What To Do If Selling a House “As Is” Is Your Goal
There is a lot that goes into selling a house. If you want to get as much cash for your house as possible, you need to pour in time and resources to improve your house’s value. But sometimes there are instances where you have to get rid of the property fast with as little fuss as possible. You can do this by selling it in the current state it is in. Here are our tips how to sell a house “as is”.
What does selling “as is” mean?
A house that is listed “as is” is sold in its current state. This means that no repairs will be made, and that it comes with all its faults and other issues. Basically, this is a “what you see is what you get” arrangement.
However, this does not mean non-disclosure. Some sellers might think that they can get rid of their property without the need to divulge any of its issues or faults. This, however, is not the case. Sellers are legally obligated to answer queries about their house honestly. They are not allowed to intentionally hide or misrepresent any defects or faults.
Here are some issues that you must disclose:
It is important that you as a seller avoid downplaying these issues to get more from the sale. Downplaying problems with your house often causes more costs and trouble in the long run.
Why sell as-is?
You might be wondering why would anyone sell “as is”? There are a few reasons why selling as is can be a better option for you. Some of these reasons are as follows:
Save on costs
When you are selling a house as is, you can avoid incurring additional costs on repairs. You might find yourself in a situation where you can’t afford to fund any needed repairs. You might not have any choice except to sell “as is”.
Sell the property quickly
Selling a property “as is” is a great way to get rid of the property as fast as possible. Repairs and home improvement work are not only costly, but they can also be time-consuming. This work prevents you from putting the house up for sale for a significant time. If you need to sell the house as soon as possible, listing it “as is” will cut down the wait time significantly.
Save yourself from the stress
Selling a house can be stressful, especially during a long-drawn-out sale. You might not be able to handle this stress due to health reasons, or perhaps you just don’t want to deal with it. Selling a house “as is” might be the way for you.
How to sell as is?
Now that you know how it works and have decided that selling “as is” is the best option for you, perhaps you might be wondering how to do it. Here are tips to keep in mind when selling as is:
Consider getting a pre-listing inspection
As a seller, it is important that you know the property as well as possible. Even if you do not plan to make major repairs, you need to know everything there is to know about the house. This will also give you, as the seller, the confidence that you are aware of the house’s faults, if any. This avoids problems along the way.
An “as is” tag can make buyers skeptical of your property. This might make the house unattractive to potential buyers. A pre-listing inspection gives the buyers everything that they need to know about the property. This helps them be at ease with the transaction.
Consider doing some basic repair work beforehand. This will make your house more attractive to buyers, with the added effect of increasing the value, if only slightly.
Get estimates for any repair work
After finding out the true condition of the property through inspection, you can then get an estimate for any repair work your house may need. This is also in line with the need to disclose everything to the buyer. Often buyers get put off because they overestimate repair costs. Obtaining estimates beforehand will give prospective buyers of your property more realistic figures to work with.
Be transparent and upfront
Honesty is important to ensure a smooth transaction. Always be clear about the house’s present condition and that it is sold “as is”. Be upfront with this fact and be sure that the seller is aware of it. Honesty is ultimately in line with your responsibility as a seller to disclose as much information to the buyer as possible.
Give a reasonable pricing
When pricing, account for the repair costs as well. Do is, as buyers look into this when considering your offer. Prospective buyers will be looking at how much the additional work will cost. The buyer and the seller usually have a different concept of what’s “liveable”. Give them a fair price, not significantly more than what the house is worth.
Be open to negotiations
Even if your house is listed “as is,” buyers may still negotiate the price. Remember to be open to negotiations with the needed repairs in mind. Put things into perspective and remember the reason why you are selling the property “as is”. Sellers will likely take your offer if you are willing to be flexible.
Ready to sell your home? Contact the Chad Smith Real Estate Solutions team today. We are a group of veteran agents with extensive experience in the Texas real estate market.