You own a house in Detroit but need to sell it quickly. It’s nobody’s business why you need to sell it on a short timeline. It is however your business to find a solution that meets your current needs and allows you to get cash for your house quickly.
We’ve outlined circumstances where a cash offer may be the best solution.
This guide is meant to help you understand the process of selling a home fast for cash in Detroit. For more detailed, expert advice on your specific situation, get in touch with us today at Bolt and Beam.
How does a cash offer on a house in Detroit work?
Because Detroit is a large diverse city, it’s different locations lend to a variety of market conditions. In high-demand locations such as downtown and Midtown, housing can sell for as much as $500,000, whereas many other houses are selling to flippers for much cheaper, with a median sale price of just $40,000.
This unique market also offers up multiple ways to get a cash offer on a home you’re selling in Detroit.
Although it may involve more variables, you can work with a realtor to list your home and target cash buyers. In Detroit, this might be fairly reliable. Cash sales are more common because real estate prices are comparatively cheap.
For a potentially faster process and to avoid listing your house, try to sell to buyers who specifically pay cash only. The most common cash buyers often fall into two categories — investors or flippers.
Investors such as Opendoor, Offerpad, Zillow Offers, and Redfin Now are considered i-Buyers. They provide cash offers for houses with the intention that they’ll do minor updates, repairs, and cleaning to the home before reselling it.
If a home needs more extensive updates or renovations, a wholesaler or flipper may provide the best cash offer. They’ll likely buy the house at a lower price, as they’ll need to invest more significant money and effort to make it move-in ready for a new buyer.
With either of these options you don’t have to do anything to prepare the home, other than move out. Cash offers can also move more quickly, without waiting for approvals from a lender for the buyer’s mortgage, as many traditional home sales require.
Buyers such as investors, wholesalers, or flippers do this for a living. They work quickly, giving you a cash offer within 24 to 48 hours. This sometimes leads to closing on the sale of a house within as little as one week.
Selling a house for cash, when time is of the essence
Needing to relocate for a new job
Moving to a new location for a job often means you’re leaving a home you’re familiar with and going to a new location where you’ll be starting from the ground up.
Selling your current home for cash can allow you to more quickly into this new phase of life. Wrap up your current living situation quickly, with the cash from the sale of your home, which allows you to pay off your current debt or finance a new home.
Avoiding foreclosure
Escape large mortgage payments before a possible foreclosure, and get out from under the expenses of owning your current house.
Selling your house for cash gives you money quickly that can pay off your existing mortgage, and avoid more accumulating debt.
This can also save your credit score. No more worrying about late or missed payments related to your mortgage or other house expenses. Less debt means you can afford other expenses more easily. This will begin to improve your credit score so that you can move forward with other financing if needed.
Inherited homes from family members
Inheriting a home can cause a major shift in your expenses and lifestyle. Sometimes, this shift is even unexpected, happening at a time where you may also be struggling with the death of a family member.
If you don’t want to or aren’t able to live in or rent the home, it needs updates, or you don’t want it sitting vacant, selling it is likely your best option. The traditional path of listing a house can involve a lengthy sales process. In this case, you may also be dealing with the added stress of your loss and the responsibility of deciding what to do with your family member’s belongings.
A cash offer can relieve these burdens and allow you to sell the house quickly. Move on more quickly from the added expenses of the inherited house and the difficult decisions related to the home.
Caught in a divorce
Sometimes the sale of your house is just one thing in a list of problems you’re facing. When going through a divorce, the decision may be made to sell a home you owned when you were married, which can add a layer of complexity.
Selling the house for cash allows you to avoid more legal hassles and potential arguments. You receive the value of your house in cash, which can be easily divided or used to pay off the existing mortgage that has both of your names on it.
Times of uncertainty
When many areas of your life are uncertain and you no longer feel as if being tied to your current home is beneficial, it may be best to make a change.
Free yourself from the burden of owning and maintaining a house by selling it quickly for cash. If you can’t count on having several weeks or months to prepare, list, and sell your home, selling it quickly for cash gives you a way out when you need flexibility.
Need to sell your house in Detroit fast? Here’s how to get started with an instant cash offer
If you own a house in Detroit and want an instant cash offer, you’ll want to sell to a buyer you can trust.
Bolt and Beam can simplify the work it takes to find a trusted buyer. We’ll learn about your situation to recommend a reliable buyer that both fits your needs and is currently shopping for houses in Detroit.
We’ll provide you with details about your house and the market in Detroit, as well as our best recommendations for instant cash offers.
Reach out to us or complete the questionnaire to get started and sell your house fast for cash.
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