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How Long Does It Take to Sell a House in New York? Real Timelines

Avatar photo Mike Plactere, CPA on September 15, 2026

There's no single legal clock for selling a house in New York. Split it into two: the days your home sits on the market until you have a signed contract, and the weeks after that for attorney, title, and (if the buyer is borrowing) lender work. For Long Island single-family homes, OneKey MLS put the June 2026 median days on market until sale at 42 in Nassau County and 44 in Suffolk County (OneKey MLS Nassau Local Market Update, June 2026, data as of 2026-07-08). That number stops at contract, not at the keys, so the real answer is the two clocks added together.

I'm Mike Plactere. I buy houses directly across Nassau and Suffolk, pay cash, renovate them, and resell them. I've bought over 300 homes on Long Island since 2019, and I'm going to walk you through how the timeline actually works here, without the fake promises you'll see on other cash-buyer sites.

Cape-style Long Island house on a tree-lined Nassau County street in spring, the kind of sale where timeline questions start

What "sold" actually means in New York

A handshake, a verbal "yes," or a signed offer sheet is not a sale in New York. A contract for the sale of real property is void unless it's in writing, states the consideration, and is signed by the party being held to it (GOL §5-703). Until that written contract is fully signed by both sides, either party can still walk.

That matters for timing, because New York is an attorney state. After a buyer and seller agree on a number, the attorneys draft and negotiate the actual contract before anyone signs. New York doesn't have a New Jersey-style statutory attorney-review window. There is no law giving you three business days to cancel after signing. The negotiation happens before signatures, as a matter of local practice, not because a statute forces a review period (NYC Bar process overview, editors dated Sept 2017).

So when people ask how long a sale takes, they're usually mixing two very different things. Let me separate them.

Clock one: days on market until you're under contract

This is the marketing phase. Your house is listed, buyers see it, someone makes an offer, and you agree. The industry number for this stretch is "days on market until sale," and it doesn't include the weeks after you sign.

Long Island colonial house in early autumn with leaves turning and a few on the lawn, marking the weeks a listing sits on the market

Here's where Long Island stands in the most recent OneKey MLS single-family data (this is industry data, not law, and it updates every month):

County (single-family)Median days on market until sale, June 2026Median sales price, June 2026
Nassau County42$875,000
Suffolk County44$750,000

Sources: OneKey MLS Nassau Local Market Update, June 2026, data as of 2026-07-08; OneKey MLS Suffolk Local Market Update, June 2026, data as of 2026-07-08.

Now the seasonality, because a single number hides it. Earlier in 2026, the same single-family homes were sitting longer:

County (single-family)Median days on market until sale, March 2026
Nassau County58
Suffolk County59

Sources: OneKey MLS Nassau, March 2026, as of 2026-04-07; OneKey MLS Suffolk, March 2026, as of 2026-04-07.

Late winter is slower than early summer. A house in Levittown or Huntington Station listed in March can take a couple of weeks longer to go under contract than the same house listed in June. These figures move month to month, so check the current OneKey report before you plan around any of them.

One more caution. Statewide numbers are not Long Island numbers. The New York State Association of Realtors put the statewide median days on market until sale at 55 in May 2026, with a statewide median sales price of $444,510 (NYSAR Monthly Market Indicators, May 2026, as of 2026-06-10). That statewide price is far below what a Nassau or Suffolk house sells for, so don't use a statewide figure to price or time a Long Island sale.

Clock two starts when you sign the contract

Once you're under contract, the second clock begins. This is the part most articles skip, and it's where the real time goes.

Before you sign, the seller of a covered one-to-four family home has to complete a Property Condition Disclosure Statement and deliver it to the buyer before the buyer signs the binding contract (RPL §462). The current state form is the DOS-1614-f, Rev 02/25. Selling "as is" is still allowed, and the disclosure doesn't force you to make repairs.

Here's a change a lot of older articles get wrong. There used to be a $500 credit a seller could give the buyer instead of delivering the disclosure. That option is gone. As of the March 2024 amendments, a seller is liable under the article only for a willful failure, and the remedy is the buyer's actual damages, not a flat $500 (RPL §465, revised 2024-03-29). If a site tells you that you can just pay $500 to skip the disclosure, it's out of date.

The attorneys handle the deposit at signing as well. In New York practice, the buyer commonly puts roughly 10% of the price into the seller's attorney's escrow account (NYC Bar overview). None of this is a fixed statutory number of days. It's negotiation, and it usually runs a week or two before both sides sign.

Contract to close when the buyer has a mortgage

If your buyer is borrowing, this is the slow half of the whole deal, and it's worth understanding why.

A financed contract usually has a mortgage contingency: a negotiated period for the buyer to get a written loan commitment, and the right to cancel and recover the deposit if the financing falls through (NYC Bar overview). That period is a blank the attorneys fill in, not a fixed statutory number.

Then the lender's own clock runs. Underwriting takes weeks, the lender orders an appraisal, and title has to be searched and cleared. On top of that, federal rules set a floor near the finish line. The buyer must receive the Closing Disclosure at least three business days before the loan closes (12 CFR §1026.19(f); CFPB). If certain terms change late, such as the APR or the loan product, that three-day clock restarts (CFPB TRID FAQs). Those rules don't set the total underwriting time. They just make sure the end can't be rushed.

Add it up and a financed sale on Long Island is weeks of marketing, plus attorney contract negotiation, plus a multi-week lender and title process after signing. The lender is almost always the longest pole in the tent.

Contract to close when the buyer pays cash

Realtor lockbox hanging on the front door handle of a Long Island house in afternoon light, while attorney and title work runs

A cash sale removes the pieces of the mortgage process I just described. There's no loan application, no underwriting, no lender appraisal requirement, and no federal Closing Disclosure three-business-day wait, because there's no loan (compare 12 CFR §1026.19(f)). Cash usually drops the mortgage contingency too. That's real, and it's why a cash deal can move faster than a financed one.

Cash isn't a legal shortcut around New York's process, though. A cash sale still needs a written contract (GOL §5-703), attorney work on both sides, a title search and clearance of any liens or judgments, municipal searches, the transfer-tax forms, and recording at the county clerk. Those steps still set the calendar.

So when you see a company promise to close in 7 days, be skeptical. In New York, with attorney review and title work, a true 7-day close is rarely realistic. Against a financed sale, a clean cash deal on Long Island tends to land somewhere in the 14 to 28 day range, depending on how fast the attorneys move and whether title comes back clean. What I give you is a cash offer within 24 hours and a closing on your timeline. The fake 7-day promise is one of several patterns worth knowing before you sign anything; our guide to avoiding we buy houses scams in New York covers the rest.

Real sellers describe it that way too. Here's Brandon Oneil, in his own words from a Google review: "Michael Plactere made the whole process easy and seamless. He was honest, kept me updated, and delivered on what he promised. I'd definitely recommend him to anyone looking to sell their home."

Sellers who want a little more runway often ask for about 30 days so they can move out on their own schedule. That's a choice they make, not a speed I'm selling you.

The closing and recording package

Whether the buyer is cash or financed, New York wraps every sale with the same tax and recording steps. These rarely add months, but they're real work, and they're why "sold" and "recorded" are not the same day.

  • New York State real estate transfer tax applies to a sale over $500, at a base rate of $2 for each $500 of price, and it's generally paid by the seller (NYS Department of Taxation and Finance). The tax is due no later than 15 days after the deed is delivered (NYS DTF, law as of 2025-01-01).
  • The "mansion tax" adds 1% on a residential sale of $1,000,000 or more, and it's generally paid by the buyer (NYS DTF). On Long Island that's not just an East End issue. Plenty of Nassau North Shore homes in places like Locust Valley or Glen Cove clear $1M.
  • Two forms travel with the deed: Form TP-584, the combined transfer tax return, and Form RP-5217, the real property transfer report required to record.
  • The deed and its package get recorded at the county clerk: the Suffolk County Clerk or the Nassau County Clerk.

If your house is on the East End, there's one more layer. The Peconic Bay Community Preservation Fund is a local transfer tax in the five East End towns: Riverhead, Southampton, East Hampton, Shelter Island, and Southold (authority under Tax Law §1449-bb). Southampton, for example, charges 2.5% (including a 0.5% Community Housing Fund), with the first $400,000 of an improved residential sale exempt when the price is $2,000,000 or less (Town of Southampton FAQ). The rate and exemptions are set town by town, so check the specific town's current rules, for example Southold, before you rely on a number.

The 90-day rule for institutional buyers, and who it actually covers

You may have read that a cash buyer has to wait 90 days. That's a real law, but it doesn't mean what it sounds like, and it doesn't apply to every cash buyer.

Real Property Law Article 16 took effect on 2025-07-01. It makes it unlawful for a "covered entity" to purchase, acquire, or even offer to buy a one-or-two family residence unless the home has been listed to the general public for at least 90 days, and changing the asking price restarts that 90-day clock (RPL §521).

The catch is who counts as a covered entity. The law targets large institutional real estate investors, roughly defined as an entity that owns at least 10 single or two-family homes, manages pooled investor money as a fiduciary, and has at least $30 million in net value or assets under management, plus entities those investors fund to make purchases (RPL §520). A local direct buyer isn't the giant fund this rule was written to slow down. So no, an ordinary Nassau or Suffolk seller working with a local cash buyer isn't stuck waiting 90 days before an offer. If any buyer ever tells you a sale is delayed by this rule, ask them straight whether they're a covered institutional investor.

What actually slows a Long Island sale

When a sale drags, it's usually one of these, not the calendar itself:

  • Title problems. Old liens, judgments, or a mortgage that has to be paid off and cleared before the title is marketable. This is often the biggest post-contract delay. We cover how each type clears in selling a house with a lien in New York.
  • Open permits or missing certificates of occupancy. Work done without a permit on a house in Suffolk or Nassau can hold up a closing until the town signs off. Full guide: selling a house with code violations or open permits on Long Island.
  • Financing trouble. A buyer's loan slips, or a late change forces a fresh Closing Disclosure and restarts the three-business-day wait (CFPB TRID FAQs).
  • A soft closing date. Unless the contract says "time is of the essence," a closing can slide with reasonable postponements (NYC Bar overview).
  • Out-of-state or nonresident sellers, who may need an estimated income tax form at recording, which is one more item in the closing package. The details live in our guide to capital gains tax when you sell a house in New York.

A cash, as-is sale removes the financing risk and the lender's timeline. It doesn't remove a title cloud or an open permit. Those still have to be cleared, and a good attorney and title company are what actually get you there.

FAQ

What is the fastest a house realistically sells in New York?

There's no statutory minimum, and no single number that covers every sale. The marketing clock alone ran a median of 42 days in Nassau and 44 in Suffolk for single-family homes in June 2026 (OneKey MLS, as of 2026-07-08), and higher in late winter, then the contract-to-close clock runs on top of that. A cash sale shortens the back half by removing the lender, but the attorney, title, tax, and recording steps still apply.

Can I close in two weeks?

Sometimes, with cash and clean title. Against a financed sale, a clean cash deal on Long Island often runs in the 14 to 28 day range, driven by how fast the attorneys and title company move. Title surprises are real, so the date gets set once we know what we're dealing with. I give you a cash offer within 24 hours and we set a closing date that works for you.

Does every cash buyer have to wait 90 days before buying my house?

No. The 90-day public-listing rule applies only to large institutional investors that meet the statutory tests (RPL §§520-521, effective 2025-07-01). A local direct buyer isn't that kind of entity, so an ordinary Long Island sale isn't blocked by it.

What happened to the $500 disclosure credit?

It was removed. Since the March 2024 amendments, a seller who doesn't deliver the Property Condition Disclosure Statement isn't charged a flat $500. A seller is now liable only for a willful failure, and for the buyer's actual damages (RPL §465, revised 2024-03-29). The disclosure is still required before the buyer signs a binding contract on a covered one-to-four family home (RPL §462).

Do I have to make repairs or fill out the disclosure if I sell as-is?

You still complete the disclosure form on a covered home, but "as is" agreements are expressly allowed (RPL §462). When I buy, you make no repairs, do no cleaning, and hold no showings. I buy in any condition. More on how the as-is route works in our guide to selling a house as-is on Long Island.

When is the best time to sell for a faster sale?

Historically the market moves quicker in spring and early summer than in late winter. On Long Island single-family homes, the median days on market until sale was 42 in Nassau and 44 in Suffolk in June 2026, versus 58 and 59 back in March 2026 (OneKey MLS). These numbers update monthly, so check the current report.

A note on this information

This article is general information about how New York and Long Island home sales work. It isn't legal, tax, or financial advice, and every sale is specific to the house, the parties, and the contract. Talk to your own attorney and tax advisor. The market figures here are dated on purpose and change month to month, so confirm the current numbers before you rely on them.

Sources

Sell your Long Island house without the guessing

Stacked cardboard moving boxes in a bright empty Long Island living room near the front door on moving day

If you want out of the two-clock waiting game, I buy houses directly across Nassau and Suffolk, from Huntington Station to Levittown to Glen Cove and the East End. I'm Mike Plactere, a licensed CPA and a licensed New York real estate agent, and I've bought and renovated over 300 homes and more than $130 million in property on Long Island since 2019.

Here's how I work. I give you a cash offer within 24 hours. I buy as-is, in any condition, so you make no repairs, do no cleaning, and hold no showings. No fees, no commissions, and I pay all closing costs. Proof of funds is available on request, because I'm the buyer. I don't tie your house up and shop the contract to someone else.

Some companies promise to close in 7 days. In New York, with attorney and title work, that's usually not realistic. I close on your timeline, and plenty of sellers pick a date around 30 days out to move on their own schedule. A cash offer is below full retail. What you get in return is speed, certainty, no repairs, no commissions, and a buyer who doesn't renegotiate at the closing table.

As John Shicko put it in his review: "Mike was an absolute pleasure to work with. Super nice guy who actually cares about his customer and will go above and beyond for them. I would highly recommend him to anyone looking to sell their home fast and hassle free."

Call or text 631-825-8747, or stop by the office at 173 Birch Hill Rd, Ste. B, Locust Valley, NY 11560. We hold 48 five-star Google reviews and an A+ rating with the Better Business Bureau. Let me give you a real number and a real timeline.

Are “We Buy Houses” Companies a Ripoff? Avoiding Scams in NY

Avatar photo Mike Plactere, CPA on July 12, 2024

If you’ve seen those “we buy houses for cash” signs stapled to telephone poles or received an unsolicited postcard offering to buy your home, your first thought was probably: is this a scam?

It’s a fair question. The “we buy houses” industry includes thousands of legitimate local investors alongside a smaller but vocal group of bad actors who prey on homeowners in vulnerable situations. In New York alone, the Attorney General’s office has pursued cases against fraudulent real estate investors who used deceptive practices to acquire properties below fair value.

This guide breaks down exactly how “we buy houses” companies work, the most common scams and ripoffs to watch for, and a step-by-step process for verifying whether a cash buyer is legitimate before you sign anything.

house sold for cash to a local investor

In this article:

  • How “We Buy Houses” Companies Actually Work
  • Are “We Buy Houses” Offers a Ripoff?
  • 12 Red Flags That Signal a “We Buy Houses” Scam
  • How to Verify a Legitimate Cash Home Buyer
  • Questions to Ask Before Accepting Any Cash Offer
  • What a Fair Cash Offer Actually Looks Like
  • When Selling to a Cash Buyer Makes Sense (and When It Doesn’t)
  • How to Report a Real Estate Scam in New York
  • FAQ: Common Questions About Cash Home Buyers

How “We Buy Houses” Companies Actually Work

“We buy houses” companies are real estate investors who purchase properties directly from homeowners, typically for cash, without requiring the seller to make repairs, stage the home, or pay agent commissions.

The business model is straightforward. These companies buy homes at a discount, renovate them (or hold them as rentals), and then sell or lease the property for a profit. The seller’s benefit is speed and convenience: most legitimate cash buyers can close in 14 to 28 days, compared to the 60 to 90 days it typically takes to sell through a traditional real estate agent on Long Island.

There are several types of cash home buyers operating in New York:

Local real estate investors are individuals or small companies who buy properties in their area, renovate them, and resell them. These buyers tend to have the most flexibility and local market knowledge. We Buy Long Island Homes Fast is an example of a local Long Island investor — founded by Mike Plactere, a licensed New York real estate professional and Certified Public Accountant (CPA) who brings financial transparency to every transaction.

National franchises like HomeVestors (“We Buy Ugly Houses”) and We Buy Houses operate through local franchise owners. Quality varies significantly between individual franchise operators.

iBuyers such as Opendoor and Offerpad use algorithms to make instant offers online. Their offers tend to be closer to market value, but they charge service fees of 5% to 6% and are selective about which properties they’ll buy.

Cash buyer marketplaces aggregate offers from multiple investors, letting sellers compare. Examples include Houzeo and HomeLight’s cash offer platform.

Understanding which type of buyer you’re dealing with is the first step in protecting yourself from potential scams.

Are “We Buy Houses” Offers a Ripoff?

Here’s the honest answer: “we buy houses” companies are not inherently a ripoff, but their offers will be lower than what you’d get selling through a real estate agent on the open market. On average, cash home buyers offer 70% to 85% of a home’s fair market value. That discount reflects the risk the investor takes on (unseen repairs, market changes, holding costs), the cost of renovations, and the convenience they provide to the seller. Here’s a realistic breakdown of how the math works on a $400,000 Long Island home:
Traditional Sale Cash Buyer Sale
Sale Price $400,000 $320,000 (80% of value)
Agent Commissions (5-6%) -$22,000 $0
Repairs & Staging -$15,000 $0
Closing Costs -$8,000 -$2,000 (buyer often pays)
Holding Costs (3-4 months) -$8,000 $0
Net Proceeds $347,000 $318,000
Time to Close 90-120 days 14-28 days
The gap between options is often smaller than people expect once you account for commissions, repairs, and carrying costs. For sellers who need speed, are facing foreclosure, dealing with a tenant-occupied property, or have a home that needs significant work, the math frequently favors a cash sale.

Are “We Buy Houses” Companies Legitimate and Ethical?

Most “we buy houses” companies are legitimate, real businesses that buy homes for cash and close on them. A smaller number are wholesalers or bad actors who use the same signs and the same language, which is why sellers ask this question so often. The difference is not the marketing. It is whether the company is the actual buyer, and whether it behaves honestly once the money is on the table.

A legitimate, ethical cash buyer:

  • Is the buyer, not a middleman. It uses its own funds and closes itself. It does not lock up your house and shop the contract to someone else.
  • Can show proof of funds on request.
  • Has a verifiable track record: real reviews with specific detail, a real local office, and public records of past purchases.
  • Puts the real number in writing and closes on that number, instead of quoting a high number and renegotiating later.
  • Tells you the truth, including when listing with an agent would net you more.

For a step-by-step way to check any buyer, see how to verify a legitimate cash home buyer further down this page.

As a worked example: We Buy Long Island Homes Fast is a direct buyer, not a wholesaler. Mike Plactere is a licensed New York real estate agent and a licensed CPA, so he answers to professional standards most investors do not. Since 2019 we have bought more than 300 homes on Long Island, over $130 million in property. We hold a Better Business Bureau A+ rating and 42 five-star Google reviews, we pay all closing costs, and proof of funds is available on request. That is what “legitimate” looks like in practice.

What's Your Home Really Worth to a Cash Buyer?

Use our free calculator to see how a cash offer compares to a traditional sale.

$
$25,000
$0$150,000
VS

Traditional Sale

Sale Price
Agent Commissions (5.5%)
Repairs & Stagingincl. typical 25% homeowner overage
Closing Costs (2%)
Holding Costs (3 mo)
Net Proceeds
Timeline 90–120 days

Cash Offer

Offer Range
Agent Commissions $0
Repair Costs $0
Closing Costs ~$0
Holding Costs $0
Net Proceeds
Timeline 7–21 days

Professional cash buyers get better pricing on repairs through established contractor relationships and volume purchasing — typically 20–30% less than retail. The traditional sale column includes a 25% overage buffer because homeowner-managed renovations almost always exceed the original estimate.

Offer = (After Repair Value × 73–88%) – Pro Repair Costs

These real-world cost differences are why cash offers are closer to traditional sale proceeds than most people expect. The multiplier varies based on property condition and local market factors.

Want to see your actual offer? Mike Plactere, licensed CPA and real estate professional, will walk you through the numbers personally.

Get Your Free Cash Offer → 📞 Call (631) 825-8747

This calculator provides estimates for educational purposes. Actual cash offers depend on property inspection, local market conditions, and title status. Contact us for a personalized offer.

Why Do Cash for Houses Companies Offer Less Than Market Value?

You might wonder why cash-for-houses companies tend to present offers noticeably lower than what you’d expect on the open market. The answer comes down to their business model and the risks they assume.

These companies specialize in buying properties quickly—often stepping in when a homeowner needs a fast sale due to foreclosure, inheritance, divorce, or extensive repairs. To make the process hassle-free for sellers, they purchase homes “as-is,” absorbing the costs and headaches of upgrades, repairs, and sometimes even legal title issues.

But these perks come with tradeoffs:

  • Lower Offers: To account for repairs, potential holding costs, and their own margin, cash buyers typically make offers below current market value. Their goal is to renovate and resell (or rent) the house at a profit.
  • Risk Factor: Since they’re taking on the responsibility of unseen damage or problems, their offers reflect these unknowns. Essentially, they’re building in a financial cushion just in case the home needs major work.
  • Convenience Premium: Sellers get the benefit of a speedy closing and zero repair obligations, but the price offered reflects the value of convenience.

It’s not a scam if you understand the tradeoff—time and simplicity versus top dollar. For some homeowners, the reduced price is worth bypassing months of showings, negotiations, and open houses. For others, the best value is found on the open market, even if it takes longer.

12 Red Flags That Signal a “We Buy Houses” Scam

Not every “we buy houses” company is operating in good faith. Here are the most common warning signs, based on complaints filed with the Better Business Bureau, the Federal Trade Commission, and the New York Attorney General’s office:

1. They pressure you to sign immediately

Legitimate cash buyers give you time to think, consult an attorney, and compare offers. If someone is pushing you to “sign today or the offer expires,” walk away. Reputable investors know that rushed decisions lead to regret and bad reviews.

2. They won’t provide proof of funds

Any serious cash buyer should be able to show a recent bank statement or a letter from their financial institution confirming they have the funds to close. If they dodge this request, they either don’t have the money or are planning to wholesale your contract to another buyer (often at your expense).

3. The offer seems too good to be true

If a cash buyer offers you more than market value, something is wrong. They may plan to renegotiate after you’ve taken the house off the market, or the contract may contain hidden contingencies that let them back out.

4. They ask for upfront fees

You should never pay a cash buyer to buy your house. No application fees, no “processing fees,” no deposits from the seller. In a legitimate transaction, the buyer puts down earnest money, not the seller.

5. They have no online presence

Search for the company name plus “reviews.” A legitimate operation will have a Google Business Profile, reviews on Google and the BBB, a professional website with a physical address, and verifiable contact information. If they’re invisible online, that’s a problem.

6. They won’t provide references

Experienced cash buyers should be able to connect you with past sellers, a title company they work with, and a real estate attorney they use for closings. Refusal to provide references is a major red flag.

7. The contract has vague or unusual clauses

Watch for overly broad cancellation clauses (“buyer may cancel for any reason”), extended closing timelines (legitimate cash buyers close in weeks, not months), or clauses that allow the buyer to “assign” or resell the contract. Have a New York real estate attorney review any contract before you sign.

8. They discourage you from getting legal advice

Any buyer who discourages you from hiring an attorney is not acting in your interest. In New York, attorneys are typically involved in every real estate transaction. A buyer who tries to skip this step is a red flag.

9. They don’t visit your property

Some scam operators make offers based solely on online data without ever seeing the property. While initial offers can be based on comparable sales, a legitimate buyer will always want to inspect the property before making a final offer.

10. They use a generic email address

Serious real estate companies operate from company email domains, not Gmail or Yahoo addresses. While this alone isn’t definitive, combined with other red flags it suggests the “company” may be one person with no real business infrastructure.

11. Their offer price changes dramatically after the initial offer

Some unscrupulous buyers make a high initial offer to get you to commit, then significantly reduce it after inspection or just before closing when you’ve already made plans based on the original number. This “bait and switch” tactic is one of the most common complaints.

12. They try to bypass the title company or closing attorney

The closing should always go through a licensed title company or real estate attorney. Funds should be wired to an escrow account, not directly to the buyer. Anyone trying to handle the closing informally or outside normal channels is a serious scam risk.

How to Verify a Legitimate Cash Home Buyer

Before accepting any cash offer, run through this verification checklist:

Check the Better Business Bureau

The BBB maintains ratings and complaint histories for businesses. Look for an A or A+ rating and read through any complaints to understand the nature of past issues. An accredited business with a strong rating has met the BBB’s standards for trust.

Read Google Reviews (Carefully)

Google Reviews on a company’s Google Business Profile are one of the most reliable indicators of a company’s reputation. Look for:

  • Volume: A company with 20+ reviews is more trustworthy than one with 2-3.
  • Recency: Reviews from the past 6-12 months indicate the business is active.
  • Specificity: Real reviews mention specific details (the person they worked with, the timeline, the location). Generic five-star reviews with no detail may be fabricated.
  • Responses: Companies that respond to reviews, including negative ones, demonstrate accountability.

Verify Their Real Estate License

In New York, you can verify a real estate license through the New York Department of State’s license search. While not all cash buyers are required to hold a real estate license (investors buying for their own portfolio typically are not), many reputable companies employ licensed agents as part of their team. For example, Mike Plactere of We Buy Long Island Homes Fast holds an active New York real estate license and is also a licensed CPA — credentials you can verify independently through the state’s public databases.

Confirm a Physical Business Address

Search the company’s address on Google Maps. Is it a real office, a residential address, or a virtual office? While some legitimate investors work from home offices, a verifiable business location adds credibility.

Ask for Proof of Past Closings

A legitimate cash buyer should be able to provide:

  • References from past sellers
  • The name and contact information of a title company they regularly work with
  • Examples of past transactions (you can verify these through public records)

Check for Lawsuits and Complaints

Search the company name on the New York State Unified Court System to check for any pending or past lawsuits. Also check the NY Attorney General’s complaint database for any filed complaints.

Questions to Ask Before Accepting Any Cash Offer

Before you commit to any cash buyer, ask these questions and pay close attention to how they respond:

“How did you arrive at your offer price?” A reputable buyer will walk you through their analysis: comparable sales in your area, estimated repair costs, their target profit margin, and how those factors combine to produce their offer. Transparency here is a strong trust signal. You can learn more about how fair cash offers are calculated.

“What happens between now and closing?” Understand the full timeline: when do they inspect the property, when do they finalize the offer, when does the title search happen, and when do you get your money? A legitimate process has clear milestones.

“Are there any fees, commissions, or costs I’ll be responsible for?” Reputable cash buyers cover all closing costs and charge no commissions. Get this confirmed in writing. Some less scrupulous operators bury fees in the contract that effectively reduce your net proceeds.

“Can you provide proof of funds?” This should be a bank statement or letter from a financial institution, dated within the last 30 days. No exceptions.

“What is your earnest money deposit?” A standard earnest money deposit for a cash transaction is 1% to 3% of the purchase price. This money goes to escrow and demonstrates the buyer’s commitment. If they refuse to put down earnest money, they’re not a serious buyer.

“Who handles the closing?” The answer should be a licensed title company or real estate attorney. Ask for the name and contact information so you can verify independently.

“What if the deal falls through?” Understand what happens to your earnest money and what conditions allow either party to exit the contract. A fair contract protects both sides.

we buy houses scams vs verified we buy houses reviews

What a Fair Cash Offer Actually Looks Like

Understanding how cash buyers calculate their offers helps you recognize when an offer is fair versus when you’re being lowballed.

Most legitimate investors use a formula based on the After Repair Value (ARV) of the home:

Offer = (ARV x 70-80%) – Estimated Repair Costs

For example, if your Long Island home would sell for $500,000 after renovations and needs $50,000 in repairs:

  • Conservative offer (70% ARV): ($500,000 x 0.70) – $50,000 = $300,000
  • Competitive offer (80% ARV): ($500,000 x 0.80) – $50,000 = $350,000

If you receive an offer significantly below the 70% threshold without clear justification (major structural issues, environmental problems, extreme market conditions), it may not be a fair deal.

To determine your home’s approximate value, you can check Zillow’s Zestimate, Realtor.com’s home value estimator, or request a professional appraisal.

For Long Island homeowners, our team at We Buy Long Island Homes Fast provides transparent offer breakdowns showing exactly how we arrive at our numbers, so you can see the math for yourself. As a licensed CPA, our founder Mike Plactere walks every seller through the financials line by line — no hidden fees, no surprises at closing.

When Selling to a Cash Buyer Makes Sense (and When It Doesn’t)

A cash sale is often the right choice when:

  • Your home needs significant repairs and you don’t have the resources to make them. Selling as-is to a cash buyer eliminates repair costs entirely.
  • You’re facing foreclosure and need to close before the bank takes action. A cash sale can often stop foreclosure proceedings within weeks.
  • You’ve inherited a property you don’t want to manage, especially if it’s out of state or needs work. Selling an inherited house for cash avoids months of probate delays.
  • You’re going through a divorce and need to liquidate shared property quickly.
  • The property has tenants and selling through traditional channels would require navigating tenant-occupied sale complications.
  • You need to relocate quickly for a job, medical reasons, or a move to assisted living.

A traditional sale is usually better when:

  • Your home is in good condition and move-in ready
  • You’re in a strong seller’s market with high demand
  • You have 3-6 months and no urgency to close
  • Maximizing your sale price is the top priority
  • You have the financial flexibility to cover repairs, staging, and carrying costs while the home is listed

Neither option is universally better. The right choice depends entirely on your specific situation, timeline, and financial needs.

How to Report a Real Estate Scam in New York

If you believe you’ve been targeted by a fraudulent “we buy houses” company in New York, take these steps:

  1. File a complaint with the New York Attorney General at ag.ny.gov/consumer-frauds/filing-consumer-complaint
  2. Report to the FTC at reportfraud.ftc.gov
  3. File with the Better Business Bureau at bbb.org/file-a-complaint
  4. Contact your local District Attorney’s office (for Nassau or Suffolk County)
  5. Report to the New York Department of State if the company claims to hold a real estate license: dos.ny.gov

Document everything: save all communications (texts, emails, voicemails), keep copies of any contracts or agreements, and note dates, times, and names of people you spoke with.

FAQ: Common Questions About Cash Home Buyers

Are “we buy houses” companies legitimate?

Many “we buy houses” companies are legitimate businesses run by real estate investors who provide a valuable service to homeowners who need to sell quickly. However, like any industry, there are bad actors. The key is verifying the company through reviews, licensing checks, proof of funds, and references before committing to a sale. Look for companies with established Google Reviews, a BBB profile, and a physical business address.

How much do “we buy houses” companies pay?

Most cash home buyers offer between 70% and 85% of a home’s fair market value, depending on the property’s condition, location, and needed repairs. The tradeoff is speed and convenience: no commissions (saving 5-6%), no repair costs, and a closing timeline of 1-3 weeks instead of 3-4 months.

Is “We Buy Ugly Houses” (HomeVestors) a scam?

HomeVestors is a legitimate national franchise, not a scam. However, because they operate through independent franchise owners, the experience can vary significantly depending on the individual operator in your area. Always research the specific local franchise you’re dealing with, not just the national brand.

What is the #1 red flag of a “we buy houses” scam?

The single biggest red flag is being asked to pay money upfront. In a legitimate cash home sale, the seller never pays the buyer. If anyone asks you for a fee, deposit, or payment before closing, it’s almost certainly a scam.

Should I get multiple cash offers?

Absolutely. Getting 2-3 cash offers gives you leverage and a clear picture of what your home is actually worth to investors. It also helps you identify outlier offers, both suspiciously high (potential bait-and-switch) and unreasonably low (lowball tactics). For Long Island homeowners, you can request a no-obligation cash offer to use as a comparison point.

Do I need a lawyer to sell my house for cash in New York?

Yes, and this is non-negotiable. New York requires an attorney to be involved in real estate transactions. Any cash buyer who tries to close without legal representation is either uninformed or acting against your interests. Your attorney will review the contract, ensure clear title, and protect your interests at closing.

How fast can a cash buyer close on my house?

Most legitimate cash buyers can close in 14 to 28 days once a purchase agreement is signed. Some can close even faster if there are no title issues. Traditional sales through a real estate agent typically take 60 to 120 days on Long Island.

Can I sell my house for cash if I still have a mortgage?

Yes. The mortgage balance is paid off from the sale proceeds at closing, just like in a traditional sale. The title company handles the payoff directly with your lender. You receive the difference between the sale price and your remaining mortgage balance.

happy homeowners after selling their house for cash

This guide was written by Mike Plactere, founder of We Buy Long Island Homes Fast, a locally owned cash home buying company serving Nassau County, Suffolk County, and the rest of Long Island. Mike is a licensed New York real estate agent and a licensed CPA, a level of financial and regulatory accountability that is rare in this business.

We are a direct buyer, not a wholesaler. We buy your house with our own cash, we close it ourselves, and we renovate and resell it. We do not tie your house up and shop the contract to someone else. Proof of funds is available on request.

Since 2019 we have bought more than 300 homes on Long Island, over $130 million in property. We hold an A+ rating with the Better Business Bureau and 42 five-star Google reviews from Long Island sellers. We pay all closing costs, charge no commissions, and give you a cash offer within 24 hours.

We will also tell you the truth about timing. Some companies advertise a 7-day close. In New York, with attorney review and title work, that is rarely realistic. We give you a cash offer within 24 hours and close on your timeline, honestly.

If you have questions about selling your home for cash, or you want a no-obligation cash offer to see where you stand, get your free cash offer here or call us at (631) 825-8747.

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