Sal sent me a handwritten letter in the mail. I don’t know Sal, but he says he’ll buy my house “as is.” No real estate agent, no fixing, no cleaning. Sal says his company has bought over 65 properties in Ontario from homeowners just like me.
He says he’s not a real estate agent, so we can work together. I get to choose the closing date, and it can be as short or as long as I want. And there’s no fees or commissions he says.
The letter came at the right time. The economy feels uncertain. Groceries, mortgage rates, credit card, and gas prices. And on top of that, the hard winter has taken its toll on the house and the shop. I could use the cash. And as the refrain says, “Better call Sal,” or Saul, or something like that.
The deal sounds good. That’s what worries me. So, I look him up. The company exists. GTA address. A polished website. Media reports say companies like Sal’s aren’t doing anything illegal. His company is a “cash house buying” company. Sounds a lot like a “cash for gold” company like Russel Oliver’s. But instead of gold, Sal will buy your used, unwanted and broken house.
The reports say buying from companies like Sal’s is risky because the cash for home industry is basically unregulated. And what Sal’s letter doesn’t say is that he will buy my house “as is” at below market prices and then he’ll flip it. His company profit comes at my loss. Tens of thousands of dollars, maybe more.
Still, the temptation lingers. Because when you really need money, you’ll take the loss that comes with it.
There are hundreds of companies like his now. That’s not an accident. Homeowners are under pressure. And there are more companies with capital ready to move.
If I sell under strain, I may never buy in this city again. Not at today’s prices. Not competing with investors.
If Sal resells to corporate buyers or landlords, my single-family home might become a rental. One more house removed from families trying to get in.
In Toronto, up to 20 percent of single-detached houses are classified as investment properties. More than half of newer condos are investor-owned.
We aren’t being nudged to sell by other families anymore. We’re being approached by companies that can outbid anyone, any time. Quietly. Casually.
The invisible hand of the market in a handwritten letter that feels personal and scales efficiently.
The letter is still on my kitchen table.
I haven’t called Sal.
But I understand why people do.
