If a home requires a significant number of repairs, the seller has the option of selling the house as is. This can help alleviate the stress and costs of major repairs while preparing a home for the market.
While this strategy isn't right for every situation, understanding the process can be beneficial to your home sale.
What does it mean to sell "as-is?"
In real estate, selling a home as-is means you're selling exactly in its current condition - problems and all. This type of sale means the seller will not repair or improve the home before selling it, and the buyer cannot request any repairs or upgrade concessions.
Pricing is important when selling "as-is"
Real estate agents can create a comparative market analysis (CMA) to specifically target homes in similar conditions. This will help you find the optimal price for a home when selling as-is. You may also want to consider the costs of significant upgrades or repairs in your asking price.
What selling a house "as-is" is not
Unfortunately, many homeowners believe a sale in itself relieves them of any obligations associated with the normal sale process. However, you aren't allowed to simply move out of the house without showing it or having a professional inspection report.
Specific rules for this vary by jurisdiction, so make sure you understand the specific requirements for your real estate transaction.
Talk to your real estate agent
It can be beneficial to work with a real estate agent with experience in selling a house as-is. They can help you get your listing in front of more prospective buyers and real estate investors likely to buy a property as-is.
Selling as-is can be an excellent strategy in a tough real estate market. However, it's crucial to weigh the pros and cons before deciding to forego making major improvements or repairs to your home. Keep these factors in mind and consult a real estate professional to make the best possible decision for your home.
About the Author
Sandy Malbrue
Hi, I'm Sandy Malbrue and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search for representation or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my 21 years real estate experience to work for you. Be it to gain wide exposure for your home with my marketing plan, negotiate offers or manage the transaction once you've accepted an offer, in a way that will get you the best price and cause the least amount of disruption to you life as possible.
If you are a buyer, allow me put those skills to work for you to help with the pre-approval process, work with you to locate and arrange for you to view homes of interest to you , and negotiate your offer. Once you have an accepted offer, I will help you arrange inspections, I will manage the transaction for you, from helping to arrange for inspections to keeping you up to date on contingency removals and walking you through the process to a new set of keys.
Let's do this!