4 Top We Buy Houses for Cash Companies in Brooklyn
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Joseph Gordon Associate EditorJoseph Gordon is an Associate Editor with HomeLight. He has seven years of experience reporting on the commercial real estate and insurance industries. He holds an MFA in Creative Writing from the University of San Francisco.
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
Selling your Brooklyn home can be daunting, especially if it needs repairs or you’re under time pressure. That’s where We Buy Houses companies step in, offering all-cash deals for properties that might not be market-ready. These companies provide a quick way to sell, making them an attractive option for homeowners who want to skip the traditional selling process.
A cash sale can be a lifeline for sellers needing more time, resources, or expertise to manage repairs and renovations. It offers the simplicity and speed of receiving proceeds quickly, allowing you to move forward with your life without the usual hurdles of home selling.
This post will guide you through the advantages and disadvantages of choosing a cash-for-homes company in Brooklyn.
Sell Your New York House Fast With a Cash Offer
Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 10 days. No showings, no repairs, no open houses. Available to sellers throughout Brooklyn.
Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Brooklyn area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Brooklyn
Selling your home for cash may seem scary or overwhelming, but it’s actually a very simple process. Here’s a quick overview of how it works:
- Research local companies: Start by identifying reputable house-buying companies in Brooklyn. Look for those with positive reviews and a strong presence in the area.
- Submit property details: Reach out to your chosen company and provide them with details about your home. This typically includes filling out a form on their website or contacting them directly.
- Receive an offer: Based on the information you’ve provided, the company will evaluate your property and present you with an all-cash offer, often within a few days.
- Accept the offer: If the offer aligns with your expectations, you can accept it. Remember, these offers are usually non-negotiable.
- Close the deal: After accepting the offer, the company will handle most of the closing formalities. Depending on your agreement, the closing can occur in as little as a week.
- Receive payment: Once everything is finalized, you’ll receive your cash payment, allowing you to move forward with your plans without delay.
Popular We Buy Houses for Cash companies in Brooklyn
If the process of selling to a house-buying company in Brooklyn sounds good to you, it’s time to find a legitimate operation you can trust.
We’ve compiled some top companies that will pay cash for you or your parents’ townhouse or brownstone. By selling to one of these companies, you can sell your Brooklyn home in as little as a week or two.
Prominent Homebuyers
Founded in 2005 by Nathan Feuer, Prominent Homebuyers buy houses “as-Is,” and will handle all repairs and cleanings, making a cash offer within 24 hours. Their core values emphasize integrity, hard work, and a genuine desire to create win-win scenarios, ensuring a hassle-free experience for sellers with no fees or commissions involved.
Locations: Brooklyn and surrounding areas
Closing costs: Sellers pay no closing costs; Prominent Homebuyers cover them.
Clients consistently praise Prominent Homebuyers for their straightforward and hassle-free approach to buying properties. Customers appreciate the company’s fair and considerate business model, which focuses on creating mutually beneficial outcomes rather than simply liquidating equity. Prominent Homebuyers are highly recommended for their genuine, effective service. They have a Google review rating of 5.0.
Website: prominenthomebuyers.com
Phone number: 201-289-8459
Simple Sale (a HomeLight platform)
across the country) can request a cash offer for their home. Simple Sale connects you to the largest network of cash buyers in the U.S. Partner investors have a wide range of investment strategies, including fix-and-flip and buy-and-hold. This enables Simple Sale to provide cash offers for a wide array of properties, even those that need some or a lot of work, in different locations throughout Brooklyn.
With Simple Sale, you can get a no-obligation, all-cash offer in 24 hours and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Brooklyn
Closing costs: No prep costs, agent commissions, or fees charged by HomeLight. Individual investor fees may vary.
Simple Sale is a HomeLight platform. HomeLight was founded in 2012 and is BBB-accredited with an A+ rating. The company has 4.8 stars on Google based on hundreds of user reviews. Below, you can hear about how Baohan Wu, a seller who used Simple Sale to sell his high-rise apartment, closed within three and a half weeks and what he thought of the process overall.
Learn more: homelight.com/simple
Phone: 844-488-8455
Cash For Properties NYC
Since its establishment in 1988, CashforPropertiesNYC.com has offered fast cash buyouts for homeowners looking to sell quickly and without hassle. With over three decades of experience, this company stands out for its deep understanding of the complexities property owners face, from bankruptcies to foreclosures and tenant issues.
Locations: Brooklyn and surrounding areas
Closing costs: Sellers pay no closing costs; Cash For Properties NYC covers them.
Clients of Cash For Properties NYC express high satisfaction with the company’s service, commending the team for their thoroughness, knowledge, and smooth process facilitation. Quick and effective responses to concerns are noted, enhancing the overall experience. They have a Google review rating of 5.0.
Website: cashforpropertiesnyc.com
Phone number: 800-730-1717
Cash Buyers in New York
Cash Buyers New York, founded in 2000, offers a seamless and fast selling experience with legitimate cash buys. The professional and friendly team at Cash Buyers New York differentiates itself by providing expert advice and hands-on support throughout all stages of the property transaction process.
Locations: Brooklyn and surrounding areas
Closing costs: Sellers pay no closing costs; Cash Buyers in New York cover them.
Clients have praised Cash Buyers in New York for their compassionate, professional service, particularly valuing their understanding and accommodation of personal circumstances. They have a Google review rating of 5.0.
Website: cashbuyersny.com
Phone number: 646-920-8900
Why sell your Brooklyn house for cash?
For Brooklyn homeowners looking to sell, teaming up with a Cash-For-Homes company offers some clear perks: fast sales, guaranteed offers, and incredible simplicity top the list.
In Brooklyn, it typically takes around 150 days to sell a home on the market using an agent. That includes an average of 103 days on the market plus the typical 47 days a buyer needs to close on a purchase loan.
Compare that to the typical seven to 10 days promised by many house-buying companies in Brooklyn, and it’s clear why these Cash-For-Homes groups are an attractive option, even though they don’t always offer top-dollar for the homes they purchase.
Here are some of the main reasons why people choose to sell their homes for cash:
- Job relocation: If you’re moving quickly for a new job opportunity, a cash sale can fast-track your relocation.
- Divorce: A cash sale can offer a clean break for both parties during the challenging times of a divorce.
- Inherited property: Simplify the process of selling an inherited home with a quick cash transaction.
- Downsizing: For those looking to move to a smaller home or a retirement community, selling for cash makes the process smoother by downsizing.
- Major repairs needed: If your home requires significant repairs, a cash sale can avoid the expense and hassle of fixing it.
- Avoiding open houses: Selling for cash eliminates the need for open houses, offering privacy and convenience.
- Facing foreclosure: A cash sale can provide a quick resolution for those facing foreclosure, helping to settle debts swiftly.
- Problematic tenants: For landlords wishing to sell a property with tenants, a cash offer provides an easy way out.
- Selling from out of state: Cash sales simplify the process for those selling from out of state, making it less daunting and more straightforward.
Pros and cons of house-buying companies in Brooklyn
Selling your Brooklyn home to a house-buying company presents unique advantages and challenges. Understanding these can help you navigate the decision-making process more effectively.
Pros:
- Fast closing: Transactions can close in as little as a week, providing sellers with quick access to cash for their next venture.
- No repairs needed: Companies buy homes as-is, saving you from the hassle and expense of making repairs.
- Simplicity: The sale process is straightforward, with fewer contingencies and no need for staging or showings.
- Avoid foreclosure: For those at risk of foreclosure, a quick cash sale offers a way out before accruing more debt.
Cons:
While the speed and ease of selling to a cash buyer are appealing, there are significant downsides. The most notable is receiving a price below market value for your property. Here’s a summary of the main drawbacks:
- Lower offers: Expect offers significantly below the potential market value, reflecting the company’s risk and repair costs.
- Limited negotiation: The take-it-or-leave-it approach leaves little room for price discussions.
- Risk of scams: Sellers must be vigilant as the industry has a history of scams, though reputable companies operate transparently.
- Loss of potential profit: There’s a trade-off between convenience and potential profit from a market sale, possibly leading to regrets about missed earnings.
Curious What Your Home Is Worth?
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Vet cash buyers and know your home’s worth
The level of integrity and service you experience from a We Buy Houses for Cash company can vary, even within an established house-buying group that strives to maintain high standards. This is because many Cash-For-Homes companies are franchises and often use independent investors or wholesaling outfits. Your experience depends on the character of the person or group making the offer.
Before committing to a cash offer, vet the company thoroughly. Check reviews, read testimonials, and research its presence and performance in the market. And, of course, read the buying agreement carefully before signing.
HomeLight suggests you consult with an experienced local agent to get a better idea of what your home might be worth if sold on the open market. Then, compare your cash offer. HomeLight can connect you with a top-performing agent in your market. You can also use HomeLight’s Home Value Estimator to get an initial ballpark estimate in less than two minutes.
Other options to sell your Brooklyn home quickly
Exploring alternatives for selling your Brooklyn home quickly? Consider these two options:
iBuyers: Instant buyers, or iBuyers, use automated valuation models (AVMs) to offer a mostly online, efficient home selling experience. Founded in the mid-2010s, iBuyers such as Opendoor and Offerpad provide all-cash offers close to market value for homes in good condition. The iBuyer process from offer to closing is swift, typically completing in days to a couple of weeks, though service fees of 5%-6% apply.
Listing with an agent: While not the first thought for those seeking fast sales, listing with a top real estate agent can lead to a quick market sale, particularly in seller-friendly markets. Agents can offer invaluable insights through a comparative market analysis (CMA), often free, to help set competitive prices and market the property effectively.
Partnering with a skilled agent can not only speed up the sale but also ensure you receive the best possible price for your property. If you’re interested in this route, HomeLight can connect you with top-performing agents in your area.
FAQs on Brooklyn house-buying companies
Are We Buy Houses for Cash companies legit or scams?
By and large, most We Buy Houses for Cash companies in Brooklyn are legitimate businesses. Their services and transaction fees may differ, but the business model has been around for decades. If you use an established group with a track record, you can be fairly confident that it’s legit.
That said, as with any financial transaction, it’s a good idea to be on the alert for scams. Always research companies before you sign a contract. Check customer reviews, look at their online presence, verify professional licenses, get a referral if possible, and vet the company on the Better Business Bureau website. Watch for anything that just doesn’t seem right.
How much will We Buy Houses for Cash companies in Brooklyn pay?
As described in our pros and cons list above, most Brooklyn We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value, minus their estimated repair costs.
Here’s an example of what a simplified formula might look like:
(Your home’s ARV x .70) – repair costs
To see how this might work in a real-world scenario, let’s take a look at an example offer equation. Let’s say your Brooklyn townhouse could sell for $970,000 after repairs, but it’s going to need $30,000 of work to get there.
($970,000 x .70) – $30,000 = $649,000
In this example, a Brooklyn We Buy Houses company might offer you around $649,000 for your home.
However, different types of house-buying companies will offer varying amounts for homes. As mentioned previously, iBuyers tend to pay more than We Buy Houses companies because iBuyers look for homes in better condition. An iBuyer might pay you 90% or more of market value while charging a fee for their services.
How much does selling a home to a We Buy Houses for Cash company in Brooklyn cost?
When you accept an offer from a Brooklyn We Buy Houses for Cash company, you will likely be coming to grips with a double-edged sword. On the one side, it shouldn’t cost you any additional money because these companies make an offer and handle almost everything once the offer is accepted. Conversely, you’ll likely get less money overall for your home.
Because We Buy Houses for Cash companies tend to focus on distressed homes, they typically have zero fees. Many will even cover your closing costs. In most cases, this means that the cash offer you receive will be the price you walk away with at the end of the deal. Of course, it’s always a good idea to ask the company if any hidden program fees might impact your bottom line.
How do you sell a house for cash in Brooklyn?
- Research and vet the house-buying companies that serve your Brooklyn area. Our list above is a good place to start.
- Submit offer requests to a few of the companies you like best.
- Schedule any required on-site property visits.
- Compare offers. Weigh the pros and cons and choose the best option for you.
- Close the sale in a week to 30 days and get paid. (Some companies will let you choose a closing date up to 90 days after accepting the offer, which can be helpful when planning a move.)
We Buy Houses for Cash in Brooklyn vs. top Brooklyn agent
Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a real estate agent. Let’s take a glance at how different aspects of the sale might look and compare possible proceeds.
| Aspect of the sale | Sell to a We Buy Houses for Cash company in Brooklyn | Sell with a top Realtor in Brooklyn |
| Selling timeline | 7 to 30 days | 150 days average; 103 to attract an offer, 47 to close the loan |
| Home preparations | None | Deep clean, declutter, make necessary repairs, landscape, stage home |
| Showings | None | 10 to 25 showings average |
| Inspections / repairs | None | May need to make additional repairs for the buyer or renegotiate the price |
| Appraisal | None | May need to lower your asking price if the appraisal comes in low |
| Title search | Cash-For-Homes companies often handle title issues | Must clear title before you can sell home |
| Financing contingency | None | Mortgaged buyers use a financing contingency that could hold up the deal if the buyer’s loan doesn’t clear |
| Agent commission | None | 5.8% average |
| Closing costs | None | 1% to 3% of the home sale price on top of agent commission |
Example net proceeds
Below, we’ve put together one example of how net proceeds may differ between selling a home to a We Buy Houses for Cash company and an agent-assisted sale.
Let’s say your home in Brooklyn is currently worth about $970,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $995,000.
| Sell to a We Buy Houses for Cash company in Brooklyn | Sell with a top Realtor in Brooklyn | |
| Estimated sale price | ($995,000 x .70) – $25,000 = $671,500 | $970,000 |
| Market preparations | 0 | $9,700 (1% of sale price) |
| Agent commissions | 0 | $56,260 (5.8% of sale price) |
| Closing costs | 0 | $14,550 (1.5%) |
| Estimated take-home for seller | $671,500 | $888,490 |
As this example illustrates, financially, it’s usually in your best interest to partner with an experienced real estate agent.
However, net proceeds are not the only consideration when selling a home. What’s best in your situation will depend on the condition of your property, what level of repairs are needed, and your selling objectives. It could be that selling on the open market will be challenging in your area, or the agent timeline might not fit your immediate needs.
Key takeaways
- Speed and convenience: Selling your Brooklyn home to a house-buying company can significantly speed up the process, allowing you to bypass traditional market preparations and showings.
- As-is sale: You can sell your property in its current condition, eliminating the need for repairs or renovations, which can be particularly beneficial if you’re short on time or funds.
- Below market value: Be prepared that offers from cash-for-homes companies are typically below the market value, reflecting the trade-off for speed and convenience.
- Alternative options: Remember, there are alternatives like iBuyers or listing with a real estate agent that can still facilitate a quick sale, potentially at a better price.
- Due diligence: It’s crucial to research and vet any house-buying company or investor to avoid scams and ensure you’re getting a fair deal.
- Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.
At HomeLight, we’re happy to lend a guiding hand in navigating your real estate journey. Let us help you make an informed and confident decision, whether you’re looking for a no-obligation cash offer through a trusted platform like Simple Sale or seeking to consult with a top Brooklyn agent.
Header Image Source: (Avi Werde / Unsplash)