Home Equity Loan Vs Selling the House for Cash Fast: Which is the Right Option?

Home Equity Loan Vs Selling the House for Cash Fast: Which is the Right Option?

At Detroit Cash For Homes, we have dealt with homeowners who have different needs when selling properties. Our professionals have helped thousands in selling their homes fast and hassle-free at a fair price. This is because we buy houses in Clawson as-is without any investment of money and time. 

Additionally, we have guided people to make the right decisions in selling their house. One of our clients Daniel Wills approached us with the questions, “Should I go for a home equity loan or sell my house fast for cash in Clawson, MI? While this is not a commonly asked question, any homeowner can find themselves stuck in a situation to choose one. So, here we explain how we helped Daniel in making the right decision. 

  • Choosing between a fast home sale and a home equity loan

Nearly ten months ago, Daniel Wills messaged us through our website. His message reads, “I am finding it difficult to choose between a fast cash sale and home equity loan. What should I do?”

As soon as our staff read the message, we contacted Daniel for further discussion. We offered Daniel to visit our office the next day to understand the situation better. He scheduled an appointment with Detroit Cash For Homes. 

The following day when Daniel visited our office, he discussed his situation with our representative. In 2020, he lost his job during the COVID-19 pandemic, when numerous businesses shut down due to nationwide lockdown and mandatory social distancing, but after a few months, Daniel secured a lower-paying job so that he could provide his family with food on the table. 

Although Daniel received a few appraisals, he failed to pay insurance, property taxes, and maintenance costs. So he thought of selling his house for cash through a real estate agent. His house was built before 1980, and updating it meant spending a lot of money. In addition to this, it had several issues like plumbing, paint peeling off from the walls, and damaged windows. 

After considering this, Daniel viewed that a home equity loan is an ideal option. Once he did the calculation, he realized that going for the latter option can put him behind in finances. Thus, he got confused between a fast cash sale and a home equity loan.  

Our professionals at Detroit Cash For Homes advised Daniel Wills to sell the house fast for cash in Clawson. We made a fair cash offer within the next 24 hours. Depending on his convenience, we scheduled closing in ten days. We did not charge any commissions, closing costs, and other expenses to Daniel. In addition to this, Detroit Cash For Homes takes care of documentations, repairs, and renovations. 

If you want to sell your house in Clawson for cash fast to change your financial situation, get in touch with Detroit Cash For Homes. With more than 30 years of experience in the field, we buy properties in all conditions and all seasons.