Buying a new home is a major step, and requires careful preparation. You should review your budget, financial requirements, and obtain mortgage pre-approval. Also, ensure you have all relevant documentation for closing day.

"We buy houses long island" companies are often operated by house flippers who pay between 30% and 70% of a property's fair market value.

Why Sell Your Home to a Cash Buyer?

Many New York home sellers choose to sell their homes to cash buyers because they need to close a sale quickly. For example, a homeowner may be in the middle of a divorce and need to split the equity or they could have to relocate for work. These reasons are why a quick, cash sale to a local New York company that buys houses for cash is an excellent option.

A "we buy houses for cash" or iBuyer real estate company will make you a cash offer that is between 30% and 70% of your home's after-repair value (ARV). Some of these companies are national brands like We Buy Ugly Houses while others are local New York companies that operate on a franchise model.

While a cash buyer will skip the need for a mortgage lender, it's best to work with a Realtor who has experience with all-cash sales. A Realtor can help you prepare a purchase agreement, negotiate with the buyer and more. Trulia can connect you with a trusted Premier Agent in your area who understands the intricacies of selling to a cash buyer.

No Repairs

When you sell your home to a cash buyer, there is no need to complete any repairs before selling. This is a benefit for many homeowners who need to offload their property quickly, or are in financial hardship. It can also save money and time compared to selling your home through an agent, which requires completing repairs before listing it on the market.

The cash buyers who buy houses in Long Island are typically property investors who look for properties they can renovate and resell or rent out. They may use real estate investment websites to advertise their services, or attend local real estate investor meet-ups to find potential clients.

If you’re considering selling your property to a "we buy houses" company, you should research reputable companies and request a quote for your home. These companies typically offer between 30% and 70% of the house’s after-repair value. In addition, they may charge service fees and closing costs, which can reduce your overall profit.

No Inspections

When it comes to assessing the condition of a home, an inspection is critical. It is a way to evaluate the property’s safety and value, and it can also reveal hidden problems that could cost money.

For example, faulty wiring is a serious safety concern and can lead to house fires. However, it’s not always easy for home inspectors to notice because it can be hidden behind drywall and other materials. In addition, faulty wiring can increase the cost of renovations and repairs.

However, selling a property to a cash buyer eliminates the need for an inspection. This makes the process more straightforward and gives sellers peace of mind. Additionally, it’s less likely that the sale will fall through, as is often the case with retail buyers. However, it’s important to note that these companies may not be able to pay full market value for the property. Therefore, it’s a good idea to consult with multiple companies to get the best price.

No Commissions

Real estate commissions are high enough as it is, but why give away 6% of your sale price to a broker when you can avoid that fee by selling to a cash buyer? Local real estate agents can connect you to buyers looking for properties like yours and help you negotiate a fair deal.

Homebuyers can use home affordability calculators to determine if they are financially prepared to buy a property. Once they have gathered the necessary documentation, they can submit their application to a lender.

Long Island has a strong presence of institutional investors and real estate corporations that specialize in buying and selling homes for cash. These companies typically advertise on real estate investment websites and attend local investor meet-ups. These companies are also known as house flippers or iBuyers, and they offer homes for around 70% of their FMV. They may charge a service fee or request that the seller make certain repairs.