✏️ 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 Fair Offer is a cash for homes company that acquires distressed properties at a discount. They cater to home sellers who are on a time crunch and need money urgently.
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Pros
- Detroit Fair Offer extends an offer in 24 to 48 hours
- Detroit Fair Offer can close on your home at your convenience
Cons
- Detroit Fair Offer extends offers that are just 50% to 70% of your home's FMV
- You may not be able to negotiate the offer you receive from them
Detroit Fair Offer is a traditional cash home buyer. They buy houses for cash and provide a quick closing timeline. Further, they buy distressed homes in any condition, as they don’t have strict eligibility criteria.
This cash buyer may extend offers that are just 50% to 70% of the property’s Fair Market Value. You may not even be able to negotiate this offer.
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 Fair Offer reviews and alternatives to see if you can get a better deal for your home.
Key Takeaways
- Pros: Detroit Fair Offer purchases homes as is. So you don’t have to spend money on expensive repairs.
- Cons: This cash buyer has a limited coverage area. Further you may lose around 30% to 50% of your property’s value.
- Our Take: We don’t recommend Detroit Fair Offer. 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 Fair Offer.
What is Detroit Fair Offer?
Detroit Fair Offer acts like a home flipper. They buy distressed houses at a discount, fix them up, and then sell them for a profit.
This cash buyer caters to home sellers on a time crunch. So, you can sell your house in 7 days and get the cash in your account.
What Types of Properties Does Detroit Fair Offer Purchase?
Detroit Fair Offer 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 Fair Offer.
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 Fair Offer.
Detroit Fair Offer vs. Houzeo
Selling to Detroit Fair Offer 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 Fair Offer | Houzeo | |
|---|---|---|
| Sale Price | 50% to 70% of FMV | Up to 100% of FMV |
| Customer Rating | 4.9 stars (12 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 Fair Offer: Pros and Cons
Detroit Fair Offer is a convenient option for sellers who need cash fast. However, their pros and cons paint a clearer picture:
✅ Detroit Fair Offer Pros
Cash home buyers have certain advantages over traditional home-selling processes. Let’s see how Detroit Fair Offer 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 Fair Offer 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 Fair Offer Cons
Detroit Fair Offer complaints reflect the following disadvantages of the company:
- Lowball Cash Offers: Detroit Fair Offer 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 Fair Offer, 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: This cash buyer caters primarily to home sellers in Detroit.
Best Alternatives to Detroit Fair Offer
Even if you want to sell your house fast for cash, look for some alternatives better than Detroit Fair Offer. 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.
📞 Need Help? Schedule a FREE Consultation
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Frequently Asked Questions About Detroit Fair Offer
1. Is Detroit Fair Offer legit?
Yes, Detroit Fair Offer is a legitimate company that buys houses for cash in Michigan.
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