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The traditional way of selling your home is to enlist the assistance of a real estate agent, who can market, list and show the home to prospective buyers on your behalf. However, if you need to sell your home quickly — to relocate for a job, for example — or you need the cash ASAP, another option is to work with companies that advertise, “we buy houses.”
These companies provide a fast-tracked process to selling your home, often making you a cash offer within 24 hours, or even faster. On top of that, they’ll usually buy your home even if it’s in very poor condition, which saves you from having to make costly repairs. But there is a price to pay for all this speed and convenience: Cash-homebuying companies typically don’t pay the full market value of a home. Read on to learn more about companies that buy houses in New Jersey, and the pros and cons of selling to one.
Types of companies that buy houses for cash in New Jersey
If you need to sell your home in New Jersey, there are a variety of companies that can help you do so, fast. Some are national chains with local licensees, while others are small companies based in the Garden State. Here’s a breakdown of some of your options:
National ‘we buy houses’ options
- We Buy Houses: One of the biggest operations is the company literally named We Buy Houses. They make cash offers on homes in any condition, as-is, typically within 24 to 48 hours. If you accept, they can close very quickly: within 7 to 14 days.
- HomeVestors: Another nationwide option is HomeVestors, which also goes by the name “We Buy Ugly Houses.” They will send a local representative to check out your home in person, after which you’ll receive an offer quickly. If you accept, they can close in as little as three weeks.
New Jersey ‘we buy houses’ options
Prefer to go with a locally owned company? New Jersey has plenty, including:
- Garden State Cash Homes: This Hazlet-based business buys homes in 13 New Jersey counties in as-is condition. They promise an offer within four hours of viewing your property and let you choose your own closing date.
- We Buy NJ Real Estate: In business since 2003 and based in Parlin, this company makes “ballpark” cash offers within 24 hours, then finalizes the offer within one hour of seeing the home in person. They tout simple contracts and can close the deal in 7 to 10 days.
- Cash Buyer New Jersey: This family-owned company buys homes in the northern New Jersey counties of Hudson, Bergen, Essex and Union. It can close in as little as seven days with a local title company.
The companies known as iBuyers are online-only operations that offer similar, speedy cash offers. Of the two biggest, Opendoor and Offerpad, only Opendoor operates in the Garden State — they buy homes in northern New Jersey (much of which is considered the New York City suburbs).
How do ‘we buy houses’ companies work?
Most cash homebuyers are fix-and-flip operations, meaning they are looking to buy homes, renovate them and resell them for a profit. (Or keep them and rent them out, also for a profit.) Because of this, you aren’t likely to make top dollar when selling to one of these companies. They typically buy homes in any condition, no matter how poor — but the worse condition your home is in, the lower the offer is likely to be.
The companies usually have the same basic process: You provide them property details, either online or over the phone. Some companies will make an offer based purely on online information, and some will send a representative to your house to assess it in person.
Regardless, you’ll receive a cash offer fast, usually within 24 hours. You’re not obligated to accept it, but don’t spend too long deciding because the offer might expire relatively quickly. If you do accept it, you can usually choose when you want to close — some companies can do this faster than others, but all are fairly fast.
One thing to keep in mind: All this speed can make you feel rushed. But don’t speed your way through the paperwork. Read everything carefully, and make sure you understand all the details of a contract before you sign it.
If you aren’t sure whether a New Jersey “we buy houses” company is the right choice for you, there are alternatives:
- Use an agent: A local real estate agent will know what people are looking for in your area and can market your property to generate the most interest from prospective buyers. It’s a lengthier process, no doubt — New Jersey homes took a median of 36 days to go into contract, according to the most recent Redfin data — but if you can spare the time, it’s the surest way to maximize your sale price.
- Sell on your own: With a “for sale by owner” transaction, you won’t have to pay a commission to a listing agent. This can be a significant savings, as the median sale price in the state is $491,200, per Redfin — a standard 3 percent commission on that is a hefty $14,736. However, you’ll have to do all the work yourself, which is a big undertaking, and you’ll still have to pay your buyer’s agent’s commission fee.
- Make it a rental: If you don’t need the proceeds from a sale immediately, renting out your home could generate a nice monthly income. According to Zillow Rental Manager, New Jersey houses rent for a high median of $3,200 per month.
If your ultimate goal is to earn the highest price possible in the sale, reach out to a local real estate agent to get the process of selling your home started. But if you don’t have the luxury of time to sell your New Jersey home through traditional means, cash homebuyers can help you get the deal done quickly. Reach out to multiple companies to see who offers you the best — or fastest — deal.
Yes, for the most part these are legit real estate investment companies. But it’s always smart to do your research before you work with one, especially when there’s this much money at stake: Look at online reviews, check your local Better Business Bureau, and always read a contract very carefully before signing.
‘We buy houses’ companies are typically fix-and-flip operations, meaning their basic business model is to buy low, renovate fast and sell high. A lot depends on the home’s specific location and condition, but they need to make a profit on each transaction, so they’re not likely to offer top dollar for any home. If your home is in good shape, you can almost certainly fetch a higher price for it with a traditional, agent-assisted sale.