Selling a home in Detroit, Michigan, is no easy task. A seller has to jump through several hoops over a long period to prepare the house for sale, find a buyer, and close a deal.
Experts report that the average home sale takes 60 to 90 days. However, you spend the majority of your time finding a buyer. It doesn’t include making home repairs and staging the house. It also does not include the closing period.
So, if you want to sell your house fast, you must be aware of common hurdles.
1. Not Enough Money to Afford the Sale
Selling a house is expensive. The biggest out-of-pocket expenses include home repairs, realtor commissions, and closing costs. How much can you expect to pay when selling your house?
- Realtor commissions. In most cases, one or more real estate agents will take a combined six percent commission off the top of the sale. That’s a considerable amount of money.
- Closing costs. Closing costs are a combination of fees and expenses you pay to complete the close of the house. You can expect to pay $500 to $3000 in closing costs.
- Home improvements. Home improvements typically include both home repairs and home staging. Depending on the project, total costs can range from $5,000 to $15,000.
2. Finding a Qualified, Committed Buyer
You may get several offers on your house. However, it doesn’t guarantee a sale. Many buyers today do not qualify for a mortgage loan. They may make an offer only to get turned down by the bank. It can be frustrating if you get a good offer on your house.
Other buyers may qualify for a loan and even move forward. However, they pull out at the last minute. In some cases, buyers pull out even after they’ve signed the paperwork, putting you in a tight spot. These issues happen more frequently and can be a sore spot when selling your house.
3. Selling an Old, Vacant, or Damaged House
Not every house is move-in ready or fits the idea of the perfect modern home. You may have a less-than-ideal property that is outdated, damaged, or vacant. If so, you’ll have difficulty competing against newer homes in a competitive Detroit real estate market.
If you attempt to sell your damaged house as-is on the market, you may have to drop the price significantly to find a buyer interested in the sale. You may not get the price you want. However, you can work with a company that buys houses in Michigan to negotiate a fair price you can work with and sell your house as-is without making repairs.
4. The Seller Needs to Sell the House Immediately
You may be in a situation where you need to sell your house fast but can’t find a buyer or don’t have time to go through a traditional home sale.
- New job
- Military transfer
- Bankruptcy or foreclosure
Any of these situations create a sense of urgency and put you in a position where you may have few options. If you can’t sell the house, you may have to pay two mortgages or a mortgage and rental simultaneously to avoid foreclosure.
The Solution: A Cash Home Sale
If you experience some of the challenges above, consider a viable alternative to a traditional home sale. A smart solution is a cash home sale. A cash sale is a private transaction between you and a house-buying company in Detroit, Michigan.
A local home buyer assesses your property’s market value and makes a cash offer. If you accept the offer, you and the buyer agree on the terms of the sale, sign the paperwork, and transfer ownership. The process typically takes one to three weeks, depending on your situation.
There are no closing costs, realtor commissions, or home repairs in a cash home sale. You sell your house as-is and walk away with no strings attached.
Get a Fast Cash Offer from M1 Home Buyers
If you need to sell the house and want to avoid the hassle of a traditional home sale, contact M1 Home Buyers. We buy houses as-is and pay cash. We can help you sell your house fast in Detroit, Michigan. Call 248-397-5800 to get a fast cash offer.