When I’m selling my Long Island home, do I need to use a real estate agent?
When homeowners decide it’s time to sell, one of the first things many of them do, is contact a real estate agent. They might be surprised to learn that hiring a seller’s agent isn’t required to complete a home sale. In fact, not hiring an agent can save the seller a significant amount of money.
More and more, homeowners are opting not to hire agents when they put their house on the market. More people are looking for companies that buy homes for cash. At Long Island Cash Home Buyer LLC, we know there are sellers out there who need to complete a transaction without unnecessary delays and want to keep as much of the proceeds from the sale as possible. We’ve been in the real estate industry for 30+ years and have helping sellers get cash for their homes for 15 years. We know the ins and outs of these sales.
Real Estate Agents Cost Money
Selling your Long Island home with a real estate agent can be beneficial to you, but it also comes with a certain amount of risk. At Long Island Cash Home Buyer, we can help you sell your house for cash quickly and without the aggravation of having to go through the process and fees that listing with a real estate agent entails.
If you decide to go the route of using a real estate agent, it could end up costing you a pretty penny. Most real estate agents make a percentage (generally 6%) upon the sale by earning a commission. So the more money you sell your house for, the more money the agent gets! This is money that you could have in your pocket.
While New York state doesn’t regulate the commission charged by a broker, according to the New York Times, agents have long charged a 6 percent commission. Because they charge a percentage rather than a flat fee, agents pocket more money when the sales price goes up. In another article, the Times points out that a seller paying a 6 percent commission on an $865,000 home would owe nearly $52,000 to the agent.
It takes time to sell your Long Island Home with a real estate agent
In addition to the cost, you could be looking at a 6 to 12 month process from listing the house to closing with a buyer. It will go something like this:
- Clean and do minor repairs on the house.
- Interview and decide which agent out of the thousands out there that you would like to hire.
- Fill out paperwork with the agent and list the house.
- Then you will need to be available and clean up for showings and Open Houses until you find a buyer.
- When you find a buyer they will need to have a home inspection. At that point they could change their mind and not buy the house, renegotiate the price or move forward.
- If they do decide to move forward, you will then have your attorney prepare a contract and send it to the buyer’s attorney.
- The buyer’s attorney will review the contract and call your attorney to negotiate changes.
- If everything gets agreed upon, the buyers meet with their attorney to sign the contract and leave a down payment. This gets sent to your attorney.
- When your attorney receives the contract and down payment, you will meet them and sign the contract.
- Once this has been completed the buyer can then apply for their mortgage.
- Obtaining a mortgage commitment can take anywhere from two to four more months, if they are approved. If they are not approved, you must start the whole process over again.
- If they are approved, their attorney will order the title search. That will take a minimum of two to four additional weeks.
- When all of this is complete your attorney can then schedule the closing.
All in all, as stated before, the whole process can take between 6 and 12 months.
Another alternative is to try to sell your house yourself. When a house is for sale by owner, also known as “FSBO”, you have to make sure that you have the time and knowledge to effectively sell your home. Essentially, you will perform all of the duties that the real estate agent would do.
- You will need to be certain that you conduct enough research to familiarize yourself with the housing market and what potential buyers may be looking for and willing to pay.
- You will be responsible for making appointments and having Open Houses.
- You will have to choose how you are going to market your house; advertise, put on the internet, call agents etc.
- You will have to make sure that an interested party is qualified to get a mortgage.
- You will need to get both attorneys in touch and follow up with your attorney to make sure everything gets done as quickly as possible.
If you do decide to try to sell your house yourself, how you decide to price the house is critical. If you’re asking for more than it is worth, people are not going even going to look at your house. You also don’t want sell your house for less than it is worth. The longer your house sits on the market, the more people will wonder what could be wrong with the house that it is taking so long to sell. This could be detrimental, as it will not only waste time, but you’ll likely lose money because buyers are likely to make lower offers.
That is why selling your Long Island home directly for cash is a much easier alternative. No need to fix anything or clean up the house. You will sell it in as-is condition. You won’t have any buyer showings or Open Houses. No need to worry about your buyer being qualified. Not only will you keep all of the proceeds, but the process will be shortened to days or weeks instead of months. You can also pick your closing date so that it works with your time frame and schedule. In other words, Fast and Hassle- Free.
If you are looking to sell your home for cash quickly without the hassle of using a real estate agent or trying to act as one, then get in touch with Long Island Cash Home Buyer! We have been helping people sell their home for cash for over 15 years. Give us a call at (516) 330-6940 or fill out our contact form below.
Related articles for Long Island Sellers:
- Frequently asked questions when you want to sell your house FAST for cash
- Can I sell my Long Island home “As is?”
- I inherited a house, What to do? Should I rent it or sell it?
- How do I sell a house I inherited – the reality behind probate on Long Island
- How do I sell my house FAST on Long Island?
- Learn about how our process works
Are you in a difficult Real Estate situation?
Do you need to sell your Long Island house quickly?
Since 1998, we have been a trusted source for the latest information in regards to selling your home fast for cash on Long Island. We will have an honest conversation with you about the benefits and disadvantages of a quick cash sale of your property. If it is not right for you then it will not be right for us. It must be a win-win situation.
- We have purchased hundreds of homes with cash since 1998
- We have over $5,000,000.00 in funding available to purchase Long Island homes.
- You will always get cash at the closing.
- We always keep our word and will always tell you the truth.
- We will purchase your home as-is, in its present condition, no matter how much work is required.
- You can avoid all the costs and frustrations of fixing your property for sale.
We are the buyers. We are interested in buying your home- not in listing it as a Real Estate Broker.
Our Home Buying Timeline is typically 2-4 weeks from initial contact to closing of the property. If you need to close faster, it is certainly possible. If you need more time than that to close, that is available as well. We are the go-to if you want to sell your home quickly!
If necessary, we will cover normal closing costs. You will not have to pay anything or bring any money to the closing. All you have to bring to the closing are the keys!
Our process is substantially faster and much less stressful than listing with a real estate broker. When you list the home with a broker you can count on 6-12 months and possibly longer before you get to the closing table. While it is likely you will end up with more money with a traditional real estate listing, our process is completely hassle free and fast!
Benefits of Selling Your Long Island Home For Cash
We are not moving into the house. Therefore there is no need to coordinate closings or lease expiration’s. There are no buyer showings or Open Houses ever. There is no renegotiating after a Home Inspector goes through your property. There is no waiting for a mortgage approval that may or may not materialize. You can even leave the contents of the house if that suits you best.
If you want a fast, trouble-free sale, contact us and we will make every effort to make it a win-win situation for both parties.
Who should consider selling their house this way?
- Need to sell the house quickly without issues.
- Inherited a property and want to meet your obligations as soon as possible.
- In the process of Foreclosure.
- Have an Unpaid Tax Lien.
- Out-of Town homeowner that wants to liquidate the property.
- Need to sell your house before you can buy another property
- Relocating either for work or lifestyle reasons and will not be here to sell your house in the traditional manner.
While these are the major reasons that people choose us to do business with, every circumstance is unique and we are open and innovative in our approach to solving any and all Real Estate problems.
Let us help you.
Contact us Today!