Expert answers from Michigan's trusted cash home buyers. Questions? Call (269) 389-9961 anytime.
Typically yes — cash buyers build in a margin for repairs, risk, and profit. However, net proceeds can be similar to or better than financed offers after you account for agent commissions (5-6%), repair costs, closing costs, and months of carrying costs. Always compare the full net, not just the headline price.
Most Michigan cash buyers can close in 7-14 days. The main variable is title — a clean title with no liens or encumbrances closes fastest. Properties with title issues, code violations, or probate complications may take longer, but a good cash buyer will guide you through these.
Proof of funds is documentation showing the buyer has cash available to complete the purchase — a bank statement, line of credit letter, or investment account statement showing sufficient liquid assets. Always request proof of funds before accepting a cash offer or signing a contract. Legitimate buyers provide this without hesitation.
Yes, any buyer can back out — but a clean cash offer with no contingencies leaves far fewer exit ramps. If there's no inspection contingency and no financing contingency, the buyer's only exit is typically a title issue discovered during the title search. Earnest money should be forfeited if they back out without cause.
Michigan doesn't require attorneys at closing (unlike some states), but having a real estate attorney review the purchase agreement is advisable, especially for complex situations (probate, divorce, title issues). A title company will handle the actual closing. Attorney fees are typically $500-$1,500 and well worth the protection.
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