Should You Fear Long Island Cash for Homes Buyers?

If you love the beach, Long Island should be on your shortlist of potential areas to settle. In this area, it does not matter what neighborhood you find yourself in, you’ll always be close to the ocean. However, you would also be close to Manhattan if you want to visit the Big Apple since it is just 45 minutes away by train.

So, it’s no surprise that properties in Long Island are selling like hotcakes. One drawback to being in demand is that it drives prices up. The cost of living will then follow, which means it can be quite expensive to maintain a home in the suburbs. It is also the reason why you find Long Island cash for homes transactions in the area.

It’s natural to be wary of unfamiliar things. The average homeowner thinks that there are only two options when selling their property– do it themselves or hire real estate agents. However, there is another option, which is to sell the house to an investor for cash.

According to the National Association of Realtors, cash for home transactions are not new. For instance, 20% of all closed deals were cash transactions as of March 2019, which was actually a decline from the 22% recorded in December 2018.

Long Island cash for homes transactions follows the same trend at the national level. More and more homeowners are trying out this alternative method, especially if they need the money right away.

For instance, Zillow said that the average property would sit on the market for 68 days. A lot could happen in those two months, but it is not uncommon for homeowners to slash their original price before the property is finally scooped up by an interested buyer.

 

Are Home Buyers for Cash Legitimate?

It’s one of the most common questions surrounding cash for homes. Yes, the transactions are legitimate. For one, they pay with cold, hard cash. There is nothing more valid than that.

Second, the entire process is quick. On average, you can get your money within the week. Even if the transaction is complicated, the companies will also give you cash within the month.

Here are some benefits of dealing with Long Island cash for homes transactions:

  1. You do not have to pay for commission fees
  2. You only deal with one company, and they will take care of the entire process
  3. The buyer will also shoulder the close cost
  4. You do not have to shell out money to make your house look good

The buyer does not care if your house is dilapidated or worn-down. If you list your home on the market, you need to invest in reno costs or curb appeal to get the most value from your house.

However, do not expect to get the full value for your home. You should also consider that these investors need to turn in a profit. Also, they will invest serious money to make some repairs and renovations to flip your house.

But do not allow them to undercut you. To avoid this, you need to do your due diligence to determine the mean price of homes in your neighborhood. Pay close attention to houses that recently sold, and have the same feature as yours.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.