ArcaMax

Comment: Your recent article on “ as is” real estate purchasing companies was far too generous to their industry.

I sold my home in Wheaton, Illinois, last summer for $741,000. The original offer I received from a well-known “as is” company advertising online sight unseen was $375,000. I didn’t reply.

Sometime after my sale closed, I received an email from them stating they may have underestimated the value and were willing to come out and take a look at it and possibly raise their offer. Unbelievable.

Ilyce and Sam respond: Actually, that sounds like it’s right on the money. There are always going to be companies looking for people that have a specific need. And, if they can satisfy that need quickly, they can make a business out of it.

As we mentioned in our column, you’ll get less from a company that wants to buy your home unseen and take it in as-is condition. In your case, your “as is” price was about half of what you got selling it through conventional means.

As we mentioned in our column, you can’t expect to get top dollar for a home from someone who is willing to buy it sight unseen, take it as is, then flip it for a profit. When you see lots of ads on TV or online from companies willing to buy your home and give you cash quickly, you should tread very carefully. Otherwise, you could wind up selling your home for way less than it’s worth.

In the worst-case scenario, if you are not careful, you could get scammed and lose your home.

We’re glad you gave us your example and we can share that with our readers so that they can see what some companies out there might offer for a quick “as is” sale.

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(Ilyce Glink is the author of “100 Questions Every First-Time Home Buyer Should Ask” (4th Edition). She is also the CEO of Best Money Moves, a financial wellness technology company. Samuel J. Tamkin is a Chicago-based real estate attorney. Contact Ilyce and Sam through her website, ThinkGlink.com.)

©2024 Ilyce R. Glink and Samuel J. Tamkin. Distributed by Tribune Content Agency, LLC.