging from a few days to two weeks, though service fees of 5%-6% may apply. They suit sellers in regions with homogeneous housing and properties in good condition. Learn more
Listing with an agent
Surprisingly, listing with an agent can still be a fast option in a seller-friendly market. A top real estate agent can strategically price and market your home for a quick sale. Consulting with an agent provides valuable insights through a comparative market analysis (CMA), which helps determine an appropriate listing price and estimates the time it might take to sell.
Many agents offer a CMA, often for free. Additionally, an experienced agent may connect you with buyers offering cash deals close to market value. Exploring this option ensures you make an informed decision. HomeLight can connect you with a top-performing real estate agent in your area today.
FAQs on Newark house-buying companies
By and large, most We Buy Houses for Cash companies in Newark 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 Newark 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 Newark Queen Anne could sell for $350,000 after repairs, but it will need $30,000 of work to get there.
($350,000 x .70) – $30,000 = $215,000
In this example, a Newark We Buy Houses company might offer you around $215,000 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 Newark We Buy Houses for Cash company, you will likely be coming to grips with a double-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 it is accepted. Conversely, 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 will be the price you walk away with at the end of the deal. Of course, asking the company if any hidden program fees might impact your bottom line is always a good idea.
1. Research and vet the house-buying companies that serve your Newark 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 Newark vs. top Newark 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 Newark | Sell with a top Realtor in Newark |
| Selling timeline | 7 to 30 days | 113 days average; 69 to attract an offer, 44 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 the 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 compiled 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 Newark is worth about $450,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $475,000.
| Sell to a We Buy Houses for Cash company in Newark | Sell with a top Realtor in Newark | |
| Estimated sale price | ($475,000 x .70) – $25,000 = $307,500 | $450,000 |
| Market preparations | 0 | $4,500 (1% of sale price) |
| Agent commissions | 0 | $26,100 (5.8% of sale price) |
| Closing costs | 0 | $6,750 (1.5%) |
| Estimated take-home for seller | $307,500 | $412,650 |
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
- Speed: House-buying companies can close quickly, often within a week.
- Convenience: These companies handle all paperwork and logistics, making the process hassle-free.
- No repairs: You can sell your house as-is without making costly repairs.
- Certainty: Cash offers eliminate the risk of financing falling through.
- Lower offers: Expect cash offers to be below market value.
- Limited negotiation: Most offers are take-it-or-leave-it, with little room for negotiation.
- Reputation matters: Vet companies thoroughly to avoid potential scams.
- Explore all options: Consult a top agent to understand your home’s market value.
- Know your home’s worth: Always know your property’s estimated market value before you proceed with a cash-offer company. You could be leaving a lot of money on the table.
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 Newark agent.
Header Image Source: (mandritoiu/ Depositphotos)
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