5 Top We Buy Houses for Cash Companies in NYC
- Published on
- 14 min read
-
Fran Metz Contributing EditorClose
Fran Metz Contributing EditorFran Metz is a freelance content writer, editor, blogger and traveler based in Las Vegas, Nevada. She has seven years of experience in print journalism, working at newspapers from coast to coast. She has a BA in Mass Communications from Fort Lewis College in Durango, Colorado, and lived in Arvada for 15 years, where she gained her experience with the ever-changing real estate market. In her free time, she enjoys 4-wheeling, fishing, and creating digital art.
Navigating the intricate world of home selling in New York City can be overwhelming, especially when time is of the essence. If your home needs repairs and you lack the expertise, funds, or simply the time to address them, “We Buy Houses” companies in NYC might be your beacon of hope.
These firms extend all-cash offers for properties, even those in less-than-pristine condition, enabling you to swiftly access funds and press forward with your life’s next chapter.
The allure of a cash sale, particularly in an urgent or unexpected situation, is undeniable. However, like every significant decision, there are both upsides and pitfalls to consider. In this guide, we’ll explain the process and unpack the pros and cons of partnering with an NYC house-buying company, giving you the insights needed to make an informed choice for your unique situation.
Sell Your House Fast in New York City With a Cash Offer
Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 10 days. No showings, no repairs, no open houses. Available to sellers throughout New York City.
Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of New York City area “We Buy Houses” companies should not be considered endorsements.
Working with house-buying companies in NYC
Sometimes, life demands swift decisions. If you’re considering a rapid home sale to a New York City house-buying company, here is the process you can expect:
- Research potential buyers: Start by identifying reputable “We Buy Houses” companies in New York City. Check online reviews, the Better Business Bureau, and other trusted sources for feedback.
- Request an offer: Once you’ve selected a company, contact them with details about your property. They’ll ask about your home’s size, location, age, and condition. This is often done through an online form.
- Schedule a home assessment: Most companies will set up a time to visit and assess your NYC home. This helps them determine the value and make an appropriate offer.
- Review the offer: While most house-buying companies present a take-it-or-leave-it deal, it’s vital to thoroughly examine the terms to ensure they align with your expectations.
- Close the sale: If you accept the offer, the company will prepare the necessary documents. Unlike traditional sales, cash-for-homes deals can close rapidly, typically within a week or two, but often in just days in more urgent situations.
- Move on with your plans: With the proceeds in hand, you can confidently embark on your next chapter, free from the burdens of a lingering home sale.
Popular We Buy Houses for Cash companies in NYC
If the process of selling to a top We Buy Houses for Cash company in New York City 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 parents’ Colonial-style house or your brownstone home. By selling to one of these companies, you should be able to sell your NYC home in as little as a week or two.
Sell My House Fast 4 Cash NYC
Sell My House Fast 4 Cash NYC is a family-owned business with more than 25 years of experience in New York City’s real estate market. They’ve expanded their reach beyond Queens and Kings (Brooklyn) counties to include several others, such as Manhattan and Westchester, further solidifying their credibility in the industry. The company provides timely cash solutions and a straightforward selling process, eliminating the typical hassles of repairs and extensive paperwork.
Locations: New York City, and also Brooklyn, Queens, Bronx, Nassau, Suffolk, Westchester, and Dutchess counties
Closing costs: Sellers pay no closing costs; Sell My House Fast 4 Cash NYC covers them.
Sell My House Fast 4 Cash NYC has an A+ rating with the BBB, but is not accredited. The company holds a 5-star Google rating, and clients of Sell My House Fast 4 Cash NYC express high satisfaction with the home-selling experience, praising the company’s efficient service, and accommodating approach.
Website: sellmyhousefast4cashnyc.com
Phone: 718-747-4463
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in New York City 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 US, and 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 locations throughout New York City.
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 City
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
We Buy Land Property NY
The website for We Buy Land Property NY says they are dedicated to simplifying the home-selling process, and that the company’s seasoned managers are skilled at tailoring solutions to meet the unique needs of every customer. They buy homes in any condition and any situation. By prioritizing a personalized approach, they ensure every transaction is seamless and beneficial to the homeowner.
Locations: New York City
Closing costs: Sellers pay no closing costs; We Buy Land Property NY covers them.
We Buy Land Property NY has a 5-star Google rating, and customers say they appreciate the company’s straightforward and efficient approach to property buying. Many customers faced challenges, like the burden of distressed properties or the tediousness of paperwork, and found relief in the company’s hassle-free process. By offering attractive, even unexpectedly generous offers, the firm instills confidence in its clients. Their professionalism and genuine offers are notable qualities that set them apart in their service. The are not currently listed on the BBB website.
Website: webuylandpropertyny.com
Phone: 646-693-0573
Real Property Buyers
Real Property Buyers emerged years ago to fill a gap in the New York housing market. Recognizing that traditional real estate listings weren’t suitable for everyone, they crafted alternative solutions tailored to homeowners in challenging situations like foreclosure, probate, or holding onto problematic properties. Operating out of Hewlett as a family-owned enterprise, they prioritize offering custom solutions, enabling homeowners to resume their lives without the stress of unwanted properties. Their swift and efficient cash offers make them a preferred choice for many NYC homeowners.
Locations: New York City and Long Island
Closing costs: Real Property Buyers often pays for closing costs.
Real Property Buyers has been BBB accredited since 2018 and holds an A+ rating. The company holds a perfect 5-star Google rating, and reviews emphasize the company’s transparency, professionalism, and reliability. Customers appreciated the clear communication, especially when addressing concerns or questions. Noteworthy is the company’s capability to handle complex situations, like title issues, ensuring a seamless closing. Overall, clients felt comfortable and confident in their choice to work with Real Property Buyers, often recommending them for a hassle-free selling experience.
Website: www.rpbuyers.com/
Phone: 516-226-9690
Cash For Properties NYC
With more than 30 years of experience in the real estate sector, Cash For Properties NYC is adept at handling the unique challenges property owners encounter when selling their properties. They specialize in providing solutions for myriad circumstances, including bankruptcies, divorces, foreclosures, tax liens, tenant problems, and more. Cash For Properties NYC buys buildings, houses, land and warehouses in as-is condition from homeowners. The company says it strives to offer the easiest solutions for those seeking to sell their NYC properties for cash.
Locations: New York City and surrounding areas
Closing costs: Sellers pay no closing costs; Cash For Properties NYC covers them.
Cash For Properties NYC has a 5-star Google rating and receives positive feedback from its clients for its professional and respectful service. Customers commend the company for fair negotiations, with many appreciating the hands-on approach, ensuring a seamless transaction process. The team’s expertise and understanding of sellers’ needs are often praised, with many reviewers noting the company’s non-aggressive stance and refusal to undervalue properties. The company is not currently located on the BBB website.
Website: cashforpropertiesnyc.com
Phone: 800-730-1717 or locally at 917-576-1010
Why sell your NYC house for cash?
There are plenty of compelling reasons a New York City 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 City, it typically takes about 98 days to sell a home on the market using an agent. That includes an average of 55 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 NYC, 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.
Curious about when a cash sale via a house-buying company might be right for you? Here are some scenarios New York City homeowners often encounter:
- Extensive property damage: Your home has age-related or sudden damages, like structural issues or system failures, making traditional selling challenging.
- Urgent life events: You’re grappling with sudden events like divorce, health concerns, or unexpected job transfers necessitating a quick move.
- Lack of repair funds: You don’t possess the finances or inclination to undertake necessary home renovations or updates.
- Avoidance of traditional sale hassles: The idea of staging, showings, and prolonged negotiations doesn’t align with your preferred selling experience.
- Need for discretion: You value privacy and would rather not broadcast your sale, making a quiet off-market transaction appealing.
- Looming foreclosure: Facing foreclosure pressures, selling swiftly can prevent further credit complications and offer some financial relief.
- Inherited property burdens: You’ve inherited a property you’re unprepared or unwilling to maintain or integrate into your real estate portfolio.
- Landlord fatigue: Managing rental properties or tackling tenant issues has lost its charm, and you’re seeking a swift exit strategy.
- Aging and downsizing: As you or a family member age, a fast sale can pave the way for transition into assisted living or joining family.
- Out-of-state living: Managing a New York City property while residing elsewhere poses challenges; a cash sale offers a hassle-free solution.
If any of these scenarios resonate with you, exploring what a top We Buy Houses for Cash company in NYC can offer might be a great first step. But remember, this is just the beginning of your decision-making journey. Understanding the pros and cons and reviewing your selling options is essential.
Pros and cons of house-buying companies in NYC
Navigating New York City’s dynamic real estate scene involves considering the pros and cons of various selling approaches. House-buying companies, with their promise of speed and minimal fuss, certainly have their merits. However, it’s equally important to understand potential drawbacks.
Pros
In a bustling city like New York, where quick decisions are often a way of life, house-buying companies offer an enticing blend of speed and convenience. Chiefly, they can purchase homes in any condition, eliminating the need for costly and time-consuming repairs. Here are some of the primary advantages:
- Swift transactions: Transactions can close in days or weeks, making it ideal for sellers seeking a rapid move.
- No repairs needed: Your home is purchased as-is, which means you can sidestep any expensive or time-consuming repairs.
- Avoid traditional selling hurdles: Bypass the stresses of home staging, showings, and protracted negotiations.
- Straightforward, certain process: The selling process typically is more straightforward and predictable compared to the conventional route.
Cons
While the benefits are enticing, it’s essential to tread with caution. The primary trade-off often lies in the final price tag, as these companies typically provide cash offers below the market rate. Here’s a closer look at the drawbacks:
- Reduced offers: More often than not, the price offered will be below your home’s market value, affecting your potential profit.
- Less negotiation room: Most house-buying companies in NYC provide take-it-or-leave-it deals, leaving little to no space for negotiation.
- Risk of pressure tactics: While most We Buy Houses companies in New York City seek a win-win solution, there is a chance of getting involved with an outfit that applies pressure tactics to take advantage of your possibly urgent situation.
- Potential for scams: Like any industry dealing with large financial assets, scams exist, so it’s important to be aware. Ensure you’re working with a reputable, established NYC business.
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
Your experience with a We Buy Houses for Cash company will largely hinge on the integrity and character of those behind the offer. Just as properties differ in value and appeal, so do the house-buying companies in their ethos and service quality.
Before diving headfirst into a cash deal, ensure you’ve done your due diligence. Scour reviews, pore over testimonials, and gauge their market presence and track record in NYC. And, as with any significant transaction, don’t skim over the buying agreement. Read each clause attentively, ensuring you’re not only familiar with but comfortable with the terms before putting pen to paper.
HomeLight suggests you consult with an experienced NYC 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 New York market. You can also use HomeLight’s Home Value Estimator to get an initial estimate in less than two minutes.
Other options to sell your NYC home quickly
iBuyers
iBuyers, short for instant buyers, harness technology to offer near-instant home value estimates based on market data. Born in the mid-2010s, they mainly present all-cash offers closer to market value for well-maintained homes. The sale process is swift, usually spanning days to two weeks.
It should be noted that iBuyers like Opendoor and Offerpad typically charge service fees of up to 6%. They best serve sellers with standard housing in good shape.
Listing with an agent
Though unconventional in this context, considering a real estate agent is prudent. In favorable markets, a strategic listing with a top agent can lead to a rapid sale. On average, top-tier agents fetch 10% higher prices than their peers, according to HomeLight data.
An agent’s comparative market analysis (CMA) provides a nuanced understanding of your home’s worth, facilitating better pricing and quicker sales. Many agents will offer a CMA free with a consultation.
Well-networked agents can even introduce you to cash buyers offering closer-to-market prices for your property. If selling through a top agent interests you, HomeLight can connect you with a leading agent in your NYC market.
FAQs on NYC house-buying companies
Most We Buy Houses for Cash companies in New York City 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 legitimate.
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.
Most New York City We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value (ARV), 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 City brownstone home could sell for $726,000 after repairs, but it’s going to need $30,000 of work to get there.
($726,000 x .70) – $30,000 = $478,200
In this example, a New York City We Buy Houses company might offer you about $478,200 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 City We Buy Houses for Cash company, you will likely be coming to grips with a two-edged sword. On one hand, 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 hand, 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 ask the company if there are any hidden program fees that might affect your bottom line.
- Research and vet the house-buying companies that serve your NYC 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. Consider 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 NYC vs. a top NYC agent
Another helpful exercise is to compare how a top We Buy Houses for Cash company in NYC 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 City | Sell with a top Realtor® in New York City |
| Selling timeline | 7 to 30 days | 98 days average; 55 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 | 3% to 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 City is currently worth about $650,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth about $675,000.
| Sell to a We Buy Houses for Cash company in New York City | Sell with a top Realtor in New York City | |
| Estimated sale price | ($675,000 x .70) – $25,000 = $447,500 | $650,000 |
| Market preparations | 0 | $6,500 (1% of sale price) |
| Agent commissions | 0 | $19,500 (3% of sale price) |
| Closing costs | 0 | $9,750 (1.5%) |
| Estimated take-home for seller | $447,500 | $614,250 |
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
- Speedy sales: House-buying companies in New York City offer fast transactions, often finalizing deals within days to a couple of weeks.
- No repairs needed: These companies typically purchase homes as-is, removing the need for you to invest in repairs or upgrades.
- Below market value: Generally, cash-for-homes offers will come in below your property’s market value.
- Vet the company: Vet potential buyers by checking online reviews, reading local testimonials, and researching their reputation in the NYC market.
- Alternative options available: Besides house-buying companies, consider iBuyers and traditional real estate agents as viable alternatives to maximize your returns.
- Know your home’s worth: Research the current value of your New York City home before accepting any offer, and consider alternative selling options.
If you’re thinking about selling to a New York City “We Buy Houses” company, it’s wise to collect multiple offers and compare them thoroughly before making a commitment.
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 NYC agent.
Image Header Source: (rabbit75_dep/ Depositphotos)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
