Selling your house to a direct buyer is a totally different experience than the conventional method of sale. The majority of people know what a real estate agent is and have pre-determined ideas or have experiences about what they do for you as a seller. On the flipside, some sellers might not know what to expect when working with a professional homebuyer in Detroit, MI. Sellers can expect a professional homebuyer to provide simple, stress-free transactions. Here are some pros and cons of selling your house to a direct buyer in Detroit.
Pro – Straightforward Closings
Direct buyers in Detroit, MI usually close faster than traditional homebuyers and usually pay full in cash. Traditional home purchases require qualifications from banks, mortgage underwriting time, property inspection time and the buyer may not end up qualifying in the end. There are also normally no commissions paid to a buyer’s or seller’s agent which means thousands of dollars in savings. Direct buyers also might not charge transaction fees; if they do, they are extremely low in comparison to the commission or closing costs you would have to pay otherwise. They also provide mail-away closings which is a wonderful thing for out of state owners.
Con – Below Market Offers
One of the biggest complaints buyers have about working with direct buyers in Detroit is that the offers are usually below market but this is for a valid reason! The buyer is taking on a huge risk by purchasing your house as-is, for your home may be more damaged than you realize! Also, you won’t spend any money on commissions or holding costs.
Pro – Purchasing Homes “As-Is“
Direct buyers in MI will usually purchase homes “as-is.” As a seller, this means you don’t have to worry about repairs before closing or any other additional expenses you were not planning on. There are some companies that do not require inspections which makes it a truly “as-is” transaction.
Pro – Lower Risk Transactions
Selling to a professional homebuyer is extremely straight forward. They will layout every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. You will also have lessened exposure to legal risks. You won’t have to worry about the buyer finding something you didn’t know you didn’t disclose or something they don’t like about the home or the neighborhood. Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information or if they feel the facts were misconstrued. Direct buyers already understand the state of the property and they are willing to take on that risk.
Pro – No Showings
When you decide to use a professional homebuyer in Detroit, MI, you will not have to worry about going through a roller coaster of emotions. There are no frustrating, middle-of-dinner phone calls asking if you are available to show your home. You don’t have to worry about leaving your home spotless every day before heading to work, just in case there is a showing while you’re gone. You don’t have to worry about possibly running into a buyer’s agent or their clients or dealing with them asking you questions that you really shouldn’t answer anyway. You also don’t have to worry about buyers arguing with you over which furniture you are taking and what you are leaving.
Pro – Move Out Time
Direct buyers are in it for the investment. They are not expecting to move into the home on the day of closing. Most homebuyers will allow a move-out timeframe after closing to allow you to relocate at your own pace. This is extremely helpful, especially with such quick closing timeframes. Also, you may not even have to clean the home when you leave. You can simply pack your personal items and furniture you want to keep and leave the rest.