Selling a house “as-is” is not the most common way home owners sell their house. However there are many situations where selling a house as-is, will be the better option. For instance, if you don’t have the time or money to pay for costly repairs to bring a house to market value, or you are trying to sell an inherited house being split amongst heirs, selling the house “as-is” can solve both these problems quickly and easily.
Selling a house “as-is” simply means selling a house in its current state, without making any major repairs or improvements. You get to sell your house with all its current issues and faults, but you will also have to be ready for offers that reflect the current state of the house.
“As-is” is actually defined legally, and the buyer usually has to sign an agreement indicating that they fully understand the exact terms of the contract. When a house is bought as-is, it is typically included in the sale and purchase agreement.
As easy as it sounds, selling a house as-is can be a risky undertaking. If you are not careful, you may end up selling your house for a lot less than it is truly worth. Luckily for you, we have compiled a few tips on selling a house as-is that will help ensure you get the best price possible.
1. Obtain a Home Inspection
When selling a house as-is, especially when it’s an inherited house that you don’t know much about, it is important to learn its true current condition so that you can make plans accordingly.
The price is arbitrary till all due diligence is completed between buyers with regard to an appraisal and inspections.
A home inspection discloses information to you and the buyers upfront which allows for the sharing of pertinent details. If a buyer knows from the get-go that the house has issues such as termite damage or old plumbing, they are less likely to shy away from the deal. The last thing you need is a buyer to get cold feet because of inspections. Furthermore, sellers are required by law to disclose information about the house’s condition.
2. Find out the Cost of Repairs
Obviously, when selling a house as-is, the last thing you want to think about is the cost of repairs. However, it’s a good idea to know approximately how much the buyer will have to spend on repairs so that you can price the house accordingly. Also, having a list of the needed repairs and their cost will make the negotiation process a lot faster and easier to convince potential buyers.
3. Calculate the Net Monetary Gain
When selling a house as-is through a realtor, you need to consider exactly how much you will make from the deal. You need to consider things like closing costs, insurance, agent commissions, mortgage, utilities, and any repairs you may have agreed to do so the house will meet minimum code standards. All these costs may take a large chunk out of the amount you finally get at closing.
4. Be Upfront
When using a realtor or even if you’re selling it on your own (for sale by owner) be sure the listing and property details make it clear that the house is being sold in its current condition. Most importantly, ensure this is included in the contract.
5. Consider How Long the House will Stay on the Market
A lot of sellers make the mistake of letting their house stay too long on the market while trying to fish for a higher offer of a few thousand more. What they don’t consider is that the entire time the house is for sale, there are still taxes, insurance, and utilities to pay. If you are in a hurry to sell, consider looking for a quality investor who will buy the house as quick as possible and get you your money in less than 30 days.
Benefits of Selling a House As-Is
Low Up-Front Expense
If you choose to sell your house in its current condition, you are not expected to make any repairs or pricey improvements like painting, replacing old windows, or upgrading the kitchen. That responsibility is passed on to the buyer. Some sellers may choose to do some repairs or upgrades even when selling as-is, but they are usually minor issues such as replacing a lighting fixture.
Little Up-Front Work
You won’t have to go into an organizing frenzy, or have to give the house a deep cleaning to attract buyers. The good thing about selling a house as-is is that your buyer is fully aware of what they are getting themselves into; as long as it is fully disclosed to them before the actual purchase.
Sell an Inherited House Faster
Selling an inherited house can be a challenge. In this situation, it’s never easy to determine how to pay for holding costs, upgrades or repairs when costs need to be split in order to be fair. When deceased parents leave their house to the children, the best way to divide its value is by selling the house and distributing the proceeds amongst the siblings.
In other cases, seniors may be looking to sell their old house in order to downsize or move to an assisted living facility. In such cases, you may not have the time or desire to spend money on costly repairs making selling as-is your best option.
A lot of people may still fear selling a house as-is, but once you learn how to go about it, it seems like a pretty good deal for most house sellers. You may even wind up getting a much better deal than you would have selling the house in other ways, and you get paid quicker too. The key thing is to find an experienced investor who will offer a fair price and pay as soon as you need it; which is what we offer our clients.
Sell Your Home As-Is to Revival Home Solutions
Some people may choose not to deal with realtors because of the commissions involved, as well as the longer timelines involved in selling through them. Revival Home Solutions is a great option. 100 percent of the houses we purchase are as-is sales, with guaranteed closings in less than 30 days.
When selling to an investor, the home inspection, roof inspection, termite inspection and other discovery fees are covered by us. Plus, we buy in cash and pay closing fees. We are a quality investor capable of making you a straightforward offer backed by third-party inspections to ensure you get a fair price.
Call us today to schedule a free, no-obligation consultation.
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