From Royal Oak to Farmington Hills, Michigan’s housing market is experiencing a major shift. Home buyer demand has fallen sharply, and interest rates have reached record highs.
But even in this market, 57% of homes in Oakland County were bought in all cash. With expensive mortgages, home buyers with cash have a leg up on buyers looking to get a mortgage.
For home sellers, companies that buy houses for cash in Michigan are much more attractive than buyers with financing. Cash buyers offer certainty of sale, often eliminating home inspections and the hassle of lender approvals.
Cash buyers in Michigan also make instant offers, allowing you to close at your convenience with flexible closings.
🚀 The Rise of All Cash Offers
- Cash is King: 31.2% of Americans sold their homes for cash in December 2022, compared to 25.3% in all of 2020. This number is expected to rise in 2023 as financing becomes more expensive.
- iBuyers are Not a Viable Option: iBuyers have either shut down or have suffered massive losses. Our analysis suggests that iBuyers will offer much less than Fair Market Value (FMV) for your home in 2023 and 2024.
- Who Will Buy My House for Cash in Michigan: A cash marketplace like Houzeo.com is a great option to get multiple cash offers for your property. ASAP Cash home buyers and We Buy Houses are also good options.
Not all companies that buy houses for cash are the same. Some companies can get you 100% of your property’s fair market value, while others may offer as low as 50%.
We’ve ranked the best cash home buyers in Michigan so you can sell your house fast for cash.
Reviews: 5 Best Companies That Buy Houses for Cash in Oakland County, Michigan
1. Houzeo.com
Max Exposure to Cash Buyers
Houzeo
- Service Fee: $349 Listing Fee
- Available in 80+ U.S. Markets
4.9/5
(out of 4,523 reviews)
4.9/5
(out of 4,523 reviews)Houzeo is the best option if you’re looking for multiple cash offers. Your MLS listing will be exposed to local and national cash buyers. In an attempt to win your property, investors could make multiple cash offers for your home.
- Service Fee – $349: Houzeo does not charge a 5% service fee or any undisclosed closing fee.
- Typical Offer: Up to 100% of your property’s fair market value (FMV)
- Eligible Properties: On Houzeo Marketplace, you can market properties in any condition and sell your house as is.
- Closing Offer Terms: You can specify your preferred closing date and the closing offer terms.
👉 Our Take: For sellers looking to maximize their cash offers, we recommend Houzeo’s Gold plan. You will have access to Houzeo’s advanced features to negotiate the best terms for your cash offer.
» Houzeo Reviews: Learn why Houzeo is America’s Real Estate Super App
Houzeo is a real estate marketplace and America’s #1 Flat Fee MLS service because of 4 reasons:
- Max Exposure: Houzeo MLS packages give you access to the MLS and 100s of websites like Zillow, Trulia, Realtor.com, Redfin, etc.
- 5-Star Customer Service: Houzeo has a fully staffed customer service desk available 6 days a week. Chats and emails are open 7 days a week.
- 100% Online: Houzeo is high-tech. For you, this means easy listing, fast changes, online showings, and online offers. Houzeo Mobile App is also very powerful.
- No Listing Commission: In most states, you’ll be paying just a small flat fee to list on MLS. Houzeo covers 47 states + DC! And remember, all fees are disclosed upfront, so there are no Houzeo hidden fees. You get to bypass the listing agent commission!
There are no dealbreakers with Houzeo. Check out the blog on Houzeo pros and cons.
» Houzeo Reviews: Houzeo is rated “Excellent” with a 4.9 out of 5-star rating by 4,523 home sellers on Google and Trustpilot!
Houzeo is rated 4.9 out of 5 stars by thousands of home sellers on Google & Trustpilot.
With a typical cash buyer, you only get an offer from that specific cash house buyer. Because there is no competition, that typical cash buyer will only offer 30% to 70% of your property’s value.
Houzeo is America’s most advanced real estate marketplace. If you list on the Houzeo marketplace, your listing gets exposed to Michigan home buyers and national cash buyers via the MLS.
This increased competition for cash offers for your house will ensure you get up to 100% of your property’s value.
» Michigan Flat Fee MLS: List your home for a flat fee and attract MI house cash buyers!
2. We Buy Houses
FAST CLOSING
We Buy Houses
- Service Fee: None
- Closing in 3 weeks
- No credible reviews found.
WeBuyHouses.com is a pre-vetted real estate investor network. We Buy Houses “thoroughly” vet their investors before authorizing them to operate independent offices in their respective jurisdictions.
- Service Fee: None
- Typical Offer: 50% to 70% of Fair Market Value (FMV)
- Eligible Properties: Distressed properties with structural issues, relocation of the homeowner, couples going through a divorce, a death in the family, flawed mortgage financing, inherited homes, high-crime neighborhoods, etc.
- Closing Offer Terms: We Buy Houses provides a flexible closing date, up to 60 days out. Offer terms are inflexible.
👉 Our Take: We Buy Houses operates on a franchise model, so the quality of service may differ. You should check the reviews of the local franchise before requesting cash for your home.
» We Buy Houses Reviews: Everything you need to know about WeBuyHouses.com.
- Fast Cash Offers for Houses: You will typically receive WeBuyHouses.com’s initial cash offer within two days.
- Zero Service Fees: WeBuyHouses doesn’t charge any service fee in exchange for the convenience of selling your home for cash
- Fast Closing: We Buy Houses.com will close in just seven days after you accept their cash offer.
- Firm Cash Offer: We Buy Houses Com’s cash offer is usually in line with the preliminary cash offer unless the inspector identifies major flaws during the home inspection.
- Broad Coverage: We Buy Houses makes cash offers on properties in 200 markets in over 30 states. WeBuyHouses com has 2,700 offices nationwide.
- Zero Upfront Expenses: When selling to WeBuyHouses Com, you don’t need to prep the home or worry about repairs.
» What is we buy houses? To know more about them check this out.
In our research, we came across some dealbreakers with We Buy Houses.
- Lowball Cash Offer: We Buy Houses investors may put in lowball cash offers around 50% to 70% of the fair market value. This is lower than what you can get on the open market.
- WeBuyHouses.com is Not 100% Online: WeBuyHouses has a limited tech stack. This means a lot of processes, like requesting a counteroffer or managing inspections, will be offline and manual. We Buy Houses does not offer a mobile app.
- Non-Negotiable Cash Offers: A ‘We Buy Houses’ investor may not offer more than 70% of your property’s fair market value. Even if your property isn’t distressed, they will rarely budge on the offer price.
- Inconsistent Quality of Service: When you sell to a cash buyer franchise like WBH, you sell your house to a local real estate investor. The service quality will differ based on the independent investor you are dealing with.
» WeBuyHouses.com Reviews: Learn how WeBuyHouses.com works.
We Buy Houses has zero customer reviews on popular review sites like Google or Trustpilot.
» webuyhouses.com reviews: Check this out to know more about them.
WeBuyHouses.com is a private, pre-vetted network of real estate investors. We Buy Houses’ investors will buy properties as-is for cash.
If your property is inhabitable and only needs some cosmetic repairs, you should consider making repairs. Nationwide investors scour the MLS for fix-and-flip homes, so you might get a competitive cash offer.
» Flat Fee MLS Listing Services Near You: List your home on the open market with a local flat fee service.
3. United Property Buyers
BUYS HOMES FOR CASH
United Property Buyers
- Service Fees: None
- Offers made in 24 hours
- 4.6/5
(out of 12 reviews)
United Property Buyers is a company that buys houses for cash. They buy distressed properties as is and provide a hassle-free sale.
- Service Fee: None
- Typical Offer: 50% to 70% of Fair Market Value (FMV)
- Eligible Properties: Distressed properties, including vacant property, bad tenants, tax issues, inherited houses, and job transfers.
- Closing Offer Terms: On average, the closing time is a week.
👉 Our Take: United Property Buyers is a cash home buyer company that provides quick services. However, an MLS listing can get you better offers.
- Instant Offers: You can get a non-obligatory preliminary offer in just 6 minutes!
- No Additional Costs: There are no hidden charges, they even pay the closing costs.
- Sell As-Is: You can sell your house as-is and save the repair costs.
- Flexible Closing: The closing date can be chosen at the client’s convenience.
In our research, we found some drawbacks of United Property Buyers:
- Not Many Reviews: United Property Buyers only has 11 reviews on Google Reviews.
- Non-Negotiable Cash Offers: United Property Buyers will not offer more than 70% of your property’s fair market value. They rarely increase the price quoted in the initial cash offer.
United Property Buyers has 4.5 out of 5 stars from 11 reviews on Google Reviews.
United Property Buyers is a company that buys houses for cash with 19+ years of experience. Its website is very precise and contains very limited details on its business.
They have coverage only in some states, including North Carolina and Michigan.
4. Detroit Cash For Homes
ALL-CASH OFFERS
Detroit Cash For Homes
- Service Fees: None
- Offers made in 24 hours
- 5/5
(out of 4 reviews)
Detroit Cash For Homes is a Metro Detroit-based company that has been helping homeowners for over 25 years. Though based locally they are a prominent company that buys houses for cash in Metro-Detroit.
- Service Fee: None
- Typical Offer: 50% to 70% of Fair Market Value (FMV)
- Eligible Properties: All types of properties, despite structural damage, poor condition, or bad neighborhood.
- Closing Offer Terms: On average, the closing time is 7 days.
👉 Our Take: Detroit Cash For Homes is a cash home buyer company that has been functioning for a quarter of a century with remarkable efficiency. However, they have little to no reviews to credit for.
- Instant Cash Offer: You will get an all-cash offer within 24 hours.
- Specialties: They buy Estates and other older structures, especially inherited properties.
- Zero Costs: There are no commissions and no hidden fees. They even take care of closing costs.
- Sell As-Is: If you sell your house as is you can avoid repair costs.
- Fast Closing: The closing date can even be within 7 days.
In our research, we found some drawbacks of Detroit Cash For Homes:
- Limited Customer Reviews: You cannot be sure about their service with only a handful of reviews on Google and nothing on other platforms.
- Lowball Cash Offer: Detroit Cash For Homes may put in lowball cash offers around 50% to 70% of the fair market value. This is lower than what you can get on the open market.
Detroit Cash For Homes has 5 out of 5 stars from 4 reviews on Google Reviews.
Detroit Cash For Homes is a Metro-Detroit based cash home buyer. They have limited coverage only in Metro Detroit area.
They have very few reviews to their name. We recommend you do thorough research before opting for them.
5. ASAP Cash Home Buyers
LOCAL CASH BUYER
ASAP Cash Home Buyers
- Service Fee: None
-
3.7/5
(out of 3 reviews)
3.7/5
(out of 3 reviews)ASAP Cash Home Buyers started their journey in 2013. They are a reputable cash buyer who even refers their clients to credit and legal counseling services.
- Service Fee: None
- Typical Offer: 50% to 70% of the Fair Market Value (FMV)
- Eligible Properties: Extremely distressed properties with structural issues, couples going through a divorce, a death in the family, bad mortgage financing, inherited houses, high-crime neighborhoods, empty lots, etc.
- Closing Offer Terms: They provide a flexible closing date from 3 weeks to any date of your choosing.
👉 Our Take: ASAP Cash Home Buyers’ is a good choice if you want to save on repair costs. However, you have to settle for a price significantly below the fair market value.
- Nationwide Coverage: ASAP Cash Home Buyers offers their services nationwide.
- Flexible Closing Date: You can set a closing date as per your convenience.
- No Hidden Costs: ASAP Cash Home Buyers have no undisclosed fees or hidden costs.
- Sell As-Is: They buy houses as-is and so you can cut down on repair costs and home staging costs.
Here are some drawbacks of ASAP Cash Home Buyers that we came across in our research:
- Inconsistent Quality of Service: When you sell to a cash buyer franchise, you sell your house to a local real estate investor. The service quality will differ based on the independent investor you are dealing with.
- No Commercial Properties: ASAP Cash Home Buyers are not interested in properties like timeshares, hotels, or rental communities.
- Limited Customer Reviews: You cannot be sure about their service with only a handful of reviews on Google and nothing on other platforms.
ASAP Cash Home Buyers have a rating of 3.7 out of 5 stars with 3 reviews on Google.
ASAP Cash Home Buyers was founded in Fort Lauderdale, FL. They are a group of real estate professionals with over a decade of experience.
They have nationwide coverage but in every state you have different buyers making the quality of service questionable without proper research.
» Flat Fee MLS Listing Services Near You: List your home on the open market with a local flat fee service.
iBuyers That No Longer Offer Cash for Oakland County Homes
- Zillow Offers: Zillow, the biggest real estate marketplace, started its iBuying arm in 2018. After losing $881M while over-paying cash for properties, in November 2021, Zillow stopped buying houses. Check out the story of the fall of Zillow Offers.
- RedfinNow: Redfin, the biggest discount real estate broker in the U.S., entered the home-flipping business with RedfinNow in 2017. In November 2022, RedfinNow shut down due to increasing operating costs.
Are Companies That Buy Houses for Cash in Oakland County Legit?
Yes, companies that buy houses for cash in Oakland County or cash house buyers are legitimate and operate legally nationwide.
🚨 Cash for Houses Scams: Remember to inspect how the cash company operates before you sign any real estate contract. A legitimate home buyer will never ask you to pay cash!
Types of Cash Home Buyers
Companies that buy homes for cash in Oakland County help home sellers skip the hassle of listing on the MLS, marketing, home staging, etc. The four types of cash home buyers are:
- “We Buy Houses for Cash” Companies: The “fix-and-flip” house cash buyers that buy distressed properties, make repairs, and sell on the open market. Michigan home buyers pay 30% to 70% of the home’s fair market value and don’t have any service fees or closing costs.
- iBuyers: Home-buying companies that use proprietary algorithms and determine a cash offer for your house. In 2023, iBuyers in Michigan will offer ~70% to 80% of the fair market value.
- Buy-and-Hold Cash Buyers: A buy-and-hold cash buyer in Michigan will convert a distressed house into a rental property. They do not sell the upgraded property for a one-time profit and will enjoy a steady source of income.
- Home Trade-In Services: A home trade-in company will offer cash on your house to help you buy another property. They fund your next house while you sell the one you’re living in.
- 🏚️ Selling a Home in Poor Condition in Michigan: We recommend “We Buy Houses for Cash” companies if your property is in bad shape. If the property only needs cosmetic repairs, you should list your home on Michigan MLS. You can get up to 100% of the fair market value on the open market!
Top “We Buy Houses in Michigan” Companies Near You
| 1. Macomb County, MI | We Buy Houses for Cash in Macomb County, MI |
| 2. Detroit, MI | We Buy Houses for Cash in Detroit, MI |
| 3. Oakland County, MI | We Buy Houses for Cash in Oakland County, MI |
| 4. Wayne County, MI | We Buy Houses for Cash in Wayne County, MI |
| 5. Royal Oak, MI | We Buy Houses for Cash in Royal Oak, MI |
| 6. Clawson, MI | We Buy Houses for Cash in Clawson, MI |
| 7. Harper Woods, MI | We Buy Houses for Cash in Harper Woods, MI |
How Do Companies That Buy Houses for Cash Work?
“We buy houses for cash” companies buy Oakland County houses “as-is” at much lower than the market value. They mostly work offline. Let’s look at the steps involved when you sell your house to a “We Buy Houses for Cash” company:
- Share Your Property Details: Cash buyer companies in MI will collect basic information like the location and condition of your property. You can share this via phone or their website.
- Review the Preliminary Cash Offer: The “cash for homes” Michigan company will make an offer after comparing similar properties in the area. Typically it is 30% to 70% of the home’s fair market value.
- Complete a Home Inspection: Michigan home inspectors will perform an inspection if you accept the initial offer. After adjusting repair expenses and holding costs, the cash house-buying company will send a final offer.
- Accept the Final Cash Offer & Close: If the Michigan home cash buyer’s final cash offer matches your expectations, then you can finalize the closing timeline.
» Sell My Michigan House Fast: Check out 5 ways to sell your Michigan house fast in 2023.
How Much Do Michigan “We Buy Houses Cash” Companies Pay?
Companies that pay cash for houses in Oakland County use the 70% ARV rule.
Suppose your home is worth $300,000, and you have a defective roof that will cost $25,000 in repairs. So, you can expect a cash offer of about $185,000.
The 70% ARV Rule: Michigan house buyers will never pay more than 70% of the property’s fair market value. They have to repair and renovate the acquired homes. The overhead expenses are deducted from your home sale proceeds.
» How Much are Closing Costs for Seller in Michigan: Find home sale proceeds from selling your house in Michigan.
“We Buy Houses for Cash” Oakland County: Pros and Cons
The biggest benefit of Michigan cash buyers is their speed and convenience. Selling a house for cash will almost always net you 10% to 30% less than a financed offer though. Let’s look at the pros and cons of selling a home to a cash home buyer:
✅ Pros
- Fast Cash Sale: In the traditional model, you have to list on the MLS and wait for potential buyers. However, with “We Buy Houses for Cash” companies, you get a cash offer within 24-48 hours of submitting details on their website.
- Flexible Closing: “We Buy Houses Cash Michigan” companies move faster than traditional buyers. Home sellers can close on their timeline and need not wait for listing paperwork or mortgage pre-approvals!
- No Service Fees: “Cash for homes” companies don’t charge any service fees. The net profit after fixing and selling your home is enough for them to sustain their fix-and-flip model.
- No Upfront Costs: To earn maximum cash, home sellers invest in real estate photography and staging before listing on the MLS. MI cash home buyers purchase homes as-is, so you can skip marketing or repair costs.
❌ Cons
- Lowball Cash Offers: Companies that buy homes in Michigan generally pay 50% to 70% of the home’s fair market value, deducting all repair, utility, and re-selling expenses. Although there may be room for negotiations, you can’t expect more than 70% of the market value of your home.
- Non-Negotiable Deals: When dealing with “cash for houses” companies, the deal is usually take-it-or-leave-it. You can try to negotiate if the company overlooked something important, but most cash companies will not budge on price.
- Some Cash Buyers Will Make You Pay Closing Costs: Homeowners are forced to pay the seller’s closing costs, and it’s not disclosed on the cash buyer’s site. You should always read the terms and conditions document carefully.
» Estimate Seller Closing Costs Michigan: Breakdown of closing costs you incur as an MI home seller.
Alternatives to Companies That Buy Houses for Cash in Oakland County
- List Your Home With a Flat Fee MLS Service: With a Flat Fee MLS service, you can get up to 100% of the fair market value on the open market. High-tech For Sale By Owner websites like Houzeo will list your home on the local MLS within 24-48 hours and help you sell fast! 22% of homes listed on MLS sold above their final list price in February 2023.
- Hire a Top Realtor: Michigan Realtors have the expertise to help you sell your property fast within a set timeline. However, the best realtors will charge a 6% commission. That amounts to thousands of dollars in realtor commission! It’s the worst option if you want to earn maximum cash.
- Sell “For Sale By Owner”: Selling your home purely For Sale By Owner implies no access to the MLS. You market your property, conduct market research, manage offers and showings, etc., all by yourself.
» For Sale By Owner Websites in Michigan: Check out the best FSBO sites in the Great Lake State.
Frequently Asked Questions
1. What is the best company that buys houses for cash in Oakland County, Michigan?
Houzeo is the most popular platform for sellers looking for companies offering cash for homes in Oakland County. Not a cash buyer themselves, Houzeo.com lets you access the power of the MLS for a small flat fee, giving you exposure to cash home buyers. iBuyers, including Opendoor, have also made offers on properties listed on Houzeo.com.
» How Much Does it Cost to List on MLS: Read to Know Why MLS Listings are Worth the Cost.
2. How do you sell a house to a cash buyer in Oakland County, Michigan?
List your home on Houzeo.com for multiple cash offers. You can also offer it to Opendoor or another cash buyer in Oakland County. You’ll then receive preliminary cash offers. You must ensure the offer meets your minimum requirements after adjustments for inspection and any service fee. Once you’ve accepted the offer, you can select your closing date.
3. Are "we buy houses for cash" companies in Oakland County legit?
Yes! Many companies like We Buy Ugly Houses offer cash for houses in Oakland County. And these companies are legit, with franchises across the nation. However, cash buyer scams are common in America, so you should always research the company before signing any official documents. You can also check customer reviews on sites like Google and TrustPilot. We also recommend you get a lawyer to review the contract before signing.
4. How long does a cash sale on a house in Oakland County take?
Approximately, anywhere between 7 to 30 days, depending on the buyer and the specific situation of the sale. iBuyers like Opendoor and Offerpad can close as quickly as 10 business days.
5. Do “We Buy Houses” companies in Oakland County make fair offers?
Yes! iBuyers will offer up to 100% of the fair market value of your property. Local “we buy houses for cash” companies in Oakland County will typically offer less - 50% to 70% of the fair market value. Listing your home on a marketplace, like Houzeo.com, will get you exposure to iBuyers and local investors. This significantly increases your chances of maximizing your cash offer.
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