How to Find and Sell to a Cash Home Buyer in New Jersey
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Dorothy O'Donnell, Contributing AuthorClose
Dorothy O'Donnell Contributing AuthorDorothy O’Donnell is a writer based in San Francisco. She covers lifestyle, travel, real estate and other topics for publications such as the Los Angeles Times and 7x7.
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Sam Dadofalza, Associate EditorClose
Sam Dadofalza Associate EditorSam Dadofalza is an associate editor at HomeLight, where she crafts insightful stories to guide homebuyers and sellers through the intricacies of real estate transactions. She has previously contributed to digital marketing firms and online business publications, honing her skills in creating engaging and informative content.
Homeowners across New Jersey see increased interest from investors looking to make quick, cash purchases. With demand on the rise, many sellers are finding they can move their homes faster than ever. That’s why cash homebuyers in NJ are a top option for sellers looking for a straightforward sale.
This guide will help you navigate the nuances of New Jersey’s cash-buying real estate market and give you the information you need to find the right New Jersey cash buyer for your needs.
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New Jersey’s cash-for-homes market
New Jersey’s appealing lifestyle, prime East Coast location, and relatively affordable homes in an eclectic mix of communities draw cash buyers to the state.
Cash buyers eye affordable South Jersey
With their proximity to New York City, higher-priced North New Jersey cities like Hoboken and Tenafly have long attracted homeowners who commute to the Big Apple. However, the rise of remote work has led many buyers to seek more space and better affordability, boosting interest in the suburbs of western and southern New Jersey.
“South Jersey is considered part of metropolitan Philadelphia and has always had relatively lower home values than northern New Jersey,” explains Timothy Belko, a top-selling South New Jersey real estate agent.
“But with more people working from home, we’ve had an increase in home buyers and investors coming down from North Jersey. They can get a larger house for the same price, or sometimes even a lower price.”
Belko adds that investors looking for rental properties are snatching up duplexes in southern cities such as Pittman and Cherry Hill. “In this market, they’re going to get a better return on their investment down here than they would up north.”
Big Apple cash buyers flock to Jersey suburbs and cities
New Jersey residents aren’t the only ones looking for more house for their money. Across the Hudson River in New York City, first-time buyers and others who are priced out of the Big Apple’s uber-expensive housing market are heading for the Garden State. So are Manhattanites who are no longer chained to office desks.
Different markets provide NJ house flipping opportunities
Lou Stojanovski, former Chief Operating Officer of local house-buying company We Buy New Jersey Real Estate, says investors in the area don’t necessarily target specific areas or types of homes. The company buys houses throughout the state but tailors its strategies to four different market types categorized as A, B, C, and D.
Here’s an overview of each one:
- A: These houses are in higher-end communities like Somerset. In an A market neighborhood, investors might look for a single-story ranch home and add a second floor to increase the value. We Buy New Jersey Real Estate also looks for A market short sales and land where they can build new homes.
- B: This mid-range market includes houses in cookie-cutter neighborhoods with similar comps. B market houses are common in areas like North Brunswick, East Brunswick, and Old Bridge Township. They’re usually in good shape and can be flipped quickly.
- C: Because homes in C market neighborhoods vary widely in style and condition, they’re trickier to price and less desirable for flippers than A and B market properties. “You might see eight different types of homes on the same street, so the comps are very inconsistent,” explains Stojanovski.
- D: Found in communities like Irving and Camden, these homes tend to be in very poor condition. Some investors may shy away from D market properties because they need extensive work, and comps are low.
Selling to cash home buyers in New Jersey
There are a number of scenarios where it might make sense to sell your New Jersey home for cash instead of to a buyer using a mortgage to fund the purchase. Stojanovski says these are the three main reasons clients seeking a cash offer approach his company:
- They’re on the brink of foreclosure.
- They’re an absentee owner of a rental that’s unoccupied and in bad shape.
- They inherited a property and don’t want to deal with the headaches of fixing it up and showing it.
Many sellers prefer the privacy of a direct sale to avoid hosting multiple strangers in their home. Cash sales can streamline the process, reduce stress, and provide a faster, more certain closing. This approach appeals to those looking for convenience and control over their sale.
Common expensive repairs for New Jersey homes
Costly repairs are one of the most common reasons homeowners choose to sell their homes for cash. Many sellers prefer a quick, hassle-free sale rather than spending time and money fixing major issues. Below are some of the home components that typically come with the highest repair costs:
- Foundation ($2,200-$30,000 or more)
- Roofing ($1,100-$30,000 or more)
- HVAC systems ($100-$9,000 or more)
- Septic systems ($600-$15,000 or more)
- Plumbing ($125-$5,000 or more)
- Electrical systems ($140-$6,000 or more)
- Termite treatments ($700-$5,000 or more)
- Mold remediation ($1,500-$9,000 or more)
- Water heaters ($1,600-$5,400 or more)
If you’d rather skip the time, expense, and hassle of getting your property up to code and in ship-shape listing condition, you may prefer to sell to a cash buyer who brings the capital and expertise required to take on these projects.
Timeline of selling a home for cash in New Jersey
Scan the websites of companies that buy homes for cash in New Jersey, and you’ll find that many promise to close a sale in just 7 days. While this is possible, around two to three weeks is typically more realistic.
“Generally, a cash sale in the state can be completed anywhere from 14 to 21 days if there aren’t any issues with things like titles,” says Belko. “Financed sales usually take anywhere from 30 to 45 days.”
New Jersey Seller’s Disclosure Form
Selling “as-is” in New Jersey doesn’t exempt you from informing buyers of issues in the property. You’re required by law to disclose any known property defects to a buyer.
“Any major structural damage or anything to do with the foundation — that’s going to cost a lot of money to fix and will affect an offer,” says Stojanovski.
The easiest way to cover your bases is to fill out the New Jersey Seller’s Property Condition Disclosure Statement. This comprehensive questionnaire addresses just about any problem that could be costly to fix or make a home unfit to live in.
It includes questions about the foundation and structural issues, termite and water damage, environmental hazards, and major appliances. In addition, the form covers deeds and other legal documents that could prevent a buyer from being recognized as the owner of a property.
Typical amount of cash offers
How much will New Jersey cash buyers pay? Cash buyers in New Jersey often use the standard 70% after-repair value (ARV) rule to calculate an offer on a home.
“We’ll look at comp sales for homes in a neighborhood with the same rooms and features to see how much they sold for after renovation,” says Stojanovski.
For a Trenton property worth $200,000 after it’s fixed up, for example, his company might offer the seller $140,000. He notes that the discount could be steeper depending on how much rehab it needs.
If you’re not facing a financial crisis or a time-sensitive move, Belko recommends at least testing the open market and discussing your options with a knowledgeable real estate agent.
The simple way to sell your home in New Jersey
Even in a seller’s market, finding a reliable cash buyer can be overwhelming — we’re here to help. HomeLight’s Simple Sale platform provides a safe, convenient way to get a competitive cash offer. And yes, we cover the Garden State. Here’s how it works:
- Enter the address of your New Jersey home and answer a few quick questions about it. Whether your property is a 1950 Cherry Hill rancher that requires minor updates to be in turnkey condition, or a Jersey Shore vacation home that has sustained flood damage and needs major repairs, our easy questionnaire guides you through providing the key details. Indicate whether you plan to sell immediately or further in the future. Our platform makes getting set up simple and efficient.
- Receive an all-cash offer in 24 hours. Don’t worry — there’s no obligation to accept any offer you receive. If you’d like additional input on your home’s worth, HomeLight can also introduce you to a top real estate agent in your New Jersey neighborhood. And be sure to check out our Home Value Estimator for a quick property value assessment as well.
- Sell your house in its current condition. Skip repairs and prep costs and go straight to receiving an offer. Our platform will provide a full cash offer for houses in almost any condition within the same day.
- Close a cash sale on your New Jersey house in as few as 7 days.
This is a faster alternative to the traditional way of selling, where you need to find a buyer and wait another 30 to 45 days to close on your buyer’s mortgage if they’re financing their purchase. Simple Sale offers a much quicker way to sell, plus you also have the flexibility to pick a move date that works best for your schedule.
Cash buyers love NJ for a reason
If you’re under pressure to sell your house fast for financial reasons or to fund a generous down payment on your next home, savvy individual buyers and investors are ready to pay cash for New Jersey’s tight supply of coveted homes.
This isn’t surprising when you consider the Garden State’s many allures. A stone’s throw from New York City to the north and Philadelphia to the south, New Jersey is known for its diverse, family-friendly communities.
Sell Your House Fast in New Jersey With an All-Cash Offer
Get an all-cash, no-obligation offer on your New Jersey home through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in as little as 24 hours and close in as few as 7 days. No showings, no repairs, no open houses.
Whether you’re selling a pristine Hoboken brownstone or an Atlantic City condo that needs a major overhaul, request a cash offer from a buyer in New Jersey whenever you’re ready to move.
Editor’s note: This blog post is for educational purposes only, not a substitute for professional tax or legal advice. For guidance on selling your home in New Jersey or elsewhere, HomeLight encourages you to consult your own independent advisor.
Header Image Source: (Roger Starnes Sr / Unsplash)
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