For New York City home buyers who have accumulated a substantial sum of cash from previous property sales or savings, foregoing a mortgage might make sense. However, the process can be complex. Moreover, it requires the right mindset and financial preparation. We talk to experts on the pros and cons of working with we buy houses for cash companies and iBuyers in NYC to help prospective buyers determine whether foregoing a mortgage is right for them.

iBuyers and we buy houses for cash companies buying or selling properties offer to purchase properties in as-is condition, and handle all the repairs after closing. Their streamlined and all-cash transaction can be particularly attractive to sellers who need to sell quickly, for example due to a job relocation or health issues.

According to ATTOM Data Solutions, cash sales in 2018 made up just over a quarter of all single-family homes and condos sold in the US. This is significantly higher than the pre-recession average of 19% and shows that the iBuyers and we buy houses companies are making a big impact on the real estate market.

Selling Your Home for Cash? Here’s Why Signature Properties Is the Best Choice

Many cash-offering companies rely on sophisticated data analytics to provide estimates of a property’s value, and are able to offer more accurate prices than conventional brokers and agents. This data-centric approach will likely trickle down into the broader market and improve pricing transparency. For example, Ribbon Home uses predictive models and algorithms to estimate a property’s value on the same day you see it.