5 Top We Buy Houses for Cash Companies in Eastpointe
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Joseph Gordon Associate EditorJoseph Gordon is an Associate Editor with HomeLight. He has seven years of experience reporting on the commercial real estate and insurance industries. He holds an MFA in Creative Writing from the University of San Francisco.
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
Need to sell your home fast in Eastpointe? A We Buy Houses company might be the solution you’re looking for. These companies make cash offers on properties like yours, particularly those that may require more love and care than you can provide.
Whether it’s due to time constraints, a lack of repair know-how, or the absence of funds to invest in renovations, these buyers offer a straightforward path to selling your home.
If you’re in a bind or facing unforeseen life changes, turning to a Cash For Homes company could be your ideal solution, providing quick funds to help pivot to your next chapter.
As you consider this route, understanding the pros and cons is crucial. This post will educate you on what you need to know to work with house-buying companies in Eastpointe. Afterward, you’ll be better positioned to determine if a cash offer aligns with your home-selling goals.
Sell Your House Fast in Eastpointe With a Cash Offer
Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 10 days. No showings, no repairs, no open houses. Available to sellers throughout Eastpointe.
Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of Eastpointe area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Eastpointe
If you’re a homeowner in Eastpointe looking to sell quickly, working with a house-buying company can streamline the process. Here’s how you can move from a home with memories to monetary freedom in just a few steps.
- Contact the company: Research different We Buy Houses companies in Eastpointe before reaching out. Once you’ve selected one, contact them. You’ll typically fill out a form on their website or give them a call to provide details about your property.
- Schedule a visit: The company will arrange a time to view your home. This visit is to assess the property’s condition and determine an offer. Unlike traditional sales, this assessment focuses on value rather than cosmetic appeal.
- Receive an offer: Within days, and sometimes even on the spot, the company will present you with a cash offer. This offer reflects the home’s as-is value, factoring in necessary repairs and their investment risk.
- Review the offer: Take time to consider the offer. While negotiations aren’t a part of the process, you’re not obligated to accept immediately. Evaluate if the quick cash solution aligns with your financial and timeline needs.
- Accept and close: If the offer meets your expectations, you’ll proceed to the closing phase. The company will handle most of the paperwork, and you can typically expect to close within a week or two.
- Receive your cash: After closing, you’ll receive cash for your Eastpointe home, allowing you to move on with your life plans without the burden of a traditional home-selling process.
Popular We Buy Houses for Cash companies in Eastpointe
If selling to a house-buying company in Eastpointe sounds good, it’s time to find a legitimate business you can trust.
We’ve compiled some top companies that will pay cash for your Mid-century modern or your parents’ Ranch-style home. By working with one of these companies, you can sell your Eastpointe home in as little as a week or two.
Wise Property Buyers
Wise Property Buyers, co-founded by Joe Demaggio and TJ in 2020, is rooted in Metro Detroit. Their goal is to alleviate the stress associated with traditional home-selling methods, offering homeowners a swift alternative. According to their website, they have successfully served hundreds of homeowners across Michigan.
Locations: Throughout Michigan, including Eastpointe.
Closing costs: Sellers pay no closing costs; Wise Property Buyers covers them.
Wise Property Buyers is BBB accredited with an A+ rating. They hold a Google rating of 5.0 based. Wise Property Buyers is praised for its proactive approach, offering solutions, and being a reliable partner in real estate dealings.
Website: wisebuysdetroit.com
Phone number: 313-513-8824
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Eastpointe (and across the country) can request a cash offer for their home. Simple Sale connects you to the largest network of cash buyers in the U.S. Partner investors have a wide range of investment strategies, including fix-and-flip and buy-and-hold. This enables Simple Sale to provide cash offers for a wide array of properties, even those that need some or a lot of work, in different locations throughout Eastpointe.
With Simple Sale, you can get a no-obligation, all-cash offer in 24 hours and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Eastpointe, Michigan.
Closing costs: No prep costs, no agent commissions, and no fees charged by HomeLight. Individual investor fees may vary.
Simple Sale is a HomeLight platform. HomeLight was founded in 2012 and is BBB-accredited with an A+ rating. The company has 4.8 stars on Google based on more than 500 user reviews. Below, you can hear about how Baohan Wu, a seller who used Simple Sale to sell his high-rise apartment, closed within three and a half weeks and what he thought of the process overall.
Learn more: homelight.com/simple
Phone: 844-488-8455
Chris Buys Homes in Detroit
Founded in 2016, Chris Buys Homes in Detroit is a locally-owned house-buying company providing solutions for homeowners in challenging situations. While they may not offer full retail value, they provide other benefits, including fast cash offers and covering closing fees.
Locations: Throughout Metro Detroit, including Eastpointe.
Closing costs: Sellers pay no closing costs; Chris Buys Homes in Detroit covers them.
Chris Buys Houses in Detroit has been BBB accredited since 2022 and holds an A+ rating. The company holds a 4.9-star rating on Google. Customer reviews commend the simple and easy process, as well as the timely payments and follow-up calls to ensure satisfaction.
Website: chrisbuyshomesdetroit.com
Phone number: 313-217-9851
Forged Homes
Forged Homes is a real estate development company serving home sellers throughout Michigan. The business was founded in 2020 by partners Spencer and Evan.
The company’s website touts they provide “legitimate, trustworthy, and quick cash offers on homes, helping people through tough times throughout Michigan.”
Locations: The whole of Michigan, including Eastpointe and, as of 2021, Cincinnati, Ohio.
Closing costs: Sellers pay no closing costs; Forged Homes covers them.
Forged Homes has a Google star rating of 4.9 and an A+ rating from the BBB. Reviewers praise the acquisition team for being upfront, detailed, and always available to address questions or concerns.
Website: forged-homes.com
Phone number: 313-552-8608
Blue Moon Acquisitions
Blue Moon Acquisitions is a locally-owned company based in Metro Detroit. Their process involves filling out a short form, setting up an appointment, receiving a written offer, and closing at a reputable title company within a short timeframe.
Locations: Mid-Michigan and Metro Detroit, including Eastpointe.
Closing costs: Sellers pay no closing costs; Blue Moon Acquisitions covers them.
Blue Moon Acquisitions is a BBB-accredited company with an A+ rating. Google reviews praise the staff for the quick process and for providing helpful insights and options, making the selling decision easier for clients.
Website: sellsoonbluemoon.com
Phone number: 586-209-3290
Why sell your Eastpointe house for cash?
There are plenty of valid reasons an Eastpointe home seller may choose to work with a Cash-For-Homes company. The benefits of speed, certainty, and remarkable convenience are leading the list.
In Eastpointe, selling a home on the market typically takes around 68 days using an agent. That includes an average of 24 days on the market plus the typical 44 days a buyer needs to close on a purchase loan.
Compare that to the typical seven to 10 days promised by many house-buying companies in Eastpointe, and it’s clear why these Cash-For-Homes groups are an attractive option, even though they don’t always offer top dollar for the homes they purchase.
Selling your Eastpointe home for cash is a big decision, but it can be made simpler by understanding when it’s the right move for you. Here are a few common scenarios where contacting a We Buy Houses for Cash company could be right for you.
- Immediate relocation: If you’re moving on short notice for a new job or personal reasons, a quick cash sale can make the transition smoother.
- Avoid foreclosure: Selling for cash might allow you to settle your debts quickly and avoid the repercussions of a foreclosure.
- Handling repairs: If your home needs extensive repairs you can’t afford or manage, a cash sale means not having to deal with the hassle.
- Divorce settlement: A fast cash sale can expedite the division of assets during a divorce, reducing prolonged stress.
- Inheritance liquidation: When you inherit a property, selling it for cash can be an efficient way to distribute estate assets.
- Downsizing: For those looking to downsize, particularly seniors, a cash sale offers a quick path to settling into a more manageable living space.
- Rental property woes: If you’re tired of being a landlord or have problematic tenants, a cash sale offers an immediate exit strategy.
- Privacy preference: Some sellers prefer the discretion of an off-market cash sale to a public listing.
If you’re dealing with any of these situations, a house-buying company in Eastpointe could offer the quick and efficient sale you require. It’s a route that promises speed and convenience, but it’s not without its trade-offs.
As we move forward, we’ll explore the pros and cons to give you a comprehensive picture of what to expect and help you decide if selling your Eastpointe home for cash aligns with your goals.
Pros and cons of house-buying companies in Eastpointe
Weighing the pros and cons of selling your Eastpointe home to a house-buying company is essential to making an informed decision.
The most significant advantages of working with a house-buying company in Eastpointe are the speed of sale and the ability to avoid costly repairs. Here are the key benefits distilled:
- Quick sale: Companies often close within days, meaning you get your money faster.
- No repairs needed: Sell your home as-is, without investing in costly repairs or upgrades.
- Simplicity: The process is straightforward, with less paperwork and no need for real estate agents.
- Certainty: Avoid the uncertainty of buyer financing falling through at the last minute.
Conversely, while convenience is a clear upside, the financial aspect can’t be overlooked. Here are some cons to ponder:
- Lower offers: Expect offers below market value as companies factor in repair costs and their profit margin.
- Less profit: Selling on the open market might yield a higher sale price, especially in a seller’s market.
- Limited negotiation: Offers are usually final, providing little room to negotiate better terms.
- Potential for scams: It’s crucial to research and verify the legitimacy of the house-buying company to avoid fraud.
Curious What Your Home Is Worth?
Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes.
Vet cash buyers and know your home’s worth
When considering a quick sale of your Eastpointe home, it’s crucial to remember that experiences with We Buy Houses for Cash companies can vary significantly. The integrity and service level offered hinge on the professionalism and ethics of the individual or group behind the offer. Before you commit, it’s important to do your due diligence.
Thoroughly vet the cash buyer. Check online reviews, sift through testimonials, and scrutinize their market presence and track record in Eastpointe. This homework is your safeguard against a less-than-favorable experience. And when you do receive a cash offer, read the buying agreement meticulously. Understand every term and condition before you sign your house away – your peace of mind is worth that extra attention.
HomeLight suggests you consult with an experienced local agent to get a better idea of what your home might be worth if sold on the open market. Then, compare your cash offer. HomeLight can connect you with a top-performing agent in your market. You can also use HomeLight’s Home Value Estimator for an initial ballpark estimate in less than two minutes.
Other options to sell your Eastpointe home quickly
If using a We Buy Houses for Cash company isn’t for you, there are alternatives.
iBuyers: Short for “instant buyers”, these tech-centric buyers provide a speedy, mostly online process for well-maintained homes, offering close to market value. However, it’s important to remember that iBuyers like Opendoor and Offerpad often charge service fees of 5%-6%. They suit sellers living in regions with homogeneous housing and properties in relatively good condition.
Listing with an Agent: A top real estate agent can also sell your Eastpointe home swiftly, especially in a favorable market. They’ll help you price it right, market it effectively, and might even find you a near-market-value cash buyer.
They can also offer you a Comparative Market Analysis (CMA) — often for free. If you’re considering this route, HomeLight can introduce you to a leading local agent.
FAQs on Eastpointe house-buying companies
By and large, most We Buy Houses for Cash companies in Eastpointe are legitimate businesses. Their services and transaction fees may differ, but the business model has existed for decades. If you use an established group with a track record, you can be fairly confident that it’s legit.
That said, as with any financial transaction, it’s a good idea to be alert for scams. Always research companies before you sign a contract. Check customer reviews, look at their online presence, verify professional licenses, get a referral if possible, and vet the company on the Better Business Bureau website. Watch for anything that just doesn’t seem right.
As described in our pros and cons list above, most Eastpointe We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value minus their estimated repair costs.
Here’s an example of what a simplified formula might look like:
(Your home’s ARV x .70) – repair costs
To see how this might work in a real-world scenario, let’s look at an example offer equation. Let’s say your Eastpointe Ranch-style home could sell for $142,500 after repairs, but it will need $30,000 of work to get there.
($142,500 x .70) – $30,000 = $69,750
In this example, an Eastpointe We Buy Houses company might offer you around $69,750 for your home.
However, different types of house-buying companies will offer varying amounts for homes. As mentioned previously, iBuyers tend to pay more than We Buy Houses companies because iBuyers look for homes in better condition. An iBuyer might pay you 90% or more of market value while charging a fee for their services.
When you accept an offer from an Eastpointe We Buy Houses for Cash company, you will likely be coming to grips with a two-edged sword. On the one side, it shouldn’t cost you any additional money because these companies make an offer and handle almost everything once it is accepted. Conversely, you’ll likely get less money overall for your home.
Because We Buy Houses for Cash companies tend to focus on distressed homes, they typically have zero fees. Many will even cover your closing costs. In most cases, this means that the cash offer you receive will be the price you walk away with at the end of the deal. Of course, it’s always a good idea to ask the company if any hidden program fees might impact your bottom line.
- Research and vet the house-buying companies that serve your Eastpointe area. Our list above is a good place to start.
- Submit offer requests to a few companies you like best.
- Schedule any required on-site property visits.
- Compare offers. Weigh the pros and cons and choose the best option for you.
- Close the sale in a week to 30 days and get paid. (Some companies will let you choose a closing date up to 90 days after accepting the offer, which can be helpful when planning a move.)
We Buy Houses for Cash in Eastpointe vs. top Eastpointe agent
Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a real estate agent. Let’s glance at how different aspects of the sale might look and compare possible proceeds.
| Aspect of the sale | Sell to a We Buy Houses for Cash company in Eastpointe | Sell with a top Realtor in Eastpointe |
| Selling timeline | 7 to 30 days | 68 days average; 24 to attract an offer, 44 to close the loan |
| Home preparations | None | Deep clean, declutter, make necessary repairs, landscape, stage home |
| Showings | None | 10 to 25 showings average |
| Inspections / repairs | None | May need to make additional repairs for the buyer or renegotiate the price |
| Appraisal | None | May need to lower your asking price if the appraisal comes in low |
| Title search | Cash-For-Homes companies often handle title issues | Must clear title before you can sell home |
| Financing contingency | None | Mortgaged buyers use a financing contingency that could hold up the deal if the buyer’s loan doesn’t clear |
| Agent commission | None | 5.8% average |
| Closing costs | None | 1% to 3% of the home sale price on top of agent commission |
Example net proceeds
Below, we’ve put together one example of how net proceeds may differ between selling a home to a We Buy Houses for Cash company and an agent-assisted sale.
Let’s say your home in Eastpointe is currently worth about $147,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $172,000.
| Sell to a We Buy Houses for Cash company in Eastpointe | Sell with a top Realtor in Eastpointe | |
| Estimated sale price | ($172,000 x .70) – $25,000 = $95,400 | $147,000 |
| Market preparations | 0 | $1,470 (1% of sale price) |
| Agent commissions | 0 | $8,526 (5.8% of sale price) |
| Closing costs | 0 | $2,205 (1.5%) |
| Estimated take-home for seller | $95,400 | $134,799 |
As this example illustrates, financially, it’s usually in your best interest to partner with an experienced real estate agent.
However, net proceeds are not the only consideration when selling a home. What’s best in your situation will depend on the condition of your property, what level of repairs are needed, and your selling objectives. It could be that selling on the open market will be challenging in your area, or the agent timeline might not fit your immediate needs.
Key takeaways
- Quick sale: Selling your Eastpointe home to a ‘We Buy Houses for Cash’ company can result in a fast transaction.
- No repairs needed: You can sell your house as-is without additional investment in repairs or improvements.
- Cash offers: These companies provide all-cash offers, which can be ideal if you’re facing urgent financial needs.
- Market value considerations: These offers are often below market value, so you might receive less for your home than in the traditional market.
- Thorough vetting: Always research and vet any cash buyer or house-buying company to ensure a reputable and fair transaction.
- Understand alternatives: Consider other selling options, such as iBuyers or working with a real estate agent, which may offer a balance between speed and sale price.
- Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.
At HomeLight, we’re happy to lend a guiding hand in navigating your real estate journey. Let us help you make an informed and confident decision, whether you’re looking for a no-obligation cash offer through a trusted platform like Simple Sale or seeking to consult with a top Eastpointe agent.
Header Image Source: (KSponsler / DepositPhotos)