Roosevelt is a hamlet in Nassau County, Long Island, and as of 2010, the population of the area was 16,258. Roosevelt, named after the former US President, was the first integrated neighborhood in New York State after World War II.
According to Trulia, the median price of houses sold in Roosevelt, NY, is $423,300 or about $391 per square foot.
If this is the first time you heard about transactions that revolve around cash for homes in Roosevelt, NY, it works exactly as it sounds. Investors and wholesalers will buy your house “as-is” and pay you cold cash for it.
What Does ‘As-Is’ Mean?
In real estate, buying “as-is” means that the investor will purchase your home in its current condition. You do not have to introduce any modification or repair to your property.
When you sell a property to a potential buyer, expect some negotiations to occur. When two parties are at different spectrums, there should be some middle ground. The starting point would be the price you list on the market. The potential buyer would like to bring the price down, while you want it to stay the same.
When you show the house, the buyer will then make an assessment. For instance, if there are structural defects or termite infestations, you can expect those to be subtracted from your asking price. If the HVAC is not functioning, it will also affect the final cost.
You won’t find any buyer who will agree to an “as-is” arrangement.
However, if you opt for transactions that include cash for homes in Roosevelt, NY, you skip the process of bargaining during home inspection since they will buy your property “as-is.” Instead, they will send their property valuators to assess the condition of your home. They will then offer a price after a day or two, and you’re free to accept or reject it.
How Much is Your House Worth?
Remember that cash for homes companies are in the business of flipping houses. They buy your property as-is since they will shoulder the cost of renovating it to make it more appealing to potential buyers.
Understandably, they cannot offer the full price of your home. It is common to offer 70% of the value of the property. In return, you do not worry about the closing costs, commission, and the investment needed to repair or renovate your house.
Of course, and this bears highlighting, there is no guarantee that they can make a profit. In the same vein, when you list your property on the market, you have no assurance that buyers will be queueing up to scoop up your home.
In the end, the companies will assume the risk, the reason why they buy the property at a discount. The homeowner will get the cash within seven days at closing, as long as all the papers are in order. At most, the company will pay them within the month.
Also, make sure that you deal only with legitimate buyers. If you feel pressured into making the deal, then it’s a good idea to walk away. Companies should not pester you into selling the house. The standard transaction is for cash for homebuyers to make an offer, and you either take it or leave it.
