8 Questions Before Taking a Cash Offer in Oakland County

A cash offer can be the fastest way to sell, or a costly shortcut, depending on who is behind it and what the contract says. Taking a cash offer on your house in Oakland County, where Redfin put the sale-to-list ratio at 99.9 percent over the three months ending July 2026, means weighing speed against what the open market might pay.

These eight questions sort the strong offers from the risky ones.

The eight questions, in short:

1. Proof of funds for the full price
2. End buyer or contract assignment
3. The discount against market value
4. Your net after every fee
5. Inspection and walk-away rights
6. Earnest money and who holds it
7. Closing through a title company
8. Closing date and move-out date

1. Can the cash buyer prove the money is really there?

A cash offer is only as good as the buyer's proof of funds. The statewide Michigan REALTORS purchase agreement has a cash buyer state that the money is available now, and lets the seller set a deadline for proof. If the proof does not arrive in time, the seller can end the deal in writing.

Real proof is a recent bank or brokerage statement, or a letter from the institution, showing liquid funds that cover the price and closing costs, in the buyer's or the buying company's name. The title company can confirm the letter came from the bank.

A proof of funds for a cash offer with no bank name, a balance in someone else's name, or a promise to send it after signing is the warning sign. So is a buyer who must first sell another property or find investors.

2. Who is actually buying my house, and can they assign the contract?

Some cash offers come from wholesalers who plan to assign the contract to another buyer at a higher price rather than close themselves. The Michigan REALTORS purchase agreement bars the buyer from assigning it without the seller's prior written permission. A typical wholesale contract instead adds an assignment clause and an inspection period that runs the whole term.

A straight answer names the person or company that will hold title, shows that the same buyer has the funds and confirms in writing that the contract will not be assigned. The name on the offer, the proof of funds and the deed should all match.

A clause letting the buyer assign the contract, sometimes written as and/or assigns after the buyer's name, is the red flag. It means the person signing may never buy the house, and the seller may not learn who will until closing, if closing happens at all.

3. How far below market value is the cash offer?

Every cash offer should be measured against what the home would likely sell for on the open market. Redfin put the Oakland County sale-to-list ratio at 99.9 percent over the three months ending July 2026, so well-priced listings were selling close to asking. A big discount is the price a seller pays for speed and certainty.

In Rochester, Rochester Hills and across Oakland County, where The Delia Group works, a fair comparison sets the cash offer next to three to five recent closed sales of similar homes nearby, minus an honest estimate of repairs. If the gap is close to those repairs, the offer may be reasonable.

A buyer who names a price before seeing the inside, or calls the house a teardown, is anchoring the seller low. A price that only sounds fair because nobody checked recent sales leaves money on the table.

4. What will I actually net from the cash offer compared with listing?

The number on a cash offer is not the number the seller takes home. Michigan transfer tax, 0.86 percent in Oakland County, applies to a cash sale and a listed sale alike, and so do the mortgage payoff and prorated property taxes. The real comparison is net against net, after every fee on each path.

A clear comparison puts two net sheets side by side: the cash offer after its fees and closing costs, and a listed sale after commission, repairs, concessions and holding costs. Instant-offer fees vary. Opendoor's own guide says its service charge varies by market and property and shows in the offer breakdown.

A cash buyer who will not put every fee in writing before signing is the warning sign. A service charge, repair deduction or closing cost that shows up late can erase the advantage the offer seemed to have.

5. Can a cash buyer still inspect the house and walk away?

Yes, unless the contract says otherwise. Paying cash removes the loan, not the inspection. On the Michigan REALTORS purchase agreement, the buyer takes the home as is subject to any inspection contingency, and can still end the deal within the inspection period. Michigan's Seller Disclosure Act also still applies to a cash sale.

A strong cash offer has a short inspection period stated in days, or no inspection contingency at all, and a clear rule for what happens next. The seller hands over the disclosure statement before signing, so the buyer's 72-hour window to cancel after a late statement never opens.

A long inspection period paired with an as-is promise is the combination to question. It lets the buyer tie up the house for weeks and then walk or renegotiate, which is exactly how a wholesale contract keeps its exit open.

6. How much earnest money is the buyer putting down, and who holds it?

Earnest money is the buyer's stake in the deal, and no Michigan law sets the amount. A broker who holds it must put it in a trust account within 2 banking days of a binding agreement, Michigan REALTORS notes. If buyer and seller both claim it later, it stays put until they agree in writing or a court decides.

A serious cash buyer puts down a meaningful deposit, names a neutral holder such as a title company or broker, and agrees on when it stops being refundable. The amount and the release terms both belong in the purchase agreement.

A token deposit, or one held by the buyer's own company, gives the buyer little reason to close. If walking away costs almost nothing, the seller carries all the risk while the house sits off the market.

7. Will the cash sale close through a title company?

A cash sale should close through a title company, just like a financed one. The title company searches title, issues the title insurance, holds and pays out the money, and records the deed. On the Michigan REALTORS purchase agreement, the seller applies for the title commitment within 5 days and pays for the buyer's owner's policy.

A clean cash closing names the title company in the purchase agreement and opens the file right away. The seller sees the settlement statement before signing and confirms every wiring detail by phone, using a number already known to be real.

A buyer who wants to skip the title company, close at a kitchen table or pay with a personal check is the red flag. So is any emailed change to wiring instructions. The CFPB warns never to follow wiring instructions sent by email.

8. How fast will the cash sale close, and when do I have to move out?

Speed is the main reason sellers take cash, since there is no lender, appraisal or loan approval to wait on. Still, the closing date is whatever the purchase agreement says, and the move-out date can differ. The Michigan REALTORS agreement lets the seller stay after closing for a set daily fee, which can be held in escrow.

A solid offer states the closing date, the possession date and any daily occupancy charge in writing. A seller who needs time to move can trade some speed for a few weeks in the house after closing, with the escrow amount spelled out.

A buyer who promises a closing in days but cannot name a title company or show funds is selling speed, not delivering it. Under the same Michigan form, a seller who stays past the agreed date owes daily damages plus reasonable attorney fees, so pick a date that works.

Cash Offer Versus Listed Sale

Factor	Cash offer	Listed sale
How the price is set	Negotiated with one buyer	Set by competing buyers
Loan and appraisal risk	None	Loan approval and appraisal
Inspection	Still possible unless waived	Usually part of the offer
Transfer tax	Seller pays	Seller pays
Closing	Title company	Title company
Who can assign the contract	Only with seller's written OK on the Michigan REALTORS form	Same

Speed and certainty are the cash offer's real advantages. Everything else should be compared line by line.

Frequently Asked Questions

Why do sellers like cash offers more?

Sellers like cash offers because there is no loan to fall through and no lender appraisal to come in low. On the Michigan REALTORS purchase agreement, a cash offer is not contingent on the buyer getting the money. That certainty is worth something, but not an unlimited discount.

How to tell if a buyer is scamming you?

Watch for pressure to sign fast, no proof of funds, a refusal to use a title company and requests for money or account details. An unsolicited offer on a house that was never listed deserves extra checking. Verify the buyer's identity and funds before signing anything.

Can you sell a home as is in Michigan?

Yes. An as-is sale means the seller will not make repairs, not that the buyer gives up the right to inspect. The Michigan Seller Disclosure Act still requires a disclosure statement on most home sales of one to four units, as is or not.

What are the average seller's closing costs in Michigan?

There is no single average, but the main items are predictable. Michigan sellers pay the transfer tax, which is 0.86 percent in Oakland County. On the Michigan REALTORS form, they also pay for the buyer's owner's title policy. Commission, prorated taxes and the mortgage payoff come on top.

Talk to The Delia Group before you sign a cash offer

The Delia Group is a Rochester, Michigan real estate team working with buyers and sellers in Rochester, Rochester Hills, Oakland Township and across Oakland County. Setting a cash offer's net next to a realistic listed-sale net, built from recent Oakland County sales, shows what the speed is really costing. Sellers comparing the top realtors in Oakland County or the best real estate agents in Rochester can call (248) 244-0703.

This article is general information for Michigan home sellers, not legal or tax advice. Contract terms, deposits and assignment rights depend on the agreement you sign. Confirm your own situation with a real estate attorney or a tax professional.