Hello World! Welcome Friends! Selling a home that isn’t renovated or needs repairs may seem like the sort of property some homeowners might be intimidated to put on the market. This is simply because they may not perceive it as having enough value or believe it to be ‘not ready for sale.’ However, many homeowners sell their houses as-is and still see a profit.
If you’re in a market where buyer demand is average-to-high, it may even be a smart move to sell a property as-is if you know you don’t have the funds to cover the necessary repairs or renovate. Here’s how.
Deciding What Time to Sell Your House As-Is
In many cases, people sell house as-is for cash because they need to relocate or move, need cash for the property, or want to sell it quickly.
If you can wait, however, you may want to wait for a seller’s market. This is where interest is high in your local real estate market. In a buyer’s market, you may be fielding low-ball offers and struggling to sell for as much as possible.
Consider a Real Estate Agent
A real estate agent specializing in selling a house as-is can certainly help, but you will pay them with a commission on the sale. An agent can list your property, help you decide the listing price, market your home, and handle negotiations.
However, you may not need a realtor or real estate agent if you’re willing to sit down with the right interested buyer. You can settle a deal with no fuss.
The New Owner Is Responsible for Renovations
Do not renovate, not a thing. As the seller of an as-is house, you don’t need to. The buyer’s responsibility is to be cautious and conduct the inspections they need to do before making an offer or accepting the house.
While you do have to disclose known issues as you are legally required to, it’s up to the buyer to do inspections and to determine for themselves what renovations or repairs they wish to do.
Selling Below Market Value
Depending on your house’s condition, you may sell an as-is property for 15-20% below market value. This depends on the buyer and the location, of course. This isn’t a loss, either.
A seller has to factor in what they would have paid for expensive repairs and renovations. Those are no longer expenditures you have to worry about.
Be Ready to Potentially Negotiate
Investors and property flippers may be willing to negotiate, or you may wish to negotiate a better sales price. If you are selling your house as-is, you may receive ‘take it or leave it’ offers, but you should not hesitate to counter an offer with something reasonable or important to you.
Don’t waste time, though. Investors or flippers may move on if you’re beating around the bush, not being direct, or playing games.
Be Honest Because Sellers Can Back Out
If a ‘subject to inspection’ clause exists in your real estate agreement or similar clauses are put in, a buyer can pull out under certain circumstances. Be honest about what you know about your property to avoid complications and wasted time.
If you know of certain repairs that need to be made, let them know. Doing so is in your best interest because a buyer will always be looking for your house. If one buyer walks away, another will come.
Prepare the Right Documentation
Have a real estate lawyer prepare a statement of condition and any other required disclosure forms concerning your property’s quality. This will reinforce what you say about your property and demonstrate that you’re forthright about selling your house as-is. Any repairs should be included in a statement of condition.
Encourage the Buyer to Do a Home Inspection
Actively encourage potential buyers to inspect the house as-is to ensure they know it’s right for them. Preferably do this in writing in case complications come up in the sales process.
If a buyer does not wish to do an inspection and simply buys your house for sale as-is, that’s okay, but at least you’ve reminded them of the option.
Expect a Fast Sale
When selling a house as-is, one deals with property flippers, investors, and individuals or companies that buy houses as-is for a business. Many of them do this professionally and won’t want to waste time setting up a viewing, inspecting, and making an offer.
Be available and prepared to move quickly regarding these simple but necessary steps to closing the deal.
Reach Out to Interested Parties
Contact them directly if you know of an investor, company, or service that buys houses. You don’t necessarily need to wait for the right buyer. Reach out and offer photos, info on the property, and a description. You may be surprised by what many of these companies will offer you.
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Toodles,
[…] How Do You Sell Your House As-Is? […]