5 Top We Buy Houses for Cash Companies in Royal Oak
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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.
When life’s unexpected twists call for a quick home sale in Royal Oak, We Buy Houses companies stand ready with all-cash offers, even if your property isn’t in tip-top shape. These offers are great for homeowners who may not have the time, funds, or desire to handle repairs and upgrades that a traditional market sale demands.
Opting for a cash sale allows you to bypass the hassles of staging and long waiting periods, delivering the funds you need to pivot towards your next chapter. However, it’s not a one-size-fits-all answer. Selling your home for cash can be a sound solution, especially in a pinch, but it’s good to understand the complete picture.
This post is your guide through the pros and cons of cash-for-homes companies in Royal Oak, providing the information needed to weigh your options carefully and make an informed decision that aligns with your circumstances.
Sell Your Royal Oak House Fast With an All-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 Royal Oak.
Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of Royal Oak area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Royal Oak
Embarking on a home sale journey in Royal Oak with a house-buying company can be fresh air for those seeking a speedy transaction. Here’s how you can transition from homeowner to seller without the fuss of a traditional sale:
- Contact the company: Reach out to a local We Buy Houses company in Royal Oak and provide them with the basic information about your property. Be sure to conduct due diligence on the various companies in your area before deciding.
- Receive an offer: The company will typically conduct a quick assessment of your home and present you with an all-cash offer, often within a day or two.
- Review the offer: Take a moment to consider the offer. Remember, these companies usually present a final offer without room for negotiation.
- Accept the offer: If it aligns with your expectations, you can accept it, initiating the sales process.
- Close the deal: The company will handle most of the paperwork, and once everything is in order, you will set a closing date to finalize the sale.
- Get paid: On the closing date, you’ll sign the final documents and receive the cash for your home, allowing you to move on swiftly with your plans.
Popular We Buy Houses for Cash companies in Royal Oak
If the process of selling to a house-buying company in Royal Oak sounds good to you, it’s time to find a legitimate operation you can trust.
We’ve compiled some top companies that will pay cash for your Craftsman Style or your parents’ Tudor House. By selling to one of these companies, you should be able to sell your Royal Oak home in as little as a week or two.
Blue Moon Acquisitions
Blue Moon Acquisitions is a locally-owned real estate solutions company based in Metro Detroit, helping homeowners find solutions to their sticky situations. 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 Royal Oak.
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 are positive. Closing is described as fast, with clients receiving their payment quickly. The company’s willingness to handle clean-up and updates is also often highlighted.
Website: sellsoonbluemoon.com
Phone number: 586-209-3290
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Royal Oak (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 Royal Oak.
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 Royal Oak, Michigan.
Closing costs: No prep costs, agent commissions, or 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. They aim to offer hassle-free experiences, helping homeowners avoid Realtor commissions, costly repairs, and other complexities.
Locations: Grosse Pointe in Wayne County and nearby areas, including Oakland, Macomb, Washtenaw, and Monroe counties.
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 and timely payments and follow-up calls to confirm satisfaction. Reviewers also praise the staff’s flexibility and willingness to work with clients during relocation.
Website: chrisbuyshomesdetroit.com
Phone number: 313-217-9851
Housing Solutions Now
Housing Solutions Now, a family-owned company founded over 15 years ago in Michigan, stands as a reliable partner for homeowners seeking stress-free solutions. They accommodate various home conditions and provide extended occupancy for free, ensuring homeowners can sell quickly and effortlessly.
Locations: Throughout Michigan, including Royal Oak.
Closing costs: Sellers pay no closing costs; Housing Solutions Now covers them.
Housing Solutions Now has an A rating with the BBB and a 4.2-star average Clients value their honesty and efficiency, often highlighting their ability to offer competitive as-is prices. Reviewers also praise the company’s communication, highlighting that the process is quick and straightforward.
Website: hsnnow.com
Phone number: 586-571-8485
Cash For Michigan Houses
Cash for Michigan Houses is a real estate investment company in Flint, Michigan. They buy houses in any condition, including ugly, rundown, hoarder properties and rental residences with bad tenants. They will refer clients to local real estate agents if there are better options than selling to them.
Locations: All cities in Michigan, including Grosse Pointe.
Closing costs: No closing costs; clients get a complete offer minus any back taxes, liens, or code violations
Cash for Michigan Houses is highly regarded by clients for its efficiency, fair offers, and customer service. Reviewers commended the team’s professionalism, making the experience worthwhile even for those who do not sell their homes. The company holds a BBB A+ rating but is not accredited. They also have a 4.7-star Google review rating.
Website: cashformichiganhouses.com
Phone number: 810-309-9371
Why sell your Royal Oak house for cash?
There are plenty of valid reasons a Royal Oak home seller may choose to work with a Cash-For-Homes company. The benefits are primarily speed, certainty, and remarkable convenience.
In Royal Oak, selling a home on the market typically takes around 81 days using an agent. That includes an average of 36 days on the market plus the typical 45 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 Royal Oak, 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 Royal Oak home for cash can be a bastion of convenience and speed in a sea of real estate complexities. Whether due to life’s unpredictable twists or the desire to bypass traditional selling stressors, there are various scenarios where a house-buying company becomes a fitting choice.
- Immediate relocation: If you’re facing a sudden job transfer or personal shift that requires quick action, selling for cash streamlines your move.
- Divorce settlement: Divorce proceedings often necessitate the quick division of assets, including real estate.
- Avoiding foreclosure: To dodge the financial hit of a foreclosure, a fast cash sale can provide a clean break with your mortgage lender.
- Inheritance management: Inheriting a property can come with burdens; selling for cash means fewer complications.
- Disrepair: If your home requires extensive repairs that you can’t afford or justify, a cash sale avoids the need for renovation.
- Rental woes: For landlords tired of managing tenants or upkeep, selling for cash offers an immediate exit strategy.
- Downsizing: A cash offer expedites the downsizing process without the usual real estate hurdles, particularly for seniors aiming to simplify life or transition to a more manageable living space.
Pros and cons of house-buying companies in Royal Oak
Weighing the pros and cons of selling to a house-buying company in Royal Oak is crucial to making an informed decision. These companies can offer a quick sale, but it’s essential to consider the whole picture.
Pros
The allure of house-buying companies lies in their promise of speed and ease. They offer a no-fuss solution for selling your home as-is, without the headache of renovations or staging.
- Quick sale: Expect a fast transaction, often closing within a week, which is ideal for urgent financial needs.
- As-is purchase: They will buy your house in its current condition, eliminating the cost and time associated with repairs.
- No staging or showings: You avoid the disruption and effort of preparing your home for showings and open houses.
- Simple process: The straightforward process cuts through the red tape of traditional home selling, from paperwork to closing.
Cons
While the speed of a house-buying company is tempting, the trade-off often comes at a price. The primary downside is receiving an offer below market value.
- Lower offers: These companies usually pay less than you might achieve on the open market.
- Investor profit margin: Their business model requires purchasing below market value to verify profitability upon resale.
- Limited competition: Without multiple offers, you may miss out on driving up the sale price.
- No local market expertise: House-buying companies may not have the tailored knowledge that a Royal Oak real estate agent can offer.
- Risk of scams: Be vigilant, as some cash-buying operations may not be legitimate, putting you at risk of fraud.
Vet cash buyers and know your home’s worth
With these points in mind, it’s wise to understand your property’s actual value before you decide to sell your home for cash. Next, we’ll guide you through vetting cash buyers and assessing what your home is worth.
In the diverse market of Royal Oak, the integrity and service levels of We Buy Houses for Cash companies can significantly vary. Your experience will largely depend on the character and reputation of the person or group behind the offer. Before you commit, take the time to vet the cash buyer thoroughly.
Ensure you make an informed choice by checking reviews, reading testimonials, and researching the company’s market presence and performance. Remember the fine print matters — read the buying agreement carefully before you sign to understand the terms of the sale fully.
HomeLight suggests you consult with an experienced local agent to understand better 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.
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.
Other options to sell your Royal Oak home quickly
iBuyers: iBuyers, short for “instant buyers,” offer a modern, primarily online selling experience with rapid all-cash offers close to market value for well-maintained homes. They use data-driven models for instant home valuations, potentially wrapping the entire process in just days. But note that they typically charge service fees of around 5%-6%.
Listing with an Agent: While exploring cash-for-homes companies, don’t overlook the potential of selling through a real estate agent. In a seller’s market, a strategically priced and marketed home can sell quickly and often at a higher price. Agents can also offer a comparative market analysis (CMA), often for free, to set the right price and might connect you with cash buyers.
HomeLight can help link you to top local agents for more personalized guidance and market insights.
FAQs on Royal Oak house-buying companies
By and large, most We Buy Houses for Cash companies in Royal Oak 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 it’s legit.
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 Royal Oak 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.
Let’s look at an example offer equation to see how this might work in a real-world scenario. Let’s say your Royal Oak Tudor Home could sell for $390,000 after repairs, but it will need $30,000 of work to get there.
($390,000 x .70) – $30,000 = $243,000
In this example, a Royal Oak We Buy Houses company might offer you around $243,000 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 a Royal Oak 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, asking the company if any hidden program fees might impact your bottom line is always a good idea.
- Research and vet the house-buying companies that serve your Royal Oak 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 Royal Oak vs. top Royal Oak 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 Royal Oak | Sell with a top Realtor in Royal Oak |
| Selling timeline | 7 to 30 days | 81 days average; 36 to attract an offer, 45 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 Royal Oak is worth about $390,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $415,000.
| Sell to a We Buy Houses for Cash company in Royal Oak | Sell with a top Realtor in Royal Oak | |
| Estimated sale price | ($415,000 x .70) – $25,000 = $265,500 | $390,000 |
| Market preparations | 0 | $3,900 (1% of sale price) |
| Agent commissions | 0 | $22,620 (5.8% of sale price) |
| Closing costs | 0 | $5,850(1.5%) |
| Estimated take-home for seller | $265,500 | $357,630 |
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: You can sell your home fast, often within days.
- As-is condition: Sell your house in its current state without repairs.
- No fees: You typically avoid realtor fees and closing costs.
- Immediate payment: Receive cash payment without waiting for buyer financing.
- Less market value: Expect an offer below market value for your property.
- Limited negotiation: The offer you get is often non-negotiable.
- Research is crucial: Vet the company to avoid scams.
- Understand your contract: Always read the agreement thoroughly before signing.
- 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 Royal Oak agent.
Header Image Source: (Leomid_Andronov / DepositPhotos)
