What Happens After You Accept a Cash Offer in Michigan?
A step-by-step look at the purchase agreement, earnest money, title, closing, and getting paid, with real Grand Rapids area sellers who’ve been through it.
Call (616) 208-2888You Said Yes to a Cash Offer. Now What?
Accepting a cash offer is the easy part. What happens over the next couple of weeks is where a good buyer and a bad one look very different. Here’s exactly what happens after you say yes to Great Lakes House Buyer, step by step, with real Michigan sellers who’ve been through it.
What Happens After You Accept a Cash Offer in Michigan, Step by Step
You sign the purchase agreement
This locks in the price and the closing date you picked. From here we either buy the house directly or assign the agreement to one of our local investor buyers, and we tell you which one before you sign.
A title company opens the file
The agreement goes to a local title company, like IronGate Title Agency in Grand Rapids for Martin’s Kent City sale. They handle the money and the paperwork so neither side has to trust the other with it.
Earnest money goes in
The buyer puts down earnest money with the title company to show they’re serious. On Peggy’s inherited West Bloomfield house, it was in by the end of the week.
The title search
Title checks for liens, old claims, and back taxes that have to be cleared before anyone can close. If something turns up, we work it out with title. As Alex told Peggy: “Sometimes we just got to get the clear title and we’re good to go.”
A buyer walkthrough, if needed
Sometimes the buyer wants to see the house before closing. Lawrence and Roberta’s Grand Rapids rental had two local investors through on the same day. You don’t need to clean first.
Closing
You sign at a local Grand Rapids title company, or a mobile notary comes to you. Bruce and Carol sold their Rockford home without leaving Las Vegas.
You get paid, and you move out on your timeline
The title company pays off your mortgage, any liens, and prorated taxes, and sends you the rest. If you need more time to move, you can often stay up to a month or two, with part of your proceeds held back until you’re out. Leave anything you don’t want.
How Long It Takes
On a cash sale, we can close in as little as 7 days, or on the date you choose. Most of our Michigan sales take a couple of weeks, because the title work sets the pace:
- Isaiah, Grand Rapids: rental with the tenant in place, closed in under 30 days
- Lawrence and Roberta, Grand Rapids: about two to three weeks from first meeting to closing
- Bruce and Carol, Rockford: about two weeks after earnest money
- Al, Saginaw: behind on property taxes, under 30 days
Money Questions After You Accept
What comes out of the sale
Your mortgage payoff, any liens, and prorated property taxes are paid at closing, the same as any sale. If you’re behind on property taxes, those are paid from the sale too.
What you don’t pay
There’s no commission on a cash sale, and we cover the normal closing costs. Martin paid $0 in closing costs on his Kent City rental.
Can the price change now?
If we’ve already walked the house or seen it in photos, no. We stand by the offer we made. We don’t start the process unless we’re confident in the number.
Michigan Details to Know
- Michigan’s Seller Disclosure Act generally still requires a disclosure statement for homes with one to four units, even in an as-is sale.
- After closing, the deed is recorded with the county Register of Deeds, like the Kent County Register of Deeds for Grand Rapids sales.
- If you’re selling an inherited house, you’ll usually need to be the personal representative of the estate before you can sign, the way Peggy was.
Frequently Asked Questions
What happens after I accept a cash offer on my house?
You sign a purchase agreement, a title company opens the file, the buyer puts down earnest money, title checks for liens and back taxes, and then you close at the title company or with a mobile notary. The title company pays off what you owe and sends you the rest.
How long after accepting a cash offer do I get paid?
You’re paid at closing. On a cash sale we can close in as little as 7 days, or on the date you choose. Most of our Michigan sales close in a couple of weeks, depending on the title work.
Can the price change after I accept?
If we’ve already seen the house in person or in photos, no. We stand by the offer we made.
Can I back out after I accept a cash offer?
Saying yes is always your decision, and we’ve had sellers change their minds. Before we put time and money into getting your sale done, we ask for a real commitment, because we want to be able to finish it for you.
Do I have to be there for closing?
No. A mobile notary can come to you. Bruce and Carol sold their Rockford home while living in Las Vegas.
Can I stay in the house after closing?
Often, yes. Sellers can have up to a month or two, with part of the proceeds held back until they move out.
What if the title search finds a problem?
We work it out with the title company before closing. Liens, old claims, and back taxes are common, and they usually just need to be paid or released.
Helpful resources
Related Pages
Have a Question About Your Sale?
Whether you’ve already accepted an offer or you’re still comparing, call or text Alex. You’ll get straight answers.
(616) 208-2888 Great Lakes House Buyer · 548 Coit Ave NE Apt 2, Grand Rapids, MI 49503