When you are considering selling your home for cash, you will have many questions about the process of selling your house to a cash buyer. At Long Island Cash Home Buyer LLC, we have been in the real estate industry for over 30 years. We are here to answer your questions and give you whatever information you may need. We’ve compiled a list of some of our most Frequently Asked Questions so you can determine whether or not selling your home for cash quickly is the right thing to do.
How is Cash Value Determined? Will I Get Market Value?
There are many factors that determine the cash value for your home. They include:
- Overall condition of your property
- The amount of repairs needed to make your home sellable
- The length of time it will take to make repairs
- The overall value of your home compared to other homes within the area
- Other carrying costs to maintain your home such as: additional mortgage payments, taxes, insurance, utilities, etc.
According to Bankrate, the average price paid for a house when purchased for cash is around 65 cents on the dollar after repair costs. But this is an average – meaning it can be more or it can less. As previously mentioned, cash value depends on the amount of repairs needed as well as the current state of the real estate market.
Some cash for home companies will only purchase houses that are estimated in value of $125,000.00 or below. Other companies focus mostly on the higher price ranges. At Long Island Cash Home Buyer, we will your buy your house for cash in any price range from $150,000 to $1,000,000.00+.
As we mentioned, one factor that determines the cash value of your Long Island home is the amount of money left to repay your mortgage. A lot of companies, commonly called “Equity Purchasers”, will offer you a flat rate of whatever you have left on your mortgage. For example, if you still owe the bank $100,000, they will offer you $100,000 for your home. At Long Island Cash Home Buyer, we don’t offer you cash payments to pay off your mortgage, we offer you a reasonable cash value based on market value.
After taking all of these things into consideration, the cash value is typically around 60% to 80% of market value, which can be almost the same as if you sold your house “traditionally.” Keep in mind; if you choose to sell your house in the traditional method, through the multiple listing service and a real estate agent, after you sell your house for closer to market price, you have to subtract the real estate agent’s commission (on average 6%), closing costs and the costs of any repairs you needed to make in order to sell your house from your overall profits. When everything is said and done, the cash value amount might be similar to what you’d get if you sold your house traditionally. And you don’t have to spend time making costly renovations!
More importantly, you save time: the time spent doing the renovations, the time of your house of the market, the time of watching people come and go, the time spent cleaning the house for visitors, the time spent negotiating between real estate agents. And, during that time, you are also incurring real estate taxes and maintenance costs (e.g. heat/electricity, mowing lawn, plowing driveway, etc.)
At Long Island Cash Home Buyer LLC, we know that every situation is unique, especially if there is an urgency in selling your home. We will work with you and negotiate a fair cash value price so you can feel confident in selling your home for cash to us.
How Fast is Fast?
When you sell your house through a real estate agency, the whole process can take between 6 to 12 months. This can be a real burden on people who need to sell their house quickly because they are trying to avoid foreclosure, have inherited a property from a death in the family, or are looking to sell their vacation home.
At Long Island Home Cash Buyer, our home buying timeline is typically 4-6 weeks from initial contact to closing of the property. If you need to close faster, it is certainly possible. We have been known to close in as little as 2 weeks!
There are several reasons as to why selling your home for cash is quicker than selling it on the market through a real estate agency. Unlike agencies, we are not waiting for financial approvals (like mortgages), evaluations from home inspections, or things like real estate appraisals. In some cases, we even pay for closing costs to help expedite the process.
You don’t need to bring anything to the closing, not even money. All you need to bring are the keys. If you have already moved out of the area, you do not need to come back for the closing. We can use FedEx, DocuSign and other overnight services at for your convenience.
Is it Safe To Sell My Home For Cash? What Scams Should I Look Out For?
At Long Island Cash Home Buyer, we have been in the real estate industry for over 30 years and have built a solid reputation of being a cash home buying business that you can trust. Over the years, we have seen Real Estate businesses come and go that give organizations like ours a bad name.
If you are searching for companies that will buy your home for cash, here are few warning signs that it might be a scam:
- Application Fees and Upfront Payments – Most legitimate real estate businesses receive their payments AFTER closing, like Long Island Cash Home Buyer. If a company is trying to make money from you before they even learn anything about the property – it’s most likely a scam. Most companies offer a free questionnaire asking you details about the property, similar to the one found on our home page.
- Stalling Tactics on Foreclosing Properties – For homes that are already near foreclosure, some of these scam companies may try to stall, leaving you desperate in hopes that they can offer you an even smaller amount of cash to buy. At Long Island Cash Home Buyer, after thoroughly inspecting your property, we give you a cash value quote, and we adhere to that quote.
- Cash Buyers Don’t See Property – It’s impossible to determine a factual cash value without looking at the property. If a company is trying to give you a quote without inspecting your place of residence, then it can also be a scam. You can be assured that they are offering you less than somebody would that has seen the house. When our initial questionnaire is completed, we we will schedule a visit to your residence to determine the correct cash value.
- Continued Mortgage Payments – When you sell your home for cash, make sure you read the contract carefully. Some companies will try to make you keep paying your mortgage. At Long Island Cash Home Buyer, we take care of the rest of the mortgage payments once you sell it to us for cash! By the time we close, your mortgage will be paid off!
- Seminars About Flipping Houses – On radio and TV, there are many advertisements about attending seminars on how to flip homes in your area. Initially, these seminars sound great to an eager new real estate investor. “Learn how to buy houses using other people’s money,” “Make a fortune flipping houses” etc. What is really happening is that these newbie investors are being sold a seminar for many thousands of dollars. The only real way to learn about real estate investing is to go out and do it. In order to invest in any kind of real estate you must have a substantial sum of money. At least 25-35% of the purchase price.
Before you do business with any company, you must make sure that they have their own money to purchase your property. If they are just looking to tie up your property and then sell their contractual rights to your house to a real investor, there is no benefit to you. They are trying to “Wholesale” your property for a finder’s fee. This is what the seminars teach newbie investors to do to start their investment career. Why not do business with an expert who is actually ready, willing and able to buy your house for cash. Long Island Cash Home Buyer LLC will be your buyer at the closing table, and you will go through the whole process with us.
We also recommend going online and seeing if there are any ratings from the Better Business Bureau or reviews or customer complaints on various sites. You can see a list of associations that Long Island Cash Home Buyer is associated with here.
Do I Need A Real Estate Agent or Real Estate Lawyer?
To sell your home to Long Island Cash Home Buyer for cash, you do not need a real estate agent. Depending on the situation, if your house is still listed on the market with a real estate agent, you’ll likely still need to pay your agent’s commission.
In order for us to close in a timely fashion, you will need to have a real estate lawyer. If you have already moved, you can complete the closing at any local real estate attorney’s office and your check can either be mailed or directly deposited into your account. Keep in mind this is for residents of New York only, as areas outside of New York do not require real estate lawyers.
Can I Sell Other Types of Properties For Cash – – Mobile Homes? Townhouses? Condos?
There are many other types of homes on Long Island, other than single family houses. We will also buy townhouses, condominiums, duplexes, multi-family and more for cash.
Long Island Cash Home Buyer is also unique in the sense that we can also buy homes in 55 and older communities. If you are retiring and plan on moving out of your senior living apartment in New York, we can purchase it from you for cash!
There are only 2 types of properties that we do not currently buy for cash. We do not buy mobile homes because most of the time, the owners of the mobile home lease the land from someone else and do not own the actually land. The other type of property we do not buy are Co-Ops due to the fact that they require approval from a board who usually do not agree with our cash price evaluation.
Can I Still Sell My Home If I Am Behind on My Mortgage Payments? In Foreclosure?
At Long Island Cash Home Buyer, we purchase many different types of properties – even if you are behind on mortgage payments, are facing foreclosure, have a tax levy on the property, or the property is in poor condition. You can look at the types of property we buy for cash here.
If your house is facing foreclosure, and it has not been finalized, meaning that the bank does not own it, we can still make an offer to buy it. If the foreclosure auction takes place and the bank has taken the referees deed then you do not own the house anymore, and therefore we cannot purchase it from you for cash.
Can I Sell My Home With A Tenant?
Yes. We are experienced dealing with bad or problem tenants. You have every legal right to sell your home with tenants. Every circumstance is different and this will be taken into consideration when offering you a cash value.
Are you still on the fence about selling your home for cash? If you have any more questions about the benefits of selling your home for cash or more specific questions in regards to your property, feel free to reach out to us at Long Island Cash Home Buyer by giving us a call at (516) 330-6940 or filling out the below form.
Related articles for Long Island Sellers:
- Can I sell my Long Island home “As is?”
- Do I need a real estate agent to sell my house?
- 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!
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!
Map for Long Island Cash Buyer
Frequently Asked Questions about selling your Long Island House for cash