✏️ 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.
Jay Buys Detroit is a cash for homes company that purchases distressed properties. They cater to home sellers who are on a quick timeline or need money urgently.
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Pros
- Jay Buys Detroit makes cash offers on distressed properties as is, saving you repair costs
- They have a flexible timeline, allowing you to move out at your convenience
Cons
- You could receive just 50% to 70% of your home's value
- This cash buyer has a limited coverage area
- You may not be able to negotiate the offer you receive
Jay Buys Detroit cash offers on homes as-is. They provide a quick closing timeline that helps sellers who need money urgently.
However, when you sell your home to Jay Buys Detroit, you’re compromising on the sale price of your home. You are settling for an offer that is just 50% to 70% of your property’s Fair Market Value.
An MLS listing on a cash buyer marketplace like Houzeo can get you 100% of your property’s value. With Houzeo, your listing can be on the MLS within 24 hours. Moreover, you can compare offers from multiple national and local cash buyers, instead of settling for just one lowball offer.
In this blog, let’s look at Jay Buys Detroit reviews and their alternatives to help you get the property value you deserve!
Key Takeaways
- Pros: You can offload your distressed property easily with Jay Buys Detroit. Unlike iBuyers, they don’t have strict eligibility criteria.
- Cons: Jay Buys Detroit may extend an offer that is just 50% to 70% of your home’s Fair Market Value. Further, you may not be able to negotiate a higher offer.
- Our Take: We don’t recommend Jay Buys Detroit as you won’t get top dollar for your property. Instead, list your home on a cash buyer marketplace like Houzeo to get 100% of your property’s Fair Market Value. Compare Houzeo vs. Jay Buys Detroit.
What is Jay Buys Detroit?
Jay Buys Detroit is a traditional “We Buy Houses for Cash” company. They buy houses as is, repair them, and sell them for a profit.
Jay Buys Detroit primarily caters to home sellers who need to sell their properties quickly. Hence, they extend offers on the phone or they can even visit your home and give you the offer in person.
What Types of Properties Does Jay Buys Detroit Purchase?
Jay Buys Detroit 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 Jay Buys Detroit.
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 Jay Buys Detroit.
Jay Buys Detroit vs. Houzeo
Selling to Jay Buys Detroit 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.
| Jay Buys Detroit | Houzeo | |
|---|---|---|
| Sale Price | 50% to 70% of FMV | Up to 100% of FMV |
| Customer Rating | 5 stars (34 reviews) | 4.9 stars (4,523 reviews) |
| Closing Timeline | 10 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.
Jay Buys Detroit: Pros and Cons
Jay Buys Detroit is a convenient option for sellers who need cash fast. However, their pros and cons paint a clearer picture:
✅ Jay Buys Detroit Pros
Cash home buyers have certain advantages over traditional home-selling processes. Let’s see how Jay Buys Detroit reviews match 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: Jay Buys Detroit reviews say they have a flexible closing timeline. So, you can move out at your convenience.
- No Service Fees: This cash buyer doesn’t charge any service fee when you sell your house to them. You save money while enjoying the convenience of a quick sale.
⛔Jay Buys Detroit Cons
Jay Buys Detroit complaints reflect the following disadvantages of the company:
- Lowball Cash Offers: Jay Buys Detroit 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 Jay Buys Detroit, you don’t 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: Jay Buys Detroit offers its services only in Detroit, Michigan.
Best Alternatives to jaybuysdetroit.com
Even if you want to sell your house fast for cash, look for some alternatives better than Jay Buys Detroit. 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 Jay Buys Detroit
1. Is Jay Buys Detroit legit?
Yes. Jay Buys Detroit is a legitimate company that buys houses for cash in Detroit, Michigan.
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