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Selling a House ‘As Is’ in Illinois

At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.

Looking to sell a house “as is” in Illinois? Whether you’ve got a fixer-upper or recently inherited a relative’s home, sometimes the goal is to skip repairs, get a fair offer, and move on.

“The first thing that’s important to distinguish is whether ‘as is’ comes from the seller or the buyer,” explains Monica Bullington, a top agent in Bloomington-Normal, Illinois, who works with over 85% more single-family homes than the average area agent.

If a seller or an agent lists the property “as is” then the label can carry implications. “There’s usually a connotation that something’s wrong with the home,” she says,“and/or there are some issues the owner does not want to fix.” Those properties are typically distressed homes, which usually need significant structural or cosmetic repairs.

On the flip side, some buyers in today’s seller’s market are trying so hard to compete that they submit an as-is offer indicating their willingness to purchase the property without expecting the seller to make changes. “That’s a completely different ballgame from the seller’s ‘as is,’” says Bullington.

Complicating matters, Bullington reports, the hot seller’s market and competition among buyers have inspired some owners of updated homes in excellent condition to list their property “as is.” They anticipate getting a great offer or multiple offers on their homes. So, they use “as is” to indicate to buyers their unwillingness to make upgrades or repairs.

Sell 'As Is' With a Cash Offer

HomeLight’s Simple Sale platform will provide a full cash offer for homes in almost any condition. Skip repairs and close in as few as 10 days.

However, selling a house “as is” usually means accepting a lower offer and it doesn’t always prevent buyers from trying to negotiate savings. Let’s take a closer look at how to sell a house “as is” in Illinois, your options for getting an offer, and what to expect from the process.

Fast facts about selling a house ‘as is’ in Illinois

Median sales price in Illinois $276,000
Average days on market for Illinois 24 Days
Disclosures Illinois law requires sellers to disclose material facts about the property through the Illinois Association of Realtors Residential Real Property Disclosure Report.
MLS has field to mark a listing “as is”? No. “As is” could be included in the listing’s public or private remarks.
Is a real estate attorney required? Real estate attorneys are not considered essential for closing in the state of Illinois.
Real estate transfer taxes? State Tax: $0.50/$500 at a rate of .10%

County real estate transfer tax (optional): $0.25/$500 at a rate of .05%
Home rule municipalities with a population over 1M may impose an additional transfer tax of up to $1.50/$500

What is ‘as is’ condition in real estate?

“As is” is a type of home sale where it’s understood that no improvements will be made to the property. When selling a house, “as is,” the seller is choosing not to entertain requests from buyers to complete repairs or provide a credit for fixes.

An as-is sale may also indicate that the functionality and longevity of certain components of the home, such as a stove on its last legs or an older roof, is not guaranteed.

When selling a house “as is,” the general condition of the property should already be accounted for in the purchase price of the home to the best of the seller’s knowledge.

Which types of homes are sold ‘as is’?

Homes sold “as is” often need some work or may be cosmetically outdated. It’s not a label you’re likely to put on a listing in pristine, move-in-ready condition.

“As is” sales often attract investors searching for their next flip or buyers seeking a bargain, perhaps on a home in a great location with lots of potential.

“Older houses — 50 to 100 years old — are the most likely to be listed ‘as is,’” Bullington says.

Typically, the owners have lived at that address for a long time. “The house is probably outdated; but, usually there’s probably more at play than just cosmetics,” says Bullington.

What started as deferred maintenance is likely to have morphed into a bigger problem. For example: over time, an ignored small leak in the roof can morph into an attic filled with toxic mold.

“Owners may have a sense that something’s wrong with the home; but, they just don’t want to deal with it,” she says. “At a certain time in your life, if you’re not able to make those repairs yourself — and contractors are hard to find — then you may be more likely to sell your home ‘as is.’”

What problems do you have to disclose in Illinois?

Selling a house “as is” in Illinois doesn’t mean sweeping known problems about the house under the rug.

A good time to fill out the Illinois Association of Realtors Residential Real Property Disclosure Report is prior to listing your home or requesting an offer so that you know it’s taken care of.

According to the document, the seller “has prepared this statement and certifies that the information provided is based on the actual notice or actual knowledge of the seller without any specific investigation or inquiry on the part of the seller.”

The form will walk you through documenting what you know about:

Hazards, disputes, or violations

  • Flooding or recurring leakage problems in the crawlspace or basement
  • Location of property in a flood plain or flood hazard insurance on the property
  • Unsafe conditions in the drinking water
  • Current infestations of termites or other wood boring insects
  • Structural defect caused by previous infestations of termites or other wood boring insects
  • Boundary or lot line disputes
  • Notices of violation of local, state or federal laws or regulations in which the violation has not been corrected

Material defects in the structure or systems

  • Basement or foundation (including cracks and bulges)
  • Roof, ceilings or chimney
  • Walls, windows, doors or floors
  • Electrical system
  • Plumbing system (including water heater, sump pump, water treatment system, sprinkler system, swimming pool, etc.)
  • Well or well equipment
  • Heating, air conditioning, or ventilating system
  • Fireplace or woodburning stove
  • Septic, sanitary sewer, or other disposal system

Unsafe conditions related to the home

  • Radon on the premises
  • Asbestos on the premises
  • Lead paint, lead water pipes, lead plumbing pipes or lead in the soil on the premises
  • Underground fuel storage tanks on the property
  • The property’s use for the manufacture of methamphetamine as defined in Section 10 of the Methamphetamine Control and Community Protection Act
  • Mine subsidence, underground pits, settlement, sliding, upheaval, or other earth stability defects on the premises

No matter what method you choose to sell your home, it’s required to make these disclosures to the best of your ability.

Illinois does not allow exceptions for sellers who haven’t lived in the home. The first question on the disclosure forms asks whether the seller is living in the home. If the answer is no, sellers still need to fill out the form to the best of their ability.

Or, as Bullington says, “The only time they’re not required to disclose is if it’s an estate and they’re dead.”

Review your options to sell ‘as is’ in Illinois

The main options to sell a house “as is” include:

List ‘as is’ with the help of a real estate agent

A great real estate agent will provide assistance throughout the process of listing and selling a home “as is.” An agent gives simple presentation tips to improve marketing, helps to set an appropriate price that reflects the home’s condition, and works to find a buyer willing and eager to buy your home in its current state.

Bullington’s approach to as-is sales is largely informed by her client’s mortgage status. “If owners want to sell ‘as is’ and don’t have a lot of equity in their house,” she explains, “it’s hard to take a discount.”

In those instances, Bullington recommends the sellers put enough work into the house, so they can generate an offer that will allow them to get out of the property.

However, “If sellers have plenty of equity and they just want to be done with the property and sell ‘as is,’” she says, “then they’re going to need to be more aggressive on lowering the price.”

As far as marketing, Bullington maximizes the power of the public and private remarks fields in the multiple listing service (MLS). “Using ‘as is’ in the public remarks can be helpful because you’re setting the expectations right up front for the consumer,” she explains.

“However, if the condition of the property is not that bad and the sellers simply don’t want to deal with repairs, it can deter potential buyers.”

In those situations, Bullington describes the home “as is” in the private remarks, which are available to agents only. That strategy often prevents the home from being knocked out of consideration before it’s shown. And, “When agents show the house, they can help their clients understand the situation,” she says.

Sell directly to a cash buyer

Someone needing to sell their home “as is” can also work directly with a property investor or house buying company rather than list, where it may be difficult to get an offer from a limited buyer pool.

We Buy Houses operations buy “as is” at a discounted rate and generally seek out homes in need of significant repairs. These companies can help sellers cash out quickly and many will cover a seller’s closing costs.

The level of integrity and customer service you experience can vary, even within an established house-buying company that strives to maintain consistent business standards. This is because many We Buy Houses companies are franchises and often use independent investors or local wholesaling outfits. Your experience greatly depends on the character of the person or group making the offer.

If you are considering a cash offer, vet the company thoroughly. Check reviews, read testimonials, and research its presence and performance in the market. And, of course, read the buying agreement carefully before signing.

Steps to list ‘as is’ with the help of a real estate agent

Find an agent willing to list the home ‘as is’

Your choice of real estate agent always matters, but especially when selling a property “as is.” It’s important to find the right match. You’re looking for an agent who doesn’t shy away from listings that need a little TLC and maybe has a strong network of investor connections.

Your agent should also be willing to go the extra mile on marketing. Considering 80% of Americans say they would prefer to buy a move-in ready home, an “as is” sale likely has a reduced buyer pool from the start.

“If you’re selling an ‘as is’ property that had some deferred maintenance,” Bullington says, “the obvious buyer is an investor.”

So, she advises partnering with an agent who has experience in flips or ownership of rental property. Because these agents are (or have been) investors themselves, Bullington says, “they can price distressed properties more easily, know what projects are worth tackling, target the right buyer, and already know investors that are looking for those types of properties.”

Consider a pre-listing inspection 

A pre-listing home inspection is the same as a standard home inspection except that the seller pays for it before listing their home on the market. It may sound like a counterintuitive step for an as-is sale, but getting the inspection results upfront can illuminate any issues that could impact the value of the home and inform an accurate pricing strategy. If a buyer requests further deductions to the price based on their own inspection, you may be able to point to how the estimated cost of certain repairs was already baked into the list price.

Since the seller has to disclose known problems, Bullington finds most as-is sellers avoid investigating issues because of the potential to uncover expensive problems that will lead to lower offers.

However, “If you know the house is really distressed and you want to sell it, over-disclose,” she advises. Even though it can be painful and tedious to chronicle all the issues, transparency usually pays off in the end. “It makes buyers feel more comfortable in knowing what they’re getting and more willing to take a chance.”

In some instances, “If you’re still not getting traction [for a sale],” Bullington finds, “doing a home inspection might provide some peace of mind for potential buyers.”

Price to reflect ‘as is’ condition

The median sale price for homes in Illinois hit $276,000 in June 2022, a 6.2% increase over the year prior.

Bullington says homes sold “as is” in the area typically are listed for 5%-10% less than regular listings.

According to Bullington, some of the top factors that impact the value of an “as is” listing in Illinois include the age and condition of the roof, HVAC, and water heaters. Buyers are also concerned about the structural integrity of the foundation — particularly if it’s brick — and any cracks or other indicators of potential problems evident in the basement.

While they may not be significant in neighboring states, radon and termite status might also be important factors in the sale of as-is properties in Illinois.

You can start with a free estimate from HomeLight’s Home Value Estimator (HVE).

Our HVE combs public data including tax records and assessments and pulls recent sales records for other properties in your neighborhood. Using a short questionnaire, we also factor in specifics about your home such as the property type and described condition. Input your address, and we’ll provide you with a preliminary home value estimate in under two minutes.

What's Your Illinois Home Worth?

Enter your address and get a preliminary estimate of home value in under two minutes.

Do ever-so-light preparations

Since the term alone should lower expectations, staging isn’t necessary in an as-is home. However, it can speed up the sale of your home.

Particularly if the property is small, in fair condition, and doesn’t require large-scale demolition to fix structural issues, Bullington might recommend a fresh coat of paint and new flooring.

“Sometimes doing some easier updates actually makes people feel like the house has been paid attention to and maybe isn’t it as neglected,” she says, “And, it’s one less thing [for the buyer] to do.”

Other small steps you can take to reap large rewards are:

  • Hire a landscape crew to mow the lawn and cut back overgrown foliage. Get rid of broken stepping stones, flower pots, or other hardscape that make the outside look neglected. (Research shows homes with great curb appeal tend to sell for 7% more than similar homes with uninviting exteriors.)
  • Declutter. Some buyers might overlook outdated wood paneling and popcorn ceilings, but no buyer wants to purchase a home filled with junk from floor to ceiling.
  • Deep clean every room in the house including cleaning the carpets, kitchen cabinets, and bathroom tiles.
  • Let the light pour in by removing blinds, opening windows, and putting fresh bulbs in lamps.
  • Pitch worn-out furniture, accessories, and anything that has a stale or musty odor — but don’t leave it mounted, on the porch, in the backyard, or at the curb.
  • Replace that old furniture with neutral transitional or contemporary pieces to help buyers envision what the house will look like if remodeled.

Photograph to show potential

Your home listing warrants professional photography no matter what type of condition the property is in. A professional photographer will take steps to shoot each room from the best angle, ensure optimal interior and natural lighting, and edit for the ideal brightness and exposure.

A high-quality camera with a wide-angle lens is also essential to showcasing entire rooms rather than half or three-quarters of what’s there. For these reasons and more, professionally photographed homes can sell up to three weeks faster and bring in up to $11,000 more than their houses marketed without professional photos.

Your real estate agent will almost always arrange for professional photos as part of the listing process.

Highlight the surrounding area

A home’s location will be important to buyers seeking out a home with potential.

Selling a distressed house in an in-demand neighborhood sometimes brings multiple offers. But, a street address alone may not be enough for a quick sale.

“For each house, investors and buyers really have to pay attention to just the neighborhood specifics,” says Bullington. “For example, Bloomington-Normal is three or four miles wide, and we have tons of different areas. You really have to evaluate each specific house in the context of the neighborhood to know if it’s a worthwhile investment.”

That’s why it’s important to mention whether your home is in a neighborhood that is being revitalized or close to any of the following:

  • Excellent schools
  • Close to shops and restaurants
  • Walking distance to parks
  • Safe and quiet streets
  • Convenient public transportation
  • Easy freeway access
  • Neighborhood association pool
  • Golf courses

Include ‘as is’ in the listing

Unless you explicitly mention that your house is being sold “as is,” buyers will have no idea of your intentions with the listing. Other common descriptors mentioned in as-is listings in Illinois include priced to sell, estate for sale, needs TLC, or calling all investors.

To balance the focus on as-is condition, work with your agent to craft a property description that highlights the best features of the home, such as hardwood floors, historic details, high ceilings, exceptional handwork or craftsmanship.

Ultimately, Bullington says the art of selling an as-is home is not always about detailed descriptions. “You don’t even have to use any fancy words,” she says. “If you cannot fix the condition, then you fix the price — and that’ll do it.”

Understand buyers may still negotiate

Listing “as is” provides no guarantee that buyers won’t try to negotiate savings on their purchase, even on an asking price you felt was already reduced to reflect the home’s condition. One of the best defenses you can have is an agent who takes a hard stance to prevent a deal from going south for the seller.

Listing all the flaws of a home can be overwhelming for longtime residents who have ignored repairs and maintenance for years. However, Bullington advocates taking the time to produce a complete inventory of issues that need to be disclosed and being as transparent as possible.

“If you can have those conversations and set those expectations up front with a buyer,” she says, “it will translate into an easier sale.”

Be aware of minimum property standards for certain loans

When you place your home on the market, it’s hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan.

But if you do end up working with a financed buyer, be aware that different mortgage types (such as conventional loans or government-backed FHA, USDA, or VA loans) have different minimum property standards. These are standards related to the overall condition of a property which will play a role in the willingness and/or ability of a lender to finance a buyer’s loan.

Before properties can be financed, their value and condition are typically examined by a state-licensed, independent appraiser contracted by the buyer’s mortgage company.

If you’re unsure whether your home will meet appraisal requirements, you can start by taking a look at the FHA minimum property standards. If your house complies with FHA, then it complies with most other lenders’ requirements.

Prioritize a cash offer if you receive one

On occasion, conventional lenders may even finance a fixer-upper property sold “as is,” and it’s not impossible to finance a fixer-upper with an FHA loan. However, if you’re selling a house “as is” — especially one that needs heftier repairs — you may want to consider accepting a cash offer if you receive one. Cash eliminates the lender-ordered appraisal as well as the time it takes to close on the buyer’s loan, creating a faster and clearer path to settlement.

For buyers to become eligible for a loan, the property usually must meet certain safety and habitability standards. The lender typically contracts with an independent appraiser to make sure the home meets its criteria.

“A cash sale doesn’t need to go through an appraisal or lender’s approval process, so there’s no need to make repairs and meet certain standards,” says Bullington. “The buyers can just purchase the property and continue on with their plans. It’s nobody else’s business.”

Pros of listing a home ‘as is’: 

  • Save time and money on prep work
  • Possibility of reducing negotiations from the inspection
  • Solution for out-of-state owners and inherited homes

Cons of listing a home ‘as is’:

  • Limited buyer pool
  • Expect lower offers
  • Negotiations and repairs aren’t always off the table

Steps to sell directly to a cash buyer

Now that we’ve covered the general process of listing a home “as is,” let’s discuss the alternative of working with an investor. While the process varies from business to business, the steps to selling your home to a house buying company typically go something like this:

  1. Decision: A homeowner decides a traditional listing isn’t for them. Perhaps their house needs a lot of work or they do not want to host any showings or open houses. They’re concerned about finding a buyer willing to purchase their home “as is” in its current state.
  2. Contact: A seller contacts a company that buys homes in their area and provides some basic information about their home.
  3. Preliminary offer: At this stage, some housebuying companies will provide a preliminary offer that is subject to change after a house assessment.
  4. Assessment: The company schedules a walkthrough of the property to evaluate its condition, usually within 24 to 48 hours.
  5. Firm offer: The company makes a firm offer (usually within 24 hours, sometimes on-site after the walkthrough) which you can accept or decline. Most of these companies will not negotiate on price, so the offer is a take-it-or-leave-it scenario.
  6. Closing: If you accept the offer, you and the company will each sign the contract, and closing will begin. Some companies offer a large deposit or moving cost assistance, and a few may even pay for the home upfront.
  7. Payment: The seller receives payment quickly, typically within seven days to a few weeks. This can vary by company, and sellers who work with a house-buying company often enjoy flexibility in selecting a move-out date that works for them.

If you aren’t sure where to get a cash offer, consider Simple Sale, a solution from HomeLight. With Simple Sale, you tell us a bit about your home, such as whether it’s a single-family or condo and how much work it needs. From there we’ll provide you with a full cash offer to buy your home in as few as 48 hours.

Skip repairs

No need to call the roof inspector or drain your savings to replace the HVAC. HomeLight will provide an offer for homes in almost any condition.

Sell when it’s convenient

Want to get out right away? Or need a little more time to pack? Either way, we’re flexible. Pick a move date that works for your schedule within 30 days of closing.

Close with certainty

Cash buyers don’t need a lender’s involvement to purchase a home, meaning they can move nimbly and quickly compared to someone who needs financing. With Simple Sale, you can close in as little as 10 days, compared to the 30-60 days it typically takes to close with a financed buyer.

Curious to know more about the Simple Sale experience? Hear it first hand from one of our valued clients in the video below.

Additional We Buy Houses companies in Illinois

Below we’ve compiled a list of some of the leading companies that purchase homes “as is” for cash in Illinois and information about each.

Illinois Real Estate Buyers

Website: illinoisrealestatebuyers.com
Phone number: (224) 504-1806

This house-buying company was founded by Illinois native Eli Goodman, who is also ​​a licensed real estate agent. Illinois Real Estate Buyers purchases as-is houses through a quick process that entails sellers submitting property information to receive a no-obligation cash offer, followed by closing on a date selected by the seller. The company guides sellers through the entire process from offer to close.

Locations: Throughout Illinois and Indiana

Fees: Sellers do not pay closing costs. Illinois Real Estate Buyers covers all closing costs and doesn’t charge any fees to sellers.

Reviews: All 11 Google reviews gave this company 5-star ratings. Multiple reviewers mentioned the company owner saying that they were “patient,” “kind,” “educated,” “caring,” and “reliable.” One customer said the selling process was smooth and alluded to potentially working with the company again in the future. There is currently no Better Business Bureau listing showing for Illinois Real Estate Buyers.

I Buy IL

Website: ibuyil.com
Phone number: (312) 584-2960

I Buy IL bills itself as a local cash house buyer that allows sellers to avoid the hassles of the traditional home sale process. The company promises a cash offer within 24 hours with no repairs necessary. I Buy IL will consider houses in any condition, including vacant homes.

They specialize in helping sellers facing many different life situations such as foreclosure, job relocation, divorce, homeowners that are upside down on their mortgages, or even a rental property that has lost money or is coming up on a large repair.

Locations: Chicago metro area and other surrounding communities

Fees: Sellers pay no closing costs; I Buy IL covers them.

Reviews: I Buy IL received an average 4.3-star Google rating out of 45 total reviews. The vast majority of the reviews were five stars attesting to the company’s professionalism and quality. One reviewer called them “the best in the business.” Another called the team “true heroes.” There were some negative reviews as well, however, most were directed at unsolicited offers for homes, not the actual cash buying process. I Buy IL is not currently accredited by the Better Business Bureau but does hold an A- BBB rating.

Max House Buyer, LLC

Website: maxhousebuyer.com
Phone number: (219) 501-0032

Max House Buyer is a local, family-owned real estate investment company. Each year, Max pays cash for 80 to 100 homes that are sold “as is.” The company frequently works with owners who need to sell quickly for a variety of reasons including avoiding foreclosure, getting rid of an inherited and/or uninhabitable home, and prevention of paying a mortgage on a property severely damaged by flood, fire, termites, or tenants.

Once you fill out an online form or call its office, Max makes an appointment for a free, 15-minute walkthrough. If the visit goes well, Max usually gets back to you within a day with a cash offer. If you accept the offer, Max can close within seven days.

Locations: Northwest Indiana and Lansing, Illinois, and Calumet City, Illinois

Fees: Max does not have additional fees and commissions. According to the website, they “often” pay closing costs.  And, if the company pays closing fees, they are not deducted from your offer value.

Reviews: Max House Buyer has been BBB accredited since 2018 and holds an A+ rating. Customer reviews for Max commend agent Maria for her patience in walking a home seller through the complex sale process. In a testimonial video, one young client explains she needed to sell an inherited property fast, so she could buy property in another state. She comments on how fast and efficient the sale was and how respectful and responsible the staff was.

Grandview Capital LLC

Website: grandviewhomes.com
Phone number: (630) 513-1966

Founded in 2009, Grandview’s website explains that the company strives to serve three major Chicagoland customer groups: those who want to sell quickly, sellers with a “difficult to sell” home, and those who are selling the home of a parent or other relative. The site also says its team never failed to close on a purchase once we’ve made an offer.

After filling out the online form, you can receive an offer in less than 24 hours. There are no repairs, no inspections, and no need to even clean out your home. In addition, the website says, “Immediately upon deciding to sell your home to Grandview, we will give you up to $10,000 cash to help with moving expenses, bills, and more.”

Locations: Illinois only, Chicago and the suburbs — as far west as Utica, east Hopkins Park

Fees: Sellers do not pay closing costs. Grandview does not charge a commission.

Reviews: Grandview has been BBB accredited since 2018 and holds an A+ rating. According to its website, 25% of Grandview’s clients come from referrals. Customer reviews for Grandview speak to the ease of selling a house without the need for repairs, cleaning, or emptying the house or a home inspection. Reviewers express gratitude for the staff’s professionalism, courteousness, and responsiveness, including pushing back a closing date to accommodate a client’s request.

Kendall Partners Ltd

Website: kendallpartnersltd.com
Phone number: (630) 348-9833

Founded in 2007, Kendall Partners is a local, veteran-owned real estate investor.

According to its website, Kendall Partners has extensive experience working with clients who have a need to have found themselves in a dire situation and need to sell their home quickly for cash. The company routinely buys properties that are in foreclosure, have liens, are fire damaged, vacant, inhabited by renters or need major repair.

After calling or filling out an online form, homeowners schedule a walkthrough with a company representative. After careful appraisal, Kendall presents the homeowner with a cash offer—sometimes within 24 hours of the initial contact. If the offer is accepted, the seller chooses the closing, which can be achieved in as little as 10 days.

Locations: Chicago, as well as Yorkville, Lombard, Naperville, St. Charles, Geneva, Batavia, Aurora, Wheaton, Elmhurst, Warrenville, Winfield, Lisle, Oswego, and Sugar Grove

Fees: Sellers do not pay closing costs. Kendall does not charge a commission.

Reviews: Kendall Partners holds an A+ rating with the BBB. Clients’ 124 Google Reviews have garnered the company 4.9 stars. Clients mention that they felt the Kendall team had the seller’s best interest at heart. They describe the company representatives as being professional, caring and responsive. The reviewers also frequently commented that the process was stress-free and they received a fair value for their properties.

Pros of selling ‘as is’ to an investor:

  • Save money on home preparations.
  • Sell fast — receive an offer in as little as a few days, and close as quickly as one to two weeks later.
  • Skip repairs. Most house-buying companies purchase properties in “as is” condition, even those that need major repairs.
  • No staging. No repeated showings. No open houses.
  • Arrange for a flexible move-out date.

Cons of selling ‘as is’ to an investor:

  • Offers are likely to be much lower. Investors typically pay 70% of what they estimate to be the home’s after-repair value.
  • Sellers will have room to negotiate. Most cash buyer offers are going to be “take it or leave it.”
  • Although many home-buying companies are legitimate, some are not. It’s always a good idea to be vigilant about possible scams.

How much will you make from an as-is home sale?

There is no simple equation for calculating how much you’ll net from an “as is” sale. If you list on the market with an agent, you’ll need to account for the cost of agent commissions (around 5.8% on average) and other closing costs such as title fees and taxes, but are likely to field higher offers from buyers and see more competition for the home.

Different types of investors and house-buying companies also offer varying amounts for homes, largely dependent on their exit strategy. While fix ‘n’ flip investors usually pay around 70% of the home’s after-repair value, buy-and-hold investors who plan to rent out your property may be able to pay more. In addition, investors are often willing to cover a seller’s closing costs which can add up to around 1%-3% of the sale price. HomeLight’s net proceeds calculator can be helpful for running through some possible selling scenarios and estimating your take-home pay.

“There are so many little factors that go into it and the market is changing so quickly,” she says, “it’s nearly impossible to predict how much an owner can make on an as-is sale.”

Ready to sell your house in Illinois?

While every home sale is different, you should now be familiar with the general process of selling a house “as is” in Illinois. Now, you can begin to weigh which method will work best for you.

“I feel like ‘as is’ is a last resort,” says Bullington. “If you can work it out to not to do ‘as is,’ you will have more buyers.”

To make sure “as is” is your best strategy, she suggests asking your agent to generate an estimate of what you could expect to make if the property is sold “as is” versus a traditional sale. “You might be swayed to do a little bit of the work and not sell it ‘as is,’” she says.

Another option is to pursue a traditional sale with some features of the home sold “as is.”

“You don’t have to do ‘as is’ on everything,” she explains. “If you specify two or three items are being conveyed ‘as is,’ they don’t fall under your inspections and it sets the right expectation that these items are off the negotiating table.”

Bullington’s experience shows that strategy often results in attracting more buyers who are less scared off and, ultimately, a quicker, more profitable sale.

Whether you choose to list “as is” with a real estate agent or work with a direct home buyer, a home doesn’t have to be in perfect condition to sell — so long as you provide disclosures as necessary, set the right price, and know what to expect going in. Whenever you’re ready to take the next step, HomeLight would be happy to assist with your real estate needs. Connect with a top agent near you or get started with a cash offer from Simple Sale.

Header Image Source: (Derek Torsani / Unsplash)