Do you know what your options are if you need to sell your house in a hurry? Over 75% of surveyed Americans revealed that selling their house was stressful. If you are struggling financially, or need to relocate quickly, you need to know how to make this process easy.
Luckily, this guide will show you how you can sell your house as-is, so you don’t need to worry about affording repair costs or even moving your furniture. You can start over somewhere else without the hassle!
Read on to learn when you may need to sell a house as-is, how to do it, and how you can benefit from it. This guide could get you out of a sticky situation in the future, so don’t miss out on this crucial information!
What Does Selling A House ‘As Is’ Mean?
If you’re unfamiliar with what selling a house ‘as is’ means, it is the sale of a house without making repairs. This means that the house is sold in its current state, without renovation, repair, or improvement to get it move-in ready by using a real estate agent, FSBO, or investors.
The US government website has released information from the OFT, stating that some companies offering quick house sales can lower their offers at the last minute, warning property owners to take care when selecting who to sell ‘as is’ to.
You can get all the information you need to sell your home quickly and safely at Your Trusted House Buyer’s blog.
The cash buyers agree to purchase the home in its current state, with full knowledge from real estate professionals of the house’s condition according to their state’s disclosure laws, and that there will be no repairs performed before they acquire the property and move in.
This process is a useful solution to sell your home fast, and without additional cost, which can come in handy for certain situations and reasons listed below. To sell your home ‘as is’, you must:
- Include ‘as is’ in your listing – you will need to speak to your agent and let them know that they need to make buyers aware that no improvements will be made on the condition of the property.
- Have an inspection carried out – the repairs and renovations needed on the house will help you to estimate how much you will have to lower the price to account for the additional costs the cash buyers will face when restoring the property.
Now you know what selling your house ‘as is ‘ means, let’s cover the reasons why you should choose this method of sale.
When You Should Sell A House ‘As Is’ – Situations And Reasons
To help you know when it’s a good idea to sell your home ‘as is’, I have prepared a list of situations and reasons that would make selling your house ‘as is’ a viable option for you.
If you get a new job and need to relocate quickly, and don’t have the time to go through the lengthy process of selling your house, then selling your house ‘as is’ could be a great option for you. You won’t have to pay for repairs, or even pack up and remove your furniture. You could just get your cash and start fresh in a new area, leaving all the junk behind.
If you are in financial distress or facing bankruptcy, you will need cash quickly. Since your house is a valuable asset, downsizing and using the cash to pay off your debts is a great way to get yourself back on your feet.
Unable To Afford The Repairs And Improvements
If your house is in disrepair, and you don’t have the funds to fix it up and make it more attractive for buyers, you should look into selling your house ‘as is’. If the house is in such disrepair that you can’t live comfortably in it, and can’t afford the repairs, this is a good option to help you get into a functioning house quickly.
If you’re getting divorced, and have no funds to get your own place, it can be quite difficult to stay living with your partner while you get the house ready for sale and wait for a buyer. To save yourself this distress, you can sell your house ‘as is’ so that you’re out of there sooner and don’t have to worry about long uncomfortable months with your ex-partner.
If you find yourself unable to make your mortgage payments and are facing foreclosure, this can be quite a scary time for you. If you sell your house ‘as is’ you can get the situation resolved quickly and avoid the indignity of being forced from your home.
There are some other situations where it may be necessary to sell your house quickly, including death. If you are left with the mortgage payments following the death of your partner and don’t make enough to cover them, you can sell your house ‘as is’ quickly and use the funds to resettle yourself in a more affordable location. If you inherit a house in another area, too, selling your house ‘as is’ will spare you the need to travel and prepare the house for sale.
Pros And Cons Of Selling A Home ‘As Is’?
There are certain advantages and disadvantages to selling your home ‘as is’ that you will need to be aware of in order to assess if it is a viable option for you. One of the main questions to be asking here is – how is it worth it for a buyer to take on all those problems?
Well, there are several reasons a buyer would want to buy a house as-is. They may want a fixer-upper and maybe looking to flip a house with a fresh coat of paint. They may want a bargain. Or, they might be corporate investors looking to acquire properties for a low price to make a profit.
If you want to ensure you get fair market value for your home and avoid some of the negatives when selling your home including being lowballed by retail buyers, you can use Your Trusted Home Buyers and receive a fair all-cash offer using comparative market analysis.
There are several benefits related to efficiency when you opt for an as-is home sale, including:
Lower Selling Costs
Selling your home as-is reduces the amount of money you spend during the selling process. You can avoid costs associated with staging your home for sale and getting it perfect to attract buyers.
When opting for this selling method, you can save time on waiting for repairs to be completed. You can put your house up for sale immediately, which means you can close quickly.
Save Time: Fast Home Sale
Not only will you close quickly, but the entire selling process will be fast. If you receive a fair cash offer from a buyer or investor, the wait time for completion will be reduced significantly.
Avoid Stress And Hassle
People say that moving is one of the most stressful life events someone can go through, attracting prospective buyers and trying to increase the fair price value of your home, and waiting for prospective buyers to put an offer in can be extremely stressful – you’re in property limbo. Selling your home as-is can streamline your responsibilities and make the sale easier and hassle-free.
Retail Buyers May Lowball You If You Have A Negative Outlook
Retail buyers may be put off by a glaring fault with your home, and to avoid investing heavily in a white elephant property, they may give you a lowball offer.
Fewer Retail Buyers
If you list your house for sale ‘as is’, this could suggest to prospective buyers that there is something fundamentally wrong with your home. The ‘as is’ label can be quite offputting to buyers on listing websites.
Lower Sale Price
Though you may be able to save costs on the home improvements required to sell your home traditionally, you may be leaving yourself vulnerable to unfair prices from investors and buyers looking for a real bargain (which could be tempting if you’re looking to sell quickly).
Selling Off The Market – No Agent Help
When you sell as-is off the market, you are relinquishing the help offered by an experienced real estate agent. If you’re not clued up on the fair value of your home, and assertive with lowball offers, you could find yourself selling your home at an unfair price.
Options To Sell The Home ‘As Is’
If you think selling your home ‘as is’ seems like a viable option for you, and you are prepared to face the risks, then this section will cover some of the routes you can take to sell your home and get a fair price for it.
Option 1: Sell To A Cash Buyer/Real Estate Investor
You can sell your house off-market to a cash buyer or real estate investor like Your Trusted Home Buyers by reaching out to them and asking for a cash offer for your home. You can provide them with information about your situation and why you must sell the home and the details of the property. Then, the investor or cash buyer can have an inspection carried out on your home to determine fair market value based on the necessary repairs and real estate market.
Benefits Of A Real Estate Investor
Real estate investors like Your Trusted Home Buyers can sell your home quickly and hassle-free. They are able to close in 15 days and allow you to walk away with cash in your pocket. All you have to do is provide your email and phone number, along with your zip code to get the process started. If you need to sell your home as quickly as possible, Your Trusted Home Buyer makes fair all-cash offers for fast closure with no commissions, and are willing to take on the necessary repairs your home needs. This is a very attractive option for sellers who are in a hurry to get their house sold.
Option 2: Sell Via FSBO
If you wish to list your property as for sale by the owner, you will not have the help of a real estate agent and so will need to ensure you have an inspection performed and let buyers know that the house will be sold as-is without any adjustment to its current state. You will need to reach out to buyers for a fair cash offer, and be prepared to be assertive with the pricing and take financial advice so you don’t get ripped off.
Option 3: Sell On The Open Market Via MLS
This is perhaps the longest route to take when selling your home, as the as-is section tends to make properties unattractive to potential buyers and you may not make as much money. To sell on the open market on a multiple listing service you will need to:
Perform Property Inspections
Performing a pre-listing inspection on your home will allow you to be transparent about your home’s condition and add the proper legally required disclosures to your listing.
Add Disclosures To The Listing
Your state’s disclosure laws must be followed when it comes to adding disclosures to the listing. You must let buyers know what repairs to expect when purchasing your home.
Attempt Some Repairs
In order to rid your home of glaring faults that will put off house flippers, you will need to handle some of the major repairs. Improvements prior to selling will help you to get the best price and will stop most buyers from lowballing you to make the job easier for your real estate agent.
Consult An Agent With As Is Experience
Hiring a real estate agent with prior experience selling an ‘as is’ property will help you to get top dollar for your fixer-upper. Real estate agents have experience in these real estate transactions and will know the realistic price and how to get you more money during the sale agreement.
Selling your home ‘as is’ is the perfect option if you need to relocate quickly and fund other living arrangements, or if you need to get yourself out of financial trouble. If you want to streamline this process and avoid the responsibility, your best option is to sell to an investor that can save money on real estate agent commission fees and get you the best cash value for your home in a short amount of time.