While we may love our homes, there will come a time when we need to sell them. With home prices in the USA on the rise over the last decade, you might even be thinking about selling your home right now. When selling a home, there are a few ways you can go about doing it. Most people will fix up the house and then sell it for the highest price possible. But what if you’re selling a house “as is”?
Unfortunately, selling a home “as is” often isn’t easy at all. There will always be buyers who are uneasy about purchasing “as is” homes. With that in mind, this article is going to go over a couple of helpful tips to assist you in selling your home without fixing any of its problems.
1. Get an Inspection Before Listing the Home
Before selling your home “as is” you need to know its true condition. While you may be able to evaluate it yourself, the smart move is to enlist the help of a professional. This means hiring a licensed home inspector.
These are fairly affordable and easy to set up. Ask your Realtor for his recommendations.
Once you know the true condition of your house you will better understand where to price it. You’ll also know what fixing a few of the problems will likely cost. Without the inspection, there will be many more “unknowns.” Knowing is certainly better than not knowing if you know what I mean.
2. Find the Right Buyer
Not everyone is interested in buying a house “as is.” Putting these words on your listing will scare off a portion of homebuyers. Some won’t understand what it means. Others won’t want to undertake the work involved with repairs or updating. This means you will need to find the right buyer for the home you are selling.
These are buyers who are looking to save money on their home purchases. They could simply want to get into a nicer neighborhood than they can afford. This means a home that needs some work fits the bill. Or, they are buyers who want to buy low, put in the time and money to improve the property, then sell high down the road.
As another option, you may consider selling a house “as is” to a company. There are companies with slogans like “We Buy Houses” and they mean it. This will mean fewer hassles and a quicker sale in exchange for a lower sale price.
There’s also the question of whether you want to sell it or rent it out. That’s a whole other discussion but something you might want to consider as well.
3. Set the Right Price
Finding the right price to offer your home is likely the most important thing to determine when selling “as is.” You want to get as much as possible, but also want to ensure you get enough interest from buyers. So you need to find a price that is fair for both sides of the exchange.
Using an expert real estate agent will be your best bet in finding that optimal asking price. This expert should create a manually adjusted CMA using the best comps. They will keep in mind not only the home’s positive attributes but also the work that still needs to be done.
Homeowners, even with the wealth of information available online, will very rarely arrive at the right asking price. Either they will underprice it. It will sell quickly and they’ll lose money in the transaction. Or, they’ll overprice the house and time will pass without much interest. This is the reason why a vast majority of For Sale by Owner homes eventually hire a professional to get the house sold.
4. Be Honest About Everything
When selling “as is” it is normal for the house to not be in great shape. However, no matter what shape your home is in when you sell it, you need to be honest with any potential buyer. If you try to hide things that are wrong with it or sugarcoat things, you could find yourself in a lot of trouble.
Completing the Seller’s Disclosure of Property Condition truthfully is essential. This not only protects you against future legal problems, but it will also help you sleep at night. It will be the responsibility of the buyer to assess the problems and make the determination to buy the house or not. If you’re selling a house “as is” then it is not up to you to recommend contractors or even offer advice to the other side.
5. Consider Making Small Repairs
While selling your house “as is” usually means not fixing up or repairing anything. But this isn’t always the case. While you will likely avoid making any big repairs or improvements, there are some small things you can do to make it more likely your home will sell and sell quickly.
This could be something like making sure the front door opens and closes properly. Maybe the kitchen sink faucet has a water leak? If it’s something that will be obvious to any prospective buyer and won’t cost a great deal to repair, go for it. Sure it will cost you a little but removing these obstacles will definitely help sell your home faster.
6. Have Some Flexibility
During this process, it is important to be as flexible as possible. Negotiations are part of the process. It’s no different when selling a house “as is.” Buyers may want to negotiate everything from price, to repairs, to date of closing and so much more.
Again, having an experienced Realtor on your side becomes especially important during negotiations. Being flexible in certain areas can help you make up ground in other areas. It’s not always easy but will work in your favor in the long run.
In conclusion, I hope this article has been helpful and that you’ve learned something new. As always, if you have any questions, please contact me.