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If your Michigan house is facing a foreclosure, and you wish to avoid it, or if you just need to sell your Michigan house fast for another reason (you inherited a house, relocating and need to sell, lost your job, agent can’t sell your house, etc.), then one of the best options that you can consider is thinking about finding someone to buy your Michigan house for cash.
By doing this, you will not only profit by maintaining your credit rating but you’ll put cash in your pocket and avoid massive headaches. Your credit score, which is an important aspect of your financial life, will remain untainted since you will settle your debt in time. You can use the extra cash from your sale for other plans. However, you need to study the prevailing market conditions. Find out factors that are likely to influence the value of your home before getting ready to sell it. Remember, when your house is foreclosed, you will lose your property as well as your credit rating.
Buy My Michigan House For Cash: The Plan
The first step that you need to take in order to sell your Michigan house fast is to come up with a game plan.
Be sure to negotiate with your lender as you contact an agent who is well informed regarding the sale of such properties in your area. The agent should have the latest report on property values in order to help you quote the right price for your house. This also something that our company could help you with. We’ve worked directly with lenders to reach a fair price. This allows us to quickly pay cash for the house, and allows you to get out of the difficult situation.
1. How fast do you need to sell?
This is one of the most important first decisions you need to make. This dictates what options you really have. If you have more time, you have more options. As your available time decreases, it becomes more and more difficult to work out a deal.
If you need to sell in less than 2 months, you likely don’t have the time to list your house with an agent. You’ll likely have to try to sell the house yourself (if you know how to) or sell your house to a local professional house buyer like Cash Buyers Macomb. The reason for this is that most retail buyers are paying with conventional bank loans. These take AT LEAST 1-2 months to close. That doesn’t include the amount of time it will take to show the house and find a buyer willing to pay your price.
2. How much do you need to sell your Michigan house for?
Note that it says “how much do you need” to sell for. If you’d like to sell your house for retail price (like something you’d see on Zillow or what your neighbor got for his house), you always need to consider the condition. If it isn’t in “like-new” condition, you’re not going to get market value for it. A company like ours won’t be able to pay full price (we do need to make a profit on the back end), but we can provide a fast closing and a reliable option. Many buyers will back out throughout the process. If we agree on a price, you can be confident we will close.
If the price you “need” to get doesn’t leave room for a real estate agents commission, you may need to look at selling the house FSBO or getting an offer from a local real estate house buying company.
On the flip side, if you need near full-retail value (and you can afford to wait), you should absolutely list your property on the MLS.
3. Look into your options and take action!
To recap, the biggest questions you need to answer are:
- How fast you NEED to sell?
- How much you NEED to get out of the sale?
Once you know those answers, you can start to create a plan of action.
- Real Estate Agent: If you can wait 3-6 months to sell and can afford the 3-6% in commissions on the sale, this will typically fetch the highest price. Keep in mind that you will liekly have to do repairs to get it to retail condition.
- Local Real Estate Investor / House Buyer: If you need to sell fast, we can buy your Michigan house in as little as 7 days. We won’t be able to pay full-retail price for your house, but we can provide great value in other ways. We can close quickly. We’ll buy the house AS IS, and most importantly, you can sleep soundly knowing we will NOT back out on you.
- Talk To Your Bank: If your mortgage is “underwater” or you’re in or nearing foreclosure, your first step may be to talk to your bank to see if they have any mortgage relief programs. Some banks offer assistance or can at least guide you in a direction to lessen the burden.
There are several reasons why you may be thinking “buy my Michigan house for cash – please let it be that simple” (and it can be). Regardless of your reasons, you need to prepare your house for sale just as you would any other product. A thoughtful preparation WILL turn your home into an attractive option for buyers. Doing it this way, you can sell your house fast and get top dollars. If you have questions or would like to hear our cash offer, give us a call at 586-307-4330.