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What Nobody Tells You About Selling a House as Is
They say one man’s trash is another man’s treasure—this applies to homes as well! If you have a house that’s run down, has experienced a fire or termite damage, or needs a lot of cosmetic work, then you might be thinking about selling it as is.
Can you sell a house as-is? You can—this is simply a way of saying that the home is sold in its current condition. If you’re thinking of selling your home as-is, it’s a great way to bring in quick cash, but there are a few things you need to know first. Keep reading to find out what no one tells you about selling a home as-is.
Can You Sell a House as Is Quick?
So, can I sell my house for cash without having to wait for months? Yes! Many people assume that a home in poor condition or with outdated features will sit on the market for months, with no one showing any interest. However, the opposite is true.
Selling a house as is often means it’s going to sell really quickly, as you’re offering a great deal on property and land, lower than the current market value. All sorts of buyers are attracted to these projects—house flippers, those looking to buy on a tight budget, or even developers. If you’re looking to sell as quickly as possible, we recommend selling as is.
Selling a House as Is: Avoid the Expense of Repairs
One great thing about selling is that you can avoid the expense, hassle, and effort of repairs. If your home needs extensive renovation work, this can take months and months, meaning you’re left waiting for the contractors to finish before you can put your home up for sale.
Renovations are not only time-consuming but expensive. If you renovate before selling, there’s no guarantee that you’ll recoup all that you spent from your sale price. Selling as-is means, you don’t need to deal with repairs, which can be a huge relief for busy sellers who don’t have time to deal with it.
Selling a House as Is: You’re Likely to Attract Cash Buyers
Another thing that nobody tells you about as-is sales is that they tend to attract cash buyers. Why? One reason is that it can be hard to get mortgages and financing for homes that need massive amounts of work or haven’t passed county inspections. This means only buyers with enough cash to cover the costs are eligible to purchase.
The low prices of as-is homes also appeal to home flippers—those who buy run-down homes, update them and then flip them for a quick sale. These types of buyers tend to pay cash, avoiding the interest costs of mortgages. There’s nothing wrong or strange about someone paying cash for a home, though, so don’t be put off by this.
Be Optimistic, But Truthful
If your home is in terrible shape, how can you market it? We recommend being optimistic—but truthful. You don’t need to lie to potential buyers, but use positive language, implying that the home offers fantastic value, is a renovator’s dream or is a dream come true for investors. If you work with a real estate agent, they’re experts in marketing a property, no matter what the condition.
You’ll Need to Abide by State Disclosure Laws
One key thing to be aware of is state disclosure laws. In some states, sellers are legally required to disclose all defects, hazards, and problems on the property. If the seller isn’t honest, they can face tough legal penalties and steep fines.
This law is put in place to protect buyers from being tricked and buying a property where the seller has hidden its true condition. However, other states don’t have this law, instead of requiring the buyer to do their due diligence and conduct a thorough home inspection.
You can also assist with this by hiring a home inspector to create a comprehensive report outlining the house’s current condition and all of the work it requires.
Help Potential Buyers by Providing Repair Estimates
One great way to help your home sell faster is to prepare as much information as possible to help potential buyers. If your home needs a lot of work, potential buyers will be wondering how much they’ll need to spend to make the home habitable. Why not do some of the legwork for them, working out average renovation costs for each home’s room?
You can do this by contacting local contractors to get a rough estimate and then preparing it all in a document to share with buyers. This helps them with budgeting, as they can work out whether or not the purchase price and needed repairs are within their budget.
Sell Your House—No Matter the Condition—With These Tips
So, can you sell a house as-is? Yes—after reading the above, you hopefully have a better understanding of how you can sell your home as-is and what you need to know about the process.
Selling as is can help you sell a home fast if you require cash, need to relocate, or if your home has suffered serious damage and you need to get rid of it. List your home today, and it’s sure to sell before you know it! Did you find this article helpful? If so, please keep reading for more informative blog posts.