1. What Makes a Cash Buyer 'Legitimate'
Legitimate cash buyers: have verifiable proof of funds, close through a licensed title company, never ask for upfront fees, provide written offers with clear terms, have verifiable local reviews (Google, BBB), have been in business multiple years, and return calls promptly. If any of these are missing, proceed cautiously.
2. Local vs. National Cash Buyers
National franchises (We Buy Ugly Houses, HomeVestors) offer brand recognition but often lower offers and less flexibility. Local independent buyers typically have more flexibility, faster response, and more personal service — but require more vetting. iBuyers (Opendoor, Offerpad) have extremely limited Michigan presence and restrictive criteria.
3. Questions to Ask Before Signing
1) Can you provide proof of funds? 2) What title company will you use? 3) Is there an inspection contingency or is this truly as-is? 4) What are all fees and who pays them? 5) What is your track record in my specific market? 6) What happens if you can't close? 7) Can I speak with a recent seller reference?
4. Michigan-Specific Red Flags
Watch out for: contracts with excessive inspection periods (legitimate cash buyers need 1-2 days, not 30), assignment clauses that let them sell your contract to another party without your knowledge, earnest money deposits that are too small (less than $1,000 suggests lack of seriousness), and anyone who asks for money upfront for 'title fees' or 'processing.'
5. The 7 Lakes Properties Difference
7 Lakes Properties is a locally owned Michigan cash buyer with 847+ verified reviews, BBB accreditation, and all closings through licensed Michigan title companies. We provide proof of funds on request, make no-contingency offers, and pay all closing costs. Call us at (269) 389-9961 to verify any of this — we welcome the scrutiny.
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