If you’re trying to sell a home in the Empire State, companies that proclaim “we buy houses!” can look pretty appealing. They pay cash for your house, and they do it fast — these firms can help sellers race to the finish line without bothering with a listing, an open house or any of the other steps involved in a typical real estate transaction. That can be a big advantage in the New York housing market, where Redfin data shows that homes spend a median of 45 days on the market before finding a buyer.
Dealing directly with these cash-homebuyers is quick and convenient, but it comes with a pretty big downside, too: You’re not going to make as much money as you could in a traditional sale. Read on to learn more about how companies that buy houses in New York work, and whether they make sense for your needs.
Types of companies that buy houses for cash in New York
“We buy houses” companies are typically investment firms that want to either fix-and- flip a home for a profit or keep it as a rental property. Because they plan to renovate anyway, they usually buy homes in any condition, no matter how bad.
There’s one type of cash-buying company that you probably won’t find in New York: iBuyers. Neither Offerpad nor Opendoor, the two most-recognized names in the industry, purchase homes anywhere in the state. However, there are still plenty of companies that are willing to buy your New York home for cash, whether they’re large national franchises or small locally-owned operations.
National names
HomeVestors, also known as We Buy Ugly Houses, covers much of New York state including Albany, Buffalo, Long Island, the Hudson Valley, Rochester and New York City. And the outfit known simply as We Buy Houses also operates in many markets across the state. Both companies pay in cash and can close the entire deal within a few weeks.
Local options
- Bob Will Buy It!: This New Paltz–based company buys properties in Dutchess and Putnam Counties in the Mid-Hudson Valley. Expect an offer within 48 hours and a closing within three weeks.
- Leave the Key Homebuyers: This large company is based in Amityville but purchases properties throughout the state, including Long Island, New York City, Albany, Buffalo, Binghamton and Westchester. Closings can happen in as little as five days.
- Elite Properties: This Brooklyn company focuses on buying properties in New York City and Florida, and it will consider all types of homes including co-ops and condos. The timeline from offer to sale can be as fast as three days.
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Five Boro Home Buyers: Though it’s based on Long Island, this family-owned company buys properties in all five boroughs of New York City. You’ll get an offer within 24 hours, and if you agree to it, you can close within seven days.
How do ‘we buy houses’ companies work?
We buy houses companies in New York operate with a time-is-money mentality: They save you time by giving you a nearly-instant offer for your home and closing much faster than a traditional sale could. (That’s because they pay cash, so they don’t need to wait on lenders or financing.) In exchange for that speedy sale, you’ll sacrifice some profit potential.
Each company will have slight differences to the way they operate, but we buy houses companies typically don’t require you to make any repairs or pay any fees or closing costs. To work with one, here’s a general outline of the process:
- Share your address and some basic information about the home.
- Someone from the company will usually visit the property to do an in-person assessment (although some firms will evaluate a home entirely online).
- They make you a cash offer. Sometimes, this happens in person when the representative is at your house, and in other cases, they may follow up with an offer in 24 to 48 hours.
- You’re not obligated to accept. But if you do, read all the paperwork very carefully, and do not sign a contract you do not understand.
- Finally, you select a closing date — most companies will let you choose any date that’s convenient, within a particular time frame — and close the deal.
Alternatives
You have several other options if you don’t think a “we buy houses” company in New York is right for you.
- Sell with a Realtor: The traditional approach of selling a home with a listing agent may take longer, but it can make you a lot more money. The median sale price in New York state was $539,700 in April 2024, according to Redfin. That means half the homes actually sold for more than that — and leveraging the expertise of a pro agent is the best way to get that kind of top-dollar offer.
- Sell it yourself: If you feel confident in your marketing and negotiation skills, consider a for sale by owner listing. Selling a home is a lot of work to do on your own, and you’ll need to come up with a smart pricing strategy, but you’ll avoid paying a listing agent’s commission fee. (You may still have to pay your buyer’s agent’s fee, though, depending on the deal.)
- Rent it out: If you can afford to hang on to it and you’re willing to deal with being a landlord, why not earn some steady rental income? Rent prices can vary widely throughout the state: In Albany, for example, the median rent is $1,495, according to Zillow data — while in New York City, that figure will be considerably higher.
Next steps
Before you take the next step, think about what’s more important to you: speed and convenience, or getting the highest possible price? If time is of the essence — for example, if you need to relocate in a hurry for work or are in financial need and want the proceeds ASAP — then a cash-homebuying company might be a good choice. “We buy houses” companies in New York can also be a good option if your home is in poor condition and you don’t want to deal with the repairs.
You can test the waters by submitting your information to a few different companies to see who offers the best price. Just don’t take too long in deciding, as most of these cash offers expire relatively quickly.
If time is on your side, however, and you’d like to get as high a price for your home as you can, you’re better off hiring a local real estate agent. Someone who knows your area of New York well can help you navigate the local market and make the most money possible from your sale.
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