Fast Cash for New York Homes

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Fast Cash for New York Homes

Get a cash offer on your home

Cash offers available in 24 hours

There are a lot of people who will argue that selling your home for cash isn't the best thing to do.  They will hype you up and tell you their friend was in the same situation and they did it this way or they know someone who has done it that way and made a whole lot more money than selling their home with a cash offer.  The problem with this is it's all talking and NO ACTION.

 

We have the money in the bank to buy your home and most importantly can CLOSE FAST.   

How fast is fast?

In a typical sale of your home with a realtor, you can be waiting as long as 45 days upwards till the end of time for your home to sell.  There is a lot of back and forth with agents, buyers, banks, mortgage companies, and everything else in the world that can complicate or drag out the sale of your home.  

In a cash sale to Ed Buys NYC Homes, we can close on your house in as fast as 7 days but on average it can take about 2 weeks as we wait for a clear title to come back on a property.

This is what makes a cash sale an ideal fit for people who are going into foreclosure, are moving the city, or just don't want to wait around for a realtor to sell their home and then take almost 9%.

Get more money for the sale of your home

Isn't true that cash buyers are vultures?  We can't speak for other companies but at Ed Buys NYC Homes we make it a point to never low ball with our offers.  When it comes to real estate, generally there is enough meat on the bones for everyone to walk away a winner.  You don't have to beat the seller up on the price in order to do this.  

Let's take a look at a scenario to show you what we mean.  

Selling with an agent:

In this scenario, you own a home in the Bronx.  You are looking to sell your home so you higher a real estate agent.  Your real estate agent gives you a price they think your home should be sold for based on market conditions in the area.  You agree and your home is now listed for sale with an agent.

You owe: $298,000

List price:  $360,000

Your house has been on the market 60 days when it finally gets an offer.  The offer is less than the sale price of the home $310,000.

You owe: $298,000

List price: $360,000

Offer: $310,000

You are tired of waiting so you decide to take the offer.  Shortly after having the home go under contract the buyer requests that you do some minor repairs.  They want the flooring replaced.

You owe: $298,000

List price: $360,000

Offer:  $310,000

Buyer repairs:  $5,000

You are now going into 3 months into the sale of your home.  Your home inspector comes out and notices that your electrical wiring isn't up to code.  The buyer's bank will not lend on the home until this has been replaced.

You owe: $298,000

List price: $360,000

Offer:  $310,000

Buyer repairs:  $5,000

Lender repairs:  $13,000

All repairs have been performed and the sale has gone through.  It's time to pay the agent fee which can be as high as 9%.

You owe: $298,000

List price: $360,000

Offer:  $310,000

Buyer repairs:  $5,000

Lender repairs:  $13,000

Real estate fees:  $27,900

Total from sale after deductions:  $264,100  You end up upside on the sale by $33,900. 

The sale also takes 90 days. 

 

These totals do not include gas to and from the residence, cleaning, time spent coordinating repairs, taking time off of work, etc.

Selling to a cash buyer.

You want 360k for your home and owe 298,000.  We show up, look at the condition of your home, factor in repairs, and come up with a price that we believe we can sell your home for in optimal condition.  We feel this number is 440k.  We generally run a 70-30 ratio which means we need to be able to get a 30 percent return on our investment.  Our offer comes out to $308,000.  We also cover all the fees involved with the sale of the home.

You owe: $298,000

Wanted:  $360,000

Our offer:  $313,000

You profit 15,000.  Total time to sell 10 days.

Get a cash offer