Did you know that almost half of the people in the US that sold their home during the recent housing boom aren’t going to buy another? This is a shocking statistic, but if you’re ready to ditch the high housing prices, you may fall into this same boat.
The only issue is that you need to offload your current home as fast as you can. That’s where selling a house as-is comes into play.
Are you curious about how this works? If you’re looking for advice about selling a house as-is, keep reading below as we explore some of the main things you need to know.
What Exactly Is ‘As-Is’ Condition?
When you choose to sell a house as-is, you’re simply saying that you’re selling the house in the condition it’s already in without making any extra upgrades, repairs, or changes. This lets the buyer know precisely what they are getting when they put an offer on your home.
A lot of deals are going to involve some negotiation, such as the buyer requesting a credit if a home inspector finds an issue or asking for a reduced price if there are holes in the walls. With a property that is described as being in ‘as-is’ condition, the buyer doesn’t have these options – they are getting the home exactly as it is.
You can always go with a service, like those that advertise “we buy houses,” for this. Alternatively, you can list your home online or through your local listings.
Why Would You Want to Do This?
The main two reasons that someone would sell their home this way is to save time and money.
You’ll be able to find a buyer faster because you don’t have to spend time looking for contractors to do the work, waiting for the work to be done, and negotiating with buyers.
You also save money by not having to do these repairs or make any changes to the house. Remember that this is money that comes out of your pocket in order to appease buyers, so if you’re not doing any upgrades, you get to hold onto that for your next home.
The Pros and Cons of Selling As-Is
The pros of selling as-is are that you can immediately list your house for sale and find a speedy buyer that is ready to purchase. You’ll also have a better budget for your new home and can start that search right away since you don’t have to pay for costly repairs.
The cons are that you likely will have to sell for a lower price. The people interested in an as-is property are looking for bargains.
You may not have as many buyers interested in the property either. Not everyone is willing to make those needed changes to a home.
The Best Way to Sell a House As-Is
In order to sell your home for the best price possible and as fast as you can, you’ll have to keep it in good shape. Make sure that you keep it clean and tidy. Get rid of clutter, mow the yard, and make sure that the dishes are put away (as well as everything else) anytime you have someone coming to view the home.
Always be honest about any defects or issues the home has. You need to tell the buyer if you have a mold issue or if your foundation is cracked, for example, as a legal obligation.
You also will want to think about the lowest price you can take. Although you want to get as much money as possible, the reality is that you may need to go lower than you might like to offload your home.
Explore the Benefits of Selling a House As-Is
As you can see, selling a house as-is may not be the right choice for everyone, but it can be a great option for people that need to move fast. If you aren’t ready to make repairs or you just need to get rid of the home, this might be the best thing for you to look into doing.
Check out other articles on our website next for other real estate tips.