✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
Detroit Cash for Homes is a traditional 'We Buy Houses for Cash' company that purchases homes as is. They don't have strict eligibility criteria for the homes they buy and even purchase distressed homes.
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Pros
- Detroit Cash for Homes makes cash offers in 24 to 48 hours
- They offer a quick and flexible closing timeline so you can move out at your convenience
Cons
- Detroit Cash for Homes extends offers that are just 50% to 70% of your home's FMV
- This cash buyer has a limited coverage area
Detroit Cash for Homes is a house-buying company that makes cash offers on homes as-is. They provide a quick closing timeline that helps sellers who need money urgently.
However, this speed comes at a cost. You may get just 50% to 70% of your property’s Fair Market Value.
Instead, we recommend listing and selling your home on a cash buyer marketplace like Houzeo.com. Via the MLS, Houzeo gets you exposure to hundreds of local and national investors. You could attract multiple cash offers, and probably even sell for more than 100% of your property’s fair market value.
Let’s look at Detroit Cash for Homes reviews and alternatives to see if you can get a better deal for your home.
Key Takeaways
- Pros: Detroit Cash for Homes doesn’t have strict eligibility criteria when buying properties. So, you can offload your distressed house easily.
- Cons: This cash buyer has a limited coverage area. Further, they may extend a lowball offer that could reduce the total value of your property.
- Our Take: We don’t recommend Detroit Cash for Homes. Instead, Instead, list your home on a cash buyer marketplace like Houzeo to get 100% of your property’s Fair Market Value. Compare Houzeo vs. Detroit Cash for Homes.
What is Detroit Cash for Homes?
Detroit Cash for Homes is a traditional “We Buy Houses for Cash” that purchases homes in and around Michigan. They buy homes at a discount, fix them up, and then sell them for a profit.
This cash buyer can close on a property in just 7 days. However, you can also opt for a flexible timeline and pick a date that is convenient for you.
What Types of Properties Does Detroit Cash for Homes Purchase?
Detroit Cash for Homes purchases all kinds of homes at a steep discount from distressed sellers. Some of these houses include:
- Inherited properties
- Homes with structural damages
- Rental properties with tiresome tenants
- Houses facing foreclosure
When compared to other cash home buyers, you may be robbed of a huge chunk of money with Detroit Cash for Homes.
To avoid such a possibility, list on the MLS with a flat fee company like Houzeo and compare multiple offers from cash companies and iBuyers alike.
» What’s My Home’s Value: You can know your home’s market value with Houzeo’s free Home Worth Estimator. It helps you estimate the amount you will get upon sale.
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👉 IMPORTANT: Review local housing sales data and determine the Fair Market Value of your property before requesting a cash offer from Detroit Cash for Homes.
Detroit Cash for Homes vs. Houzeo
Selling to Detroit Cash for Homes seems hassle-free. But you pay for this convenience by selling your home at a reduced price.
On the other hand, an MLS listing with Houzeo’s Gold plan equips you with advanced technology to call for the highest and best offers. You can also counter offers to help you get a deal closer to your expectations.
| Detroit Cash for Homes | Houzeo | |
|---|---|---|
| Sale Price | 50% to 70% of FMV | Up to 100% of FMV |
| Customer Rating | 5 stars (4 reviews) | 4.9 stars (4,523 reviews) |
| Closing Timeline | 7 to 30 days | 2 to 60 days |
| Fees | ❌ | $379 |
| Closing Costs | ❌ | 1% to 3% Closing Costs |
| Scope for Negotiation | ❌ | ✅ |
| Repair Costs | ❌ | ✅ |
» Houzeo Reviews: Still not convinced? Read what customers have to say about Houzeo.
Detroit Cash for Homes: Pros and Cons
Detroit Cash for Homes is a convenient option for sellers who need cash fast. However, their pros and cons paint a clearer picture:
✅ Detroit Cash for Homes Pros
Cash home buyers have certain advantages over traditional home-selling processes. Let’s see how Detroit Cash for Homes matches up to these expectations.
- Buy As Is Houses: This “We Buy Homes Fast” company purchases homes as is. So, even if your property is facing foreclosure or needs heavy repairs, you will get a cash offer.
- Quick Closing: Detroit Cash for Homes reviews say they close in as little as a week. However, their timeline is flexible, and they can close on a date suitable to you.
⛔ Detroit Cash for Homes Cons
Detroit Cash for Homes complaints reflect the following disadvantages of the company:
- Lowball Cash Offers: Detroit Cash for Homes views your house as an investment opportunity. So, your offer price may be much lower than the market price of your property.
- Little to No Scope for Negotiation: With cash home buyers like Detroit Cash for Homes, you may not have room to negotiate your cash offer. If you still want to try your luck, ensure that you back your arguments with proof.
- Limited Coverage Area: This cash buyer offers their services in several areas of Michigan.
Best Alternatives to Detroit Cash for Homes
Even if you want to sell your house fast for cash, look for some alternatives better than Detroit Cash for Homes. We’ve listed three below:
- Houzeo: Houzeo is one of the best FSBO websites in America that lets you list your home on the MLS in just 24 to 48 hours. Here, multiple national and local cash home buyers make offers on your property, driving up its price. You can even get 100% of your home’s FMV.
- Opendoor: Opendoor is the largest iBuyer in America extending cash offers for homes needing minimal repairs. They generally pay 70% to 80% of your home’s FMV but deduct a 5% service fee, closing costs, and repair costs from the offer.
- HomeVestors: HomeVestors is a cash home buyer franchise offering 50% to 70% of the home’s FMV. However, they may deduct repair costs at closing. Further, since each office is independently owned, you won’t get consistent service across the country.
“We Buy Houses for Cash” Companies Near Me
There are other “We Buy Houses As Is” companies in the market. You can request an offer from multiple cash companies and pick the one that suits you the best.
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Frequently Asked Questions About Detroit Cash for Homes
1. Is Detroit Cash for Homes legit?
Yes, Detroit Cash for Homes is a legitimate company founded by John Parsons and Bob Squiers.
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