6 Top We Buy Houses for Cash Companies in Detroit

Working with house-buying companies in Detroit

We Buy Houses companies in Detroit typically promise quick, all-cash offers and ultra-fast closings, often in as few as seven days. They tend to target distressed properties in need of repairs and work with sellers who need to move ASAP.

Here’s how the process generally works:

1. You request an offer and provide the company with some information about your home. Some companies may make a preliminary offer at this stage, but it’s usually subject to change once they’ve inspected your property.
2. The company completes a walk-through of your property, usually within 24 to 48 hours.
3. The company makes a firm offer (usually within 24 hours, sometimes on-site after the walk-through) which you can accept or decline. Most of these companies will not negotiate on price, so the offer is a take-it-or-leave-it scenario.
4. If you accept the offer, you’ll both sign a contract, and the closing process will begin. Some companies offer a large deposit or moving cost assistance. A few may even pay for the home upfront.
5. Closing and getting paid is quick, typically within seven days to a few weeks. This can vary by company, and sellers who work with a house-buying company often enjoy flexibility in selecting a move-out date that works for them.

Popular We Buy Houses for Cash companies in Detroit

If these benefits of selling to a house-buying company in Detroit sound good to you, it’s time to find a legitimate operation you can trust.

We’ve compiled some of the top companies that will pay cash for your parent’s Queen Anne or bungalow. By selling to one of these companies, you should be able to sell your Detroit home in as little as a week or two.

Note: Individual program details frequently change — please visit a company’s website for the most up-to-date information on each program’s fees, market coverage, business model, and more. HomeLight always recommends doing your own research to determine which selling option is best for your situation.

Why sell for cash in Detroit?

There are plenty of reasons a Detroit seller may choose to go the Cash-For-Homes route, speed and certainty being chief among them.

In Detroit, it typically takes around 88 days to sell a home on the market using an agent. That includes an average of 45 days on market, plus the typical 43 days a buyer needs to close on a purchase loan.

Compare that to the typical seven days promised by many We Buy Houses for Cash companies in Detroit, and you can see why these companies remain popular, even though they don’t always offer top dollar.

Not every seller has months to prep, market, show, and close. Let’s look at some common reasons Detroit sellers choose Cash-For-Homes companies over listing the traditional way.

• The home has major repair issues that are common in Detroit, such as plumbing issues or termite damage.
• The seller needs to move or cash in quickly due to divorce, job relocation, medical need, or financial stress.
• The seller doesn’t have the means or desire to make repairs.
• The seller doesn’t want to bother prepping the home, dealing with showings, negotiating, or navigating a long sales process.
• The seller prefers the privacy of selling their home off-market to a cash buyer.
• The seller is in the foreclosure process and wants to sell the home and settle up with the lender before it’s too late.
• The seller inherited property and wants to unload it as quickly as possible.
• The seller is a landlord who has problem tenants or no longer wishes to manage a rental property.
• The homeowner is aging and moving into a care facility, prompting their family to sell the home.
• The seller is living out of state and prefers the ease of a cash sale.

If any of these sounds like you, requesting a cash offer from a We Buy Houses for Cash company might be a good starting point, though it’s not your only option, and it may not be your best move (we’ll dive into your other options in just a minute!).

Pros and cons of house-buying companies in Detroit

By now, you’ve probably figured out that We Buy Houses for Cash companies in Detroit are a bit of a mixed bag. You get speed and service, but you may “pay” a sizable premium for that service. Let’s walk through a few pros and cons to consider while weighing your options.

That all may sound pretty great to you as a seller if you’re looking to move within weeks rather than the months it might take you to list and sell your home on the market with an agent. However, there are downsides to working with Cash-For-Homes companies. Namely, they typically offer substantially below market value for your home.

Your home is more than a place where you make memories with family; it’s also likely your biggest asset. Sure, you want to sell quickly, but you could be leaving major money on the table if you choose to work with one of these We Buy Houses for Cash companies.

Always do your research, compare your options, and consult with a trusted advisor before accepting any offer.

Vet cash buyers and know your home’s worth

For many home sellers, We Buy Houses for Cash companies can be a solid solution to get a property sold quickly or to access cash for an expected life challenge. On the other hand, the “cash for your home” rehabbing business model has also led to what some housing advocates call predatory tactics.

The level of integrity and customer service you experience can vary, even within an established house-buying company that strives to maintain consistent business standards. This is because many We Buy Houses for Cash companies are franchises and often use independent investors or local wholesaling outfits. Your experience greatly depends on the character of the person or group making the offer.

If you are considering a cash offer, vet the company thoroughly. Check reviews, read testimonials, and research its presence and performance in the market. And, of course, read the buying agreement carefully before signing.

Before committing to a We Buy Houses for Cash company, HomeLight suggests you consult with a top agent to get a better idea of what your home might be worth if sold on the open market. Then compare cash offers to what a top agent might be able to get for your home. HomeLight can connect you with a top-performing agent in your market.

You can also use HomeLight’s free Home Value Estimator right now to get an initial ballpark estimate in less than two minutes.

Other options to sell your home quickly

iBuyers

Within the cash-for-homes business, you’ll also encounter a particular group of companies known as iBuyers, or instant buyers.

iBuyer companies offer sellers many of the same conveniences of other house-buying operations, but they also leverage algorithmic technology, otherwise known as automated valuation models (or AVMs), to make you a near-instant offer on your home and provide a user-friendly, mostly online home sale experience.

iBuyers have only been around since the mid-2010s, but are now widely available across Michigan.

iBuyers offer all-cash and can close in a matter of days to a few weeks. But unlike more traditional We Buy Houses for Cash companies, iBuyers tend to look for homes in better condition and offer much closer to market value, typically in the 85%-95% range.

One thing to note is that major iBuyers like Opendoor and Offerpad usually charge sizable fees for their services, between 5%-6%.

Sellers who may be a good fit to work with an iBuyer in Detroit include those who prefer to skip staging and showing their home, who live in an area with somewhat similar housing, and who have a home in relatively good shape.

Listing with an agent

You want to sell your house quickly, not in 88 days. But hear us out! With many housing markets still being seller-friendly, an experienced agent with marketing expertise and buyer connections may be able to sell your home sooner than you think, especially if it’s strategically priced.

Going with an agent could pay off big time. Selling on the market generally fetches the highest home price, and that’s especially true if you work with a skilled professional. Our internal transaction data at HomeLight shows that the top 5% of real estate agents sell homes for up to 10% more than average agents.

This is a big financial decision, so it may make sense to consult with a trusted real estate agent who can complete a comparative market analysis (CMA) to help you understand your home’s value and how quickly it’s likely to sell.

Your agent may even be able to connect you with cash buyers who are willing to offer closer to market value for your home.

Plus, a CMA is usually free and you’re under no obligation to list with the agent, so this may be a good tool to explore your options. Even if you end up deciding to work with a Cash-For-Homes company, at least you’ll know you’re making a sound financial decision.

Overwhelmed by finding an agent? HomeLight would be happy to connect you with a top performer in your area today.

We Buy Houses for Cash in Detroit vs. top Detroit agent

Wondering how a We Buy Houses for Cash company stacks up against working with a real estate agent? We’ve got you covered.

Example net proceeds

Let’s say your bungalow home in Detroit is currently worth about $150,000 and needs about $15,000 in repairs. Once the repairs are made, the home should be worth around $165,000.

Obviously, financially it’s usually in your best interest to go with a top agent, but depending on the condition of your home and any repairs needed, selling on the open market could be challenging.

House-buying companies can be a good alternative for Detroit sellers in need of a quick exit from homeownership, but they’re not without drawbacks. However you choose to sell your home, it’s important to avoid making a hasty decision.

For best results, take the time to weigh your options, gather offers from multiple companies, and consider consulting with a top agent to see how easily your property could sell on the market. Whatever you decide, HomeLight would be happy to help with your real estate needs!

Writer Chelsea Levinson contributed to this post.

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