“Fast Cash for My House”– it wasn’t long ago when these words were often used for foreclosed and neglected properties whose value has plummeted and an investor would swoop in as the charming prince to save the day.
Although it’s not entirely obsolete, the impulse to sell a property quickly for cash has expanded beyond just the ones needing serious repairs, leveraging the competitive housing market and instant sale platforms for cash emergencies. Whether you are staying in Royal Oak or Ferndale, your decision to get fast cash for homes in Michigan is a good idea regardless of your motivation.
The reason? Ask any one of the Detroit home buyers (or anywhere else) or real estate professionals if there is one thing they will all agree to: the longer a home stays in the market, the lower the offer will be.
Another of the reasons why many homeowners and property managers opt for cash for homes across Berkley and all over Oakland County is that it’s super easy and low-hassle. A recent 2021 report revealed that owners are getting deals closer to market value than average due to the hot market. Regardless of what the pandemic might be making it look like, cash is here to stay in today’s real estate market.
Although the country largely remains a hot seller’s market, if you are looking for a cash offer for your home in the Michigan and Detroit area, you are at a bigger advantage than the rest. As per the Q3 2021 report by ATTOM Data Solutions, Michigan is the second most lucrative market for fast all-cash home sales after Georgia.
As for buyers, those willing to pay in cash always have a leg up against fellow competitors for their favorite property as sellers are always more likely to close the deal right and fast. As for sellers, throw in any life situation – be it a divorce, new job, inheritance, or financial trouble, they will be looking for the fastest way to get the deal.
However, no matter how seamless the process sounds right now, it can be troublesome and create difficulties. The reason? Partnering with an unreliable professional or making it a DIY project.
There are cases where people made the mistake of partnering with a seemingly legit house-buying company or tried to take the matter into their own hands. It’s not as easy as typing the keywords “sell my houses in Berkley” (or anywhere in MI), even though the market might be at its profitable peak.
It requires planning, market assessment, setting the right deal that will close fast and meet your financial goals, among other things.
Hiring an expert always pays off, but do your due diligence before getting on board with them. Check for their business rating, their portfolio, and proof of funds, among other things. And now, coming to the part where we talk about the art of selling your house fast.
What You Need to Know About Selling Your Property
If the task to sell your property quickly for cash is on your to-do list, you need to work around the following aspects:
- MARKET DYNAMICS
- SETTING AN APPROPRIATE OFFER
- THE TYPE OF BUYER
- THE SWEET SPOT
Your desire to sell your house fast in Ferndale, MI, might be an emergency for you, but your buyer is still going to compare it with other options. Your buyer will make sense of your pricing with the current market conditions.
As you go ahead with the process of selling your own home in Michigan for fast cash, you are likely to come across the following types of buyers:
- HOUSE FLIPPERS: These types of buyers buy a home for cash with the intent to make improvements and resell the property at a profit.
- RENTAL INVESTORS: Rental investors buy and hold property to turn it into a rental in order to collect a rental income and sell it at a later time. However, in some cases, they may rent out the property indefinitely.
- OUT-OF-STATE BUYERS: These are rental investors from a different location where the real estate market is expensive; hence, they invest in other states to buy and hold properties.
- CREATIVE BUYERS: These individuals leverage creative methods to avoid spending their own money to land a good property deal. This may include retirement or security funds, home equity line of credits, different home loans, among others.
- EXTREME SAVERS: These are the rarest type of in-cash buyers who are normal buyers looking for a deal on a home.
Understanding buyer types is essential as it will help you identify what kind of buyer is best for you. For instance, rental investors and out-of-state buyers have significant capital in their hands and an eye on properties with a location advantage.
House flippers buy homes for cash at a sharply discounted rate and have the loosest standards for the property’s condition. Their cash offer will always be dramatically lower than the market value. Typically, they tend to go by the 70 percent rule, according to which a flipper should pay 70 percent of the “after repair value (ARV).”
The creative buyer will think of ways to get the cash in hand to attain the property of their liking. These are typically residents looking for homes. An extreme saver is more likely to close the offer at the listed price as they aren’t trying to profit from the property.
Choose a Professional, Experienced Cash Buyer in Oakland County
As you can see, selling a home for cash, fast, and successfully is nothing less than a work of art. Working with a cash buyer allows you to skip all of the difficult parts of selling a home.
4th Dimension Development offers cash for homes in Royal Oak, Ferndale, Clawson, Berkley, Madison Heights, Warren, Roseville, Eastpointe, and across Oakland County and Macomb County. Call us at 248-622-8244 to set up a consultation today.